Magic Eden Launches Bitcoin NFT Marketplace
- Magic Eden’s “fully audited” Bitcoin Ordinal marketplace will only support secondary sales of Bitcoin NFTs, though it is looking into tools to allow for easy mint of such collectibles.
- Royalties will also be unavailable from the start due to the lack of tooling on the Bitcoin network, but the marketplace is “actively looking” into the development of a new royalty standard.
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Non-fungible token (NFT) marketplace Magic Eden is leveraging the rising popularity of Bitcoin NFTs with the launch of a fully audited Bitcoin Ordinals marketplace, the company said via Twitter on 21 March.
According to the announcement, the newly launched marketplace will allow Magic Eden users to buy and sell Bitcoin Ordinals — an NFT minted on satoshis within the Bitcoin network — giving Bitcoin users a similar opportunity to trade NFTs as the one offered to Polygon, Etherem, and Solana. In order to bring a faimilar wallet transaction experience to the new marketplace, Magic Eden integrated support for Bitcoin wallets Hiro and Xverse to allow traders to list, purchase, and sell Bitcoin Ordinals. The company said in a press release:
“Just as we have expanded into other chains, we now aim to bring our expertise in building marketplaces to the nascent, yet flourishing Ordinals ecosystem. By doing so, we’re honoring the culture of Bitcoin by providing the first audited marketplace and our winning user experience to collectible lovers.”
The marketplace will initially support only secondary sales of Bitcoin NFTs, but the company noted that it is looking into possible future tools that would allow users to inscribe Bitcoin NFTs through the platform itself, a feature already offered to other networks. Magic Eden Bitcoin also features permissionless swaps through the use of partially signed Bitcoin transactions — which allows multiple parties to sign the same transaction — instead of smart contracts.
The company also noted that the newly launched NFT marketplace still does not have royalty support due to the lack of “tooling and no secure and trustless enforcement solutions”. Magic Eden, however, said it is “actively looking” into the development of an on-chain, permissionless royalty standard, and that it is committed to working on it with creators and the wider Bitcoin community.
Founded in September 2021, Magic Eden quickly became the leading Solana-based NFT marketplace, which spurred it to expand to multiple blockchain ecosystems in order to grow. Last August, the platform added support for the Ethereum blockchain, and in November expanded its reach to the popular Polygon sidechain.
- Users of Binance NFT can now use select blue-chip NFT collections as collateral to take out cryptocurrency loans.
- The platform will initially support only loans in ETH, and NFT collections Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, and Doodles.
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- The Binance NFT marketplace said it will soon expand its multichain ecosystem, and add support for Bitcoin Ordinals, which are also known as Bitcoin NFTs.
- The platform said it will allow users to purchase and trade Ordinals directly from their Binance accounts, bypassing the need to create a separate inscription wallet.
- Meta will soon offer NFT creators an “end-to-end toolkit” that will enable them to mint and sell their digital collectibles directly on Instagram.
- The company will add support for the Solana blockchain and Phantom wallet, and further expand its supported blockchains with the addition of Solana.