CJ - Cryptocurrency Specialist
Magic Eden, a prominent NFT platform, has launched a Bitcoin NFT marketplace, two months after Bitcoin NFTs became popular through the Ordinals project. With Ordinals, users can inscribe or mint text, images and other data forms on Satoshis, the smallest units of Bitcoin (BTC), without the need for smart contracts. So far, over 580,000 inscriptions have been made, and the number continues to grow. However, trading NFTs on Bitcoin is challenging for the average NFT coins fan due to a lack of infrastructure.
To solve this problem, Magic Eden has launched a marketplace dedicated to Ordinals NFTs, enabling traders to list, purchase, and sell Bitcoin-based Non-Fungible Tokens in a controlled environment. The platform will offer a seamless experience similar to that of its traditional NFT crypto marketplace. Since the marketplace runs non-custodial services, it has partnered with Ordinals-compatible wallets Hiro and Xverse. This makes it easier for users to get started with buying and selling Bitcoin NFTs.
According to Zhuoxun Yun, cofounder and COO of Magic Eden, the marketplace's core functionality will feel similar to that of its traditional NFT market, and the hurdle of using Ordinals will not seem crazy. The launch of this Bitcoin NFT marketplace follows Gamma.io's launch of its own marketplace earlier in March. Additionally, it marks Magic Eden's multichain expansion, having already moved to Ethereum, Polygon, and now Bitcoin.