CJ - Cryptocurrency Enthusiast
Magic Eden, a leading NFT marketplace on the Solana blockchain, has made the decision to temporarily suspend Bitcoin BRC-20 trading. This move comes in response to a significant drop-in trading activity within this sector.
The primary aim of this suspension is to protect users until a consensus is reached regarding BRC-20 activities. Notably, this suspension will have no impact on other trading activities conducted on the Magic Eden platform.
Magic Eden had previously introduced a fully audited marketplace for Bitcoin Ordinals, specifically in March of 2023. This was designed to provide collectors with a user-friendly and secure experience.
As part of its commitment to enhancing user experiences, the platform had also forged partnerships with 13 prominent NFT crypto collections and integrated two non-custodial wallets, Hiro and Xverse.
Chinese reporter Colin Wu has drawn attention to the declining state of BRC-20, particularly following the sats mint and the emergence of Rune as a potential alternative. In recent times, BRC-20 activity has dropped considerably, with daily transactions accounting for less than 3% of those on the Bitcoin (BTC) blockchain.
Magic Eden's decision to temporarily halt Bitcoin BRC-20 trading reflects its dedication to user protection and security in the ever-evolving world of Non Fungible Tokens.
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