Magic Eden embraces Bitcoin NFTs with new Ordinals marketplace
Solana-based NFT marketplace Magic Eden clasps into Bitcoin NFTs by expanding its multi-chain marketplace to support Ordinals assets. Bitcoin Ordinals protocol has attracted more than 500,000 inscriptions since its launch two months ago.
Taking the fastest step on Ordinals
Magic Eden announced its support for Bitcoin Ordinals on its multi-chain following a surge in Bitcoin NFTs. The company uses its vast experience and expertise to build a simple marketplace for Ordinals.
Magic Eden said: “The Company is taking the similar trajectory it took when expanding to other chains when tapping into the upcoming Odinals ecosystem.”
Ordinals making waves despite lack of a dedicated marketplace
Ordinals protocol emerged in January, spearheaded by Casey Rodarmor, the former Bitcoin core contributor. The protocol facilitates on-chain media storage devoid of smart contracts, with most tooling still developed in real-time.
Due to a lack of proper infrastructure, the minting, trading, and handling of operations in Ordinals is complicated compared to other chains like Solana and Ethereum.
According to Magic Eden, the newly launched Ordinals marketplace enables Bitcoin NFT traders to purchase and sell their Bitcoin Ordinal assets, enjoying a similar experience resembling what Magic Eden provides to Solana, Ethereum, and Polygon-based NFTs.
Bitcoin Ordinals’ popularity continues to surge in the market. Data captured by Dune analytics indicated that from Feb 1 to March 1, Bitcoin Ordinals increased from 679 to 240,000 inscriptions. In addition, by March 21, the inscription had clocked 567,087.
What does Magic Eden add to Ordinals?
Magic Eden is a non-custodial marketplace that does not control any assets traded. Its purpose will be to patronage wallets compatible with Ordinals like Hiro and Xverse. The company claims to be the first “fully audited” Ordinals marketplace.
The marketplace launch indicates that Ordinals’s infrastructure and tooling system requires a quick upgrade. During the Bitcoin NFT buzz in early February, most traders used public spreadsheets and other forms to collate prices and trades due to the lack of a formal marketplace.
Some of the first Bitcoin Ordinals marketplaces that came into place in late February, like Generative, ORDX, and Gamma, have facilitated NFT sales. The coming of Magic Eden to the ecosystem is a big step towards enhancing Ordinals’ security, scalability, and openness.