NFT Marketplace Magic Eden Getting Ready to Offer Bitcoin NFTs

Non-fungible token (NFT) marketplace Magic Eden is getting ready to introduce (1) a Bitcoin NFT marketplace that has been thoroughly inspected. This comes at a time when Bitcoin-based Ordinals NFTs are becoming a more popular investment option.

Traders will be able to purchase inscriptions, which are NFTs that are coined using Bitcoin’s satoshis, via the platform.

Magic Eden is currently working on integrating support for the Bitcoin wallets Hiro and Xverse in order to make the selling, buying, and listing of Ordinals NFTs as easy as possible.

Magic Eden’s current CEO and co-founder, Jack Lu, has some comments:

“The addition of a Bitcoin market is really interesting for our team, given that Bitcoin is the blockchain that served as the model for all other blockchains, and we are all very interested in blockchain technology.”

The world of non-fiat currencies received an entirely new facet with the introduction of Bitcoin Ordinals.

When using Bitcoin, it is not possible to alter or remove any media once it has been added to the chain. This simplicity is something that is endorsed by many innovators who want to generate real collectibles that are embedded in the chain.

To facilitate the transition of its customers to Bitcoin-based NFTs, the marketplace has sought the assistance of three well-known Ordinals collections: Taproot Wizards, Inscribed Pepes, and Bitcoin Bandits.

It will show data such as the scarcity, age, name, and inscribed number of the Ordinals NFTs. As the marketplace develops, further capabilities are anticipated to be added.

 

What is a Bitcoin Ordinal?

Ordinals is a layer-1 technology that was first introduced in January of this year. It gives users the ability to imprint media and text into the Bitcoin blockchain. Over half a million people have now signed their names to the wall.

Minting on Blockchain, in contrast to the practice on other networks, does not involve the utilization of smart contracts, which makes the procedure more complicated.

In spite of this, Magic Eden gives its users the assurance that the experience they will have on its Ordinals market will be comparable to what they are accustomed to.

According to Zhuoxun Yun, co-founder, and COO of Magic Eden,

“The basic marketplace functionality should seem really, really comparable for consumers, and ideally, it gives people the impression that the [Ordinals] obstacle is not ridiculous. As long as I had a teeny-tiny bit of Bitcoin in my account, I can just get going, and it would feel the same as if I were attempting to try to buy something on ETH,” he said. “I can just get going.”

Since its founding in 2021 by a company based in California with the same name, Magic Eden has maintained its position as the most successful NFT marketplace based in Solana.

Since then, it has expanded to other blockchain ecosystems, most recently providing support for Ethereum in August and Polygon in November.

Magic Eden is not the only company to surf the wave created by the Ordinals NFT. ORDX and Generative are two of the earliest Ordinals NFT marketplaces. Both of these platforms went live in February.

Gamma.io, an NFT platform, has recently released the native marketplace for its platform, which allows Bitcoin NFTs.

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