Multichain Non-Fungible Token (NFT) Marketplace Magic Eden has launched a “fully audited” marketplace on the Bitcoin network as interest in Ordinal NFTs continues to grow.
and press releaseMagic Eden said it released a marketplace in honor of Bitcoin culture. Riding the “lightning pace of introduction” following the launch of Ordinal Theory, the platform aims to empower collectors and creators and provide access to the right tools.
Magical Eden catches Ordinal Fever
Ordinal is NFT inscribed In the witness part of BTC transactions. The inscription can be an image or video and utilizes the Taproot soft fork. It is also used to number satoshis in the Bitcoin protocol.
The launch of the Ordinal NFT saw an increase in user activity in Bitcoin as users with non-zero Bitcoin balances discovered there was a non-monetary purpose on the network.
Over 500,000 inscriptions have been created in the Bitcoin protocol, and the average number of transactions per block is an ordinal number. to be 250.
Magic Eden’s new marketplace allows users to list, bid, buy and sell these inscriptions (NFTs). To make this easier, the company has partnered with Bitcoin wallets Hiro and Xverse.
“Creating a marketplace with Bitcoin demonstrates our ability to challenge the status quo and overcome technological barriers. Now you can use the familiar and intuitive interface on the platform to You can now easily buy, sell, list and bid on collectibles,” said the platform.
No royalties yet
Magic Eden also said marketplace users cannot access loyalty because the ecosystem lacks a secure and trustless execution solution. However, the platform clarified that it is working towards developing appropriate royalty standards.
“We believe this is most in line with the spirit of the ecosystem. We are committed to working with the community,” the company added.
Magic Eden, on the other hand, is not the first and only platform to launch a marketplace for Bitcoin Ordinals. ORDX generative XYZ Announced NFT trading platform similar to Gamma.io. During startup Own one earlier this week.
Binance Free $100 (Exclusive): Get $100 free and 10% off fees in your first month of Binance Futures when you register using this link (Clause).
PrimeXBT Special Offer: Register using this link and enter the POTATO50 code to receive up to $7,000 on your deposit.