Magic Eden

Magic Eden Officially Launched Its BTC-based NFT Marketplace

Posted Friday, March 24, 2023 by
Sophia Cruz • 1 min read

Magic Eden, a multi-chain NFT marketplace has officially opened their first audited NFT marketplace on the Bitcoin network and join the NFT Ordinals craze.

Magic Eden initially launched a sole concentrate on Solana NFTs and integrated with Ethereum NFTs buying and selling and side-chained with Polygon in late November 2022. And since the Ordinals have been significantly popular these past few months, Magic Eden has decided to join the hype to commerce NFTs in the community.

The marketplace has built two non-custodial BTC wallets, Xverse and Hiro, to facilitate transactions and allows creators to record and promote their Ordinal NFTs. In addition, collectors will be able to input further data such as age, rarity, and different inscription particulars of the artifacts. 

However, Magic Eden also noted that its marketplace users won’t have access to royalties ‘yet’ due to the ecosystem’s lack of security and trustless enforcement solutions but the platform assured that they are working very hard to develop an adequate royalty standard as soon as possible. 

The launch of the Ordinal NFTs has increased user activity on Bitcoin and users with non-zero bitcoin balances found a non-monetary purpose to be on the network. To this day, over half a million inscriptions have been made on the Bitcoin protocol with an average number of Ordinals transactions per block of 250. 

At this stage, the non-custodial marketplace supports secondary sales that use PSBT transactions (partially-signed Bitcoin transactions) to be the core technology instead of smart contracts.

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