• Magic Eden Launches Bitcoin NFT Marketplace
• Ordinal NFTs are inscribed in the witness portion of BTC transactions
• The marketplace allows users to list, bid, buy, and sell these inscriptions
Magic Eden Launches Bitcoin NFT Marketplace
Multi-chain 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. The platform aims to empower collectors and creators, giving them access to appropriate tools.
What are Ordinal NFTs?
Ordinals are Non-Fungible Tokens inscribed in the witness portion of BTC transactions. The inscriptions can be images or videos, and they leverage the Taproot soft fork. They are also used to number satoshis on the Bitcoin protocol.
The Impact of Ordinals on User Activity
The launch of Ordinal NFTs increased user activity on Bitcoin, as users with non-zero bitcoin balances found a non-monetary purpose to be on the network. More than 500,000 inscriptions have been made on the Bitcoin protocol, with the average number of Ordinals transactions per block being 250.
Features of Magic Eden’s Marketplace
Magic Eden’s new marketplace allows users to list, bid, buy, and sell these inscriptions or NFTs. To make this easier, the company has partnered with Bitcoin wallets Hiro and Xverse.
Conclusion
The launch of Magic Eden’s marketplace showcases their ability to overcome technical barriers while providing users with an easy way to buy and sell collectibles using Bitcoin transactions.