for Bitcoin Ordinals. The marketplace allows users to buy and sell Bitcoin Ordinal collections.
Magic Eden, a non-fungible token (NFT) marketplace, has launched its fully audited marketplace for Bitcoin Ordinals, making it among the pioneers in the NFT industry to enter the Bitcoin Ordinals arena. This move comes as a response to the growing interest in Bitcoin NFTs. The new marketplace provides a secure and reliable platform for traders to buy and sell their Bitcoin Ordinal collections. It allows users to enjoy a similar experience to the one that Magic Eden offers for Polygon, Ethereum, and Solana-based NFTs.
The launch of this marketplace is a significant development in the world of Bitcoin NFTs. The fully audited nature of the marketplace ensures that users can trust the authenticity of the Bitcoin Ordinals they are buying or selling. Furthermore, Magic Eden's reputation as a leading NFT marketplace adds to the credibility of the new platform. The company has a proven track record of providing a seamless and user-friendly experience for its customers.
The Ordinals protocol was introduced in January by Casey Rodarmor, a former Bitcoin core contributor. Since its inception, Bitcoin Ordinals has experienced a surge in popularity. According to data from Dune analytics, the total number of Bitcoin Ordinals inscriptions skyrocketed from 679 to 240,000 between February 1st and March 1st. As of March 21st, the total number of inscriptions has reached an impressive 567,087.
Magic Eden has stated that they are currently exploring the possibility of implementing royalty support for their marketplace. However, they have encountered some challenges in finding secure and trustworthy enforcement solutions, as well as a lack of adequate tools. Despite these obstacles, Magic Eden has decided to launch their marketplace on Bitcoin without royalty support for the time being.
Several Bitcoin Ordinals marketplaces have already been introduced, such as ORDX and Generative XYZ, which were launched in February. Recently, Gamma.io, an NFT platform, announced its own Bitcoin Ordinals marketplace, enabling users to generate and exchange ordinal inscriptions in a way that is comparable to Ethereum NFT marketplaces.
Overall, the launch of Magic Eden's Bitcoin Ordinal marketplace is a game-changer for the Bitcoin NFT market. It provides a secure and reliable platform for traders to buy and sell their collections, while also offering a user-friendly experience. With the growing interest in Bitcoin NFTs, this marketplace is sure to attract a significant number of traders and collectors.
