Magic Eden Launches Bitcoin NFT Marketplace:
Magic Eden is a Non-fungible Tokens marketplace renowned for its top-notch quality. Magic Eden came to be due to the realization of these members that there are gaps in the various available Non-fungible Token marketplaces and the need for something more. It has one of the highest liquidities for a marketplace with over 90% of the trading volume, ensuring it is easy to buy and sell on the platform. It is also among the major gaming platforms, with over 90% of Web 3.0 gaming occurring there. Traditionally, Magic Eden is a central Solana NFT marketplace. However, the company is looking to expand its reach and has determined to delve into Bitcoin NFT. More details about the launch are contained in the section below.
What are the Details of Magic Eden’s Bitcoin NFT Marketplace Launch
On the 21st of March, 2023, Magic Eden announced its support for Bitcoin Ordinals, a startup that enables the storage of media and digital artifacts. This partnership allows users to access the Bitcoin Ordinals marketplace through which users can trade assets. Magic Eden does not intend to take complete control of the assets sold on the platform; it only means to support the wallets compatible with the Bitcoin Ordinals (digital artifacts). The goal is to ensure that users can change using Bitcoin as quickly as the world using Ethereum (ETH).
This success is not to say that the marketplace does not have some limitations. Even though implementation is still at the early stage, it has been noticed that the protocol used for the market is less suited to NFT collections like large-scale video games and better suited for artworks and other types of assets. Many functions can be carried out in the secondary marketplace trade. However, the company is actively working to provide tools to mint digital assets on the Bitcoin blockchain to give the assets much more value and immutability.
As it is, the Ordinals protocol for digital artifacts s inscription on Bitcoin has gotten a lot of attention, and its trading volume has overtaken several rivals. The recently debuted Magic Eden launch pad now allows users to conduct primary sales by creators with artwork or the like on blockchain. It will enable creators to mint ordinals and sell pre-inscribed Ordinal to users for a mint price. So far, Magic Eden has managed to recall a sale of $3.3 million and over 2,700 unique wallets
Conclusion
Magic Eden is taking the Web 3.0 world by storm. With the introduction of its Bitcoin NFT marketplace, gone are the days where there was the sole dependency on only Solana and Ethereum NFT marketplaces. Moreover, the Bitcoin NFT marketplace allows creators to directly mint their digital artifacts and sell them primarily or secondary to others who pay for value and immutability.
