Magic Eden, one of the largest cross-chain NFT platforms, has launched a Bitcoin marketplace for digital artifacts, the company announced on Tuesday.
“We are already a multi-chain platform and we believe the addition of Bitcoin will lead to a deeper community of people and a rapidly growing collectibles market thanks to Ordinal,” said COO and co-founder of Magic Eden. Founder Zhuoxun Yin told TechCrunch, “By adding a Bitcoin marketplace, we are able to continue our multi-chain vision.”
Ordinals, an NFT-like project on Bitcoin’s blockchain, has grown significantly since the first project was registered in December. By mid-February, the Bitcoin blockchain had over 90,000 ordinals (the technical term for creation (or creation)). About a month later, Magic Eden shared that there are over 400,000 inscriptions on the Bitcoin blockchain, a 344% increase in that time.
Ahead of the announcement, Magic Eden supported NFT trading on Solana and Polygon, providing an aggregated list of Ethereum-based NFTs. The platform is backed by leading companies such as Paradigm, Sequoia, Coinbase Ventures and Solana Ventures, with more than 22 million unique monthly users and more than 100,000 wallets connecting to the network every day, according to the company. website says:
Magic Eden’s launch of a Bitcoin marketplace could be a big step forward as tools and products for blockchain trading markets are limited. Going forward, this may expand your reach to a wider audience.
The launch will also integrate two non-custodial crypto wallets, Hiro and Xverse, so users can process transactions.
“Bitcoin’s NFT ecosystem is very new and many of the tools that exist today are suboptimal and lack robust security measures,” said Yin. “We want to enter with a serious focus on security and transparency while leveraging our brand. You will prosper.”
Yin believes that subsectors are still finding product and market fit as the overall NFT market continues to grow. “The growth of Bitcoin NFTs shows there is a market for people who want to own a true digital artifact or collectible.”
Magic Eden “always has a long-term view,” Yin said, with NFTs becoming central to the culture for years to come.
NFTs are gaining popularity in the cryptocurrency industry, even though major brands and companies such as Starbucks, Adidas and Nike launched initiatives last year to implement NFT-like products and services. Adoption is still lagging in the mainstream world.
Magic Eden has selected 13 collections to partner with as it launches the first beta of its Bitcoin Marketplace. These collections were chosen because they were some of the earliest to be registered and have “the strongest community,” Yin said. “Many of our early adopters are pioneers of ordinal number theory and have contributed to Bitcoin culture for many years, so we believe there is value in partnering with early adopters.”
In the near future, all Bitcoin inscriptions will be tradable on Magic Eden, Yin said. In the long term, Magic Eden will continue to build new use cases on new chains.
“Regardless of where the market is, we are continuing to build bearish, showing people that we are doubling down on NFTs’ long-term potential,” Yin added. .
