Magic Eden, the multi-chain marketplace for Solana, Polygon and Ethereum, now announced that it will add to its services an exclusive marketplace for non-fungible tokens created on the Bitcoin blockchain, known especially as ‘NFTs Ordinals’.
Magic Edenone of the leading marketplaces in the non-fungible token industry, announced that it will add an exclusive marketplace for NFTs created on the Bitcoin blockchain.
Since 2008, with the creation of Bitcoin by a mysterious figure named Satoshi Nakamoto, a series of events began to unfold, as it was the first decentralized public protocol to facilitate peer-to-peer transactions. Then, this new technology and essence itself produced actions that led to an exponential growth of different blockchains in general. These blockchains managed to develop underlying technologies such as, for example, NFTs.
Currently, multiple marketplaces have been created that allow the buying and selling and exchange of non-fungible tokens and Magic Eden is named as the leaders of this ecosystem along with Blur, JPG Store, Manifold, Rarible and OpenSea, among others.
As I mentioned earlier, Magic Eden is a Solana, Polygon and Ethereum multi-chain marketplace, but a few hours ago they announced the launch of the latest blockchain supported in their project. Yes, none other than the Bitcoin network along with its Ordinals NFTs.
Bitcoin is the most original, decentralized and largest blockchain in the world, but it also represents a great opportunity for the NFT ecosystem to continue to expand, as users will be able to exchange any type of immutable and true digital asset through the Ordinals Protocol.
If you want to know everything about Ordinals Protocol, NFT collections that were created so far in Bitcoin, how to create your NFT on Bitcoin, which wallets exist for Ordinals NFT, and much more, you can read the articles we made in NFTexpress, which are as follows:
Ordinals protocol allows NFTs to be incorporated into Bitcoin network
Taproot Wizards: the new NFT collection on the Bitcoin network
DeGods brings its collection of 535 NFTs to the Bitcoin network, want to meet it?
NFTs Ordinals hit the Litecoin network: a new innovation in the world of cryptocurrencies
TwelveFold: Bitcoin’s generative collection of unique pieces on blockchain
Back to Magic Eden’s news, this exclusive marketplace has stated on its official Twitter saying that by creating this emerging service, the company is honoring the Bitcoin culture, since it is the first audited marketplace and this will generate a highly satisfactory user experience, even for lovers of collectibles.
Also, in their official statement they have expressed the desire to continue expanding across multiple chains as they have been doing since their launch and this new Bitcoin marketplace is a way to continue on that path. The goal highlighted by Magic Eden by creating this new service, is the opportunity to empower creators and collectors, providing the necessary tools and infrastructure to succeed in this ecosystem that continues to innovate every day.
On the other hand, it is worth mentioning that the market of Magic Eden marketplace for the Ordinals NFTs was built in only one month, which is incredible for the development of such new technologies. In addition, the project culminated in a hackathon in California, USA, with more than a dozen developers working hard to make it all work perfectly.
Learn about the key factors why Magic Eden created this exclusive Bitcoin marketplace.
First of all, one of the most important points highlighted by the team from Magic Eden is the idea of going back to the roots and exploring the most emerging markets of this industry. With this new tool, the marketplace that started with Solana, is the first to offer a complete marketplace for artists, collectors and investors of NFTs on the Bitcoin network.
Secondly, the factor of being able to offer the best blockchain marketplace experience was present, i.e. the creation of a Bitcoin marketplace undoubtedly challenges the current situation of the ecosystem and also shows the ability of the Magic Eden team to overcome the existing technical barriers and allow to buy, sell, list and bid Bitcoin NFTs with a simple and intuitive interface.
In addition, Magic Eden announced a partnership with UniSat Wallets, Inc. UniSat, Hiro y Xversewith the objective of bringing an easy wallet transaction experience to the market.
In addition, they have created a new Twitter profile called “Magic Eden on Bitcoin“, a new identifier to join via email and keep updated with the latest developments and news.
What has not yet been confirmed Magic Eden is whether it will provide a Launchpad to provide registration services directly with creators. Currently, only the launch of the secondary collectibles platform was announced, but they have hinted that they received strong demand to provide a Launchpad service.
Another important issue, mostly for creators and artists of NFTs, is the issue of royalties. In this case, the marketplace created by Jack Lu and Zhouxun Yin, confirmed that for the time being it decided to launch this NFTs marketplace in Bitcoin without royalty support.
The reason is because it is believed to be more in line with the spirit of the bitcoin ecosystem. However, they are actively investigating the development of a permissionless royalty standard on the blockchain, as, the idea is to work with creators and artist communities.
Magic Eden’s idea in building on Bitcoin is to be able to provide a solution that until now was not available in the ecosystem. Also, this new marketplace contributes to the culture of trust, security and decentralization, main characteristics of the older blockchain.
Finally, to boost the ecosystem Ordinalsthe marketplace created in 2021 will provide key pieces of the source code that led to the creation of the Bitcoin network’s first NFT marketplace. This is with the intention of helping and sharing the discoveries that the team of developers has made so that this new ecosystem is adopted and thrives in the right way.
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Written by Rodrigo Catalan (TW: @RodrigoCatalanB) for NFT Express.