Magic Eden Takes a Step into the Bitcoin NFT Market

Two months after Bitcoin NFTs became commonplace thanks to the Ordinals project, prominent NFT platform, Magic Eden, has launched a Bitcoin NFT marketplace to bring these digital inscriptions to the masses.

Ordinals allows users to inscribe or mint text, images, and other data forms on Satoshis, the smallest units of Bitcoin. All this happens without the need for smart contracts. The phenomenon has taken off, with individual artists and renowned NFT projects jumping at the chance to inscribe their collections. So far, there are over 580,000 inscriptions, according to data analytics firm Dune, and the number keeps growing by the day.

However, unlike interacting with NFTs on smart contract supporting chains like Ethereum, minting, listing, and trading NFTs on Bitcoin is problematic for the average NFT fan due to a lack of infrastructure.

Now, Magic Eden is changing the game by introducing a marketplace dedicated to Ordinals NFTs. This will allow traders to list, purchase, and sell Bitcoin-based NFTs in a controlled environment. According to the platform, it will offer a seamless experience similar to that of its traditional NFT marketplace.

We built our Bitcoin marketplace in a month. To take it across the finish line, we rented a giant Airbnb in California and brought over a dozen devs together. As a mostly remote company, we’re proud to share some of our faces and tell our story.
BIG thank you to @bhammers for… pic.twitter.com/3Pu5zzXZ1u

— Magic Eden 🪄 (@MagicEden) March 22, 2023

Magic Eden’s Bitcoin NFT Marketplace Open Ordinals NFTs to a Wider Audience

Since the marketplace runs non-custodial services, it has teamed up with Ordinals-compatible wallets Hiro and Xverse. Zhuoxun Yun, cofounder and COO of Magic Eden, notes, “As long as I have a little bit of Bitcoin in my wallet, I can just get going and it would feel the same as if I’m trying to try to buy something on ETH.”

Therefore, “the core marketplace functionality should feel really, really similar for users, and hopefully it gives people the perception that the [Ordinals] hurdle is not crazy.”

By launching this Bitcoin NFT marketplace, Magic Eden follows in the footsteps of Gamma.io, which launched its own marketplace earlier in March. Furthermore, it also continues the protocol’s multichain expansion after moving to Ethereum, Polygon, and now Bitcoin.

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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.