Business News Report
March 22, 2023

Magic Eden Launches Marketplace for Bitcoin Ordinals

Magic Eden Bitcoin Ordinals

Magic Eden has launched a marketplace for Bitcoin Ordinals, becoming one of the first established multi-chain NFT marketplaces to capture its share of the Ordinals market. In addition, Magic Eden claims that its Bitcoin Ordinals marketplace is currently the only fully audited platform in the ecosystem.

Since the launch of the Ordinal Protocol in January, over 400,000 inscriptions, also known as digital artifacts, have been made on the Bitcoin blockchain. With the lack of infrastructure being a known issue in the nascent ecosystem, marketplaces, and wallets are currently being built to support Bitcoin Inscriptions.

The launch of Magic Eden’s Bitcoin Ordinals marketplace comes after Gamma.io launched its marketplace earlier this week. As the only two known Bitcoin digital artifact marketplaces currently in the ecosystem, Magic Eden and Gamma are early entrants competing for the biggest share of the market.

According to a press release, Magic Eden’s Bitcoin digital artifacts marketplace is permissionless, making it a secure option for trading. Bitcoin inscription wallets, Hiro and Xverse, will be integrated into the platform to enable efficient listing, delisting, buying, selling, and facilitation of transactions for users.

At launch, Magic Eden will be partnering with 13 leading collections, including Taproot Wizards, Inscribed Pepes, and Bitcoin Bandits. Collections within the marketplace will be subject to exemplary filtering, allowing collectors to see artifact information, including Ordinal rarity, age, name, inscription numbers, and more.

Commenting on the news, Jack Lu, CEO and co-founder of Magic Eden, said: “Adding a Bitcoin marketplace is really exciting for our team, considering it is the grandfather of all blockchains, and we are all passionate about blockchain. Bitcoin Ordinals bring a whole new dimension into the universe of NFTs. On Bitcoin, all media that is uploaded onto the chain cannot be changed or removed. This simplicity is embraced by many creators who want to create true collectibles that are inscribed onto the chain.”

As the marketplace matures, the team plans to continue updating the platform to create a more advanced and built-out experience for users.

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Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing.Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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Cindy Tan
Cindy Tan

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing.Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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