Bitcoin NFTs have been gaining significant traction over the past months, owing to the introduction of Ordinals. Already, more than 500,000 “inscriptions” have been made. In response to high demand, Magic Eden believes supporting such digital assets is the way forward. Now, the marketplace snaps up OG NFT projects like DeGods and Yuga Labs.
Quick Takes:
- Magic Eden today announced support for Bitcoin Ordinals. These on-chain collectibles allow digital media and text to be embedded onto the original blockchain without smart contracts.
- Minting, managing, and trading of Ordinals on Bitcoin is more complex than Ethereum and Solana. Magic Eden assures users that its Ordinals marketplace experience will be similar to the others.
- The introduction of Magic Eden’s support represents a major milestone for Ordinals, in terms of improved security, accessibility, and scalability.
How Magic Eden Expands Ordinals
The largest NFT marketplace for selling and trading Solana assets, Magic Eden, today revealed that its incorporating support for Bitcoin Ordinals.
Magic Eden took to Twitter to share the good news about extending its reach to more than Ethereum and Polygon NFTs:
Ordinals represent a relatively novel innovation for Bitcoin, permitting the storage of media on-chain without resorting to smart contracts, as is the case on other chains. Much of the necessary tools are still under construction.
Consequently, the minting, managing, and trading of Ordinals is more complex than on other chains like Ethereum and Solana, primarily due to insufficient infrastructure.
Nevertheless, Magic Eden asserts that its Ordinals marketplace experience will closely resemble what users have come to expect on its platform.
The first Bitcoin Ordinals marketplaces, including ORDX and Generative, launched later in February, with others joining the fray since—including Gamma, a marketplace first established for NFTs on Stacks, a Bitcoin scaling network.
Still, trustless marketplaces, like Magic Eden, represent big step up for Ordinals in terms of security, accessibility, and scalability.
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