Magic Eden, a blockchain-based platform, has launched its Ordinals Marketplace, which is a dedicated platform for trading Bitcoin-based non-fungible tokens (NFTs). This move has been made as part of the company’s aim to popularize the use of blockchain technology in the creation and sale of unique digital assets. Magic Eden’s Ordinals Marketplace is designed to offer a secure and user-friendly platform for creators, buyers, and sellers of NFTs to interact. The marketplace is built on the Bitcoin blockchain and boasts a variety of features that make it ideal for trading NFTs. The use of blockchain technology in the creation and sale of NFTs has increased in popularity lately, and Magic Eden’s Ordinals Marketplace provides a new way for creators to monetize their digital art and other unique digital assets.
Magic Eden, the largest Solana NFT marketplace, recently added support for Bitcoin Ordinals, a protocol that allows digital media and text to be imprinted on the original blockchain. This move comes on the heels of the startup’s expansion to Ethereum and Polygon in 2021. With over 500,000 inscriptions made to date, Bitcoin Ordinals have become increasingly popular in the last two months, attracting non-fungible token (NFT) marketplaces on other chains to support their use.
Ordinals provide a new way to store media on the Bitcoin blockchain without the use of smart contracts, creating a complicated process for minting, handling, and trading these types of NFTs. However, Magic Eden claims that navigating its Ordinals marketplace will be similar to what users experience on its platform for other chains. As a non-custodial marketplace, Magic Eden never takes control of assets being traded, which adds to the security of its platform.
Magic Eden’s marketplace launch for Ordinals marks a significant step forward in the development of tooling and infrastructure for Ordinals, which has seen its tooling and infrastructure rapidly increase since its launch in February. Trustless marketplaces like Magic Eden’s offer improved security, accessibility, and scalability for NFTs on the Bitcoin blockchain.
Interest from creators will dictate the future direction of Magic Eden’s Bitcoin marketplace. The limitations of the Ordinals protocol make it a better fit for certain types of assets, such as limited edition artwork, than others, like large-scale video game NFT collections. While the Ordinals marketplace is currently focused on secondary market sales, Magic Eden plans to offer tools for minting digital assets onto the Bitcoin blockchain in the future.