Magic Eden Launches Bitcoin NFT Marketplace

Popular NFT platform Magic Eden announced the launch of the only fully audited marketplace for the Bitcoin Ordinals.

Welcome to a new dawn. Magic Eden is now on Bitcoin.

Now, you can safely trade your favorite collectibles on the 1st audited marketplace with $BTC 🤝

Explore 70+ collections on our marketplace: https://t.co/WiYYgIWPG5

Don’t forget to follow @MEonBTC! pic.twitter.com/KNCrVFrCTu

— Magic Eden 🪄 (@MagicEden) March 21, 2023

According to the announcement, 13 NFT collections including Taproot Wizards, Inscribed Pepes, and Bitcoin Bandits, will collaborate with Magic Eden for the launch. 

Hiro and Xverse, two non-custodial wallets, will be integrated to enable users to perform transactions with Ordinals NFTs.

NFT collectors will be able to view information such as Ordinal rarity, age, name, inscription numbers, etc, in the marketplace. Currently, users can view over 70 NFT collections on the marketplace.

The Magic Eden experience on Ordinals uses partially signed Bitcoin transactions (PSBT) as the fundamental technology, rather than smart contracts, to create a fully permissionless, non-custodial marketplace.

The NFT platform open-sourced the PSBT signing library to help builders new to the space.

Magic Eden stated it is launching with a secondary collectibles platform, but is in discussions to provide a launchpad to deliver inscription services directly to creators. 

Magic Eden is not offering royalty support for now in the new marketplace as currently there is no specified standard. 

Jack Lu, CEO & co-founder of Magic Eden stated: “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. We’re excited to bring our winning marketplace user experience we’ve developed over the last year and a half to Bitcoin,” Lu added.

Bitcoin Ordinals is the new rage with multiple big NFT brands already jumping on the hype. Recently, NFT giant Yuga Labs announced the auction of the Bitcoin Ordinals collection “TwelveFold” which received criticism for its auction format.