Taking advantage of the growing interest in “bitcoin NFTs,” the nonfungible token marketplace Magic Eden has created its own “completely audited” marketplace for bitcoin ordinals.
It is one of the first big NFT markets to enter the fight of the bitcoin ordinals competition, which as of the March 21, claimed 567,087 inscriptions.
A user will have an experience comparable to the one that Magic Eden provides for NFTs based on Polygon, Ethereum, and Solana while using the recently created marketplace that enables bitcoin NFT traders to purchase and sell bitcoin ordinal collections.
The new marketplace is yet to support royalties
Casey Rodarmor, a previous contributor to bitcoin’s core development team, is the one who launched the new Ordinals system in January. Since then, bitcoin ordinals has seen a significant spike in popularity.
Instead of relying on smart contracts, it uses partly signed Bitcoin transactions, a standard for bitcoin that enables several parties to sign the same transaction. This is done to make permissionless swaps possible.
In the meantime, Magic Eden has stated that even though there will be no support for royalties for the marketplace, the company is “actively looking” into this matter. Additionally, the company has stated that there is “very little tooling and no secure and trustless enforcement solutions.”
Despite this, the statement said that Magic Eden was actively looking at establishing an on-chain, permissionless royalty standard and is committed to engaging with artists and the larger community.
Currently, only secondary transactions using bitcoin ordinals are supported by the marketplace. The marketplace has said that it is also investigating the development of future tools that will make it simpler for producers to mint or inscribe bitcoin NFTs.
One example of such a tool is the launchpad, which the marketplace now provides for other chains.
How it all began
Magic Eden claims to have paid careful attention to the announcement of Ordinal Theory and the rapid rate of acceptance that shortly followed, adding that Within a month, they were able to build the marketplace, which culminated in a hackathon in California with more than a dozen developers.
Several markets for bitcoin ordinals have already begun operations, such as ORDX and Generative XYZ, both of which began operations in February. Gamma.io, an NFT platform, has announced the launch of its very own bitcoin ordinals marketplace.
This new feature allows users to produce and trade ordinal inscriptions similarly to how ethereum NFT markets function.