Magic Eden Launches Bitcoin Market As Regular Inscriptions Keep Growing
Magic Eden, one of the largest cross-chain NFT platforms, show a Bitcoin market for digital artifactsthe company shared on Tuesday.
“We are already a multi-chain platform and believe that adding Bitcoin will connect us with an extensive community and rapidly growing collectibles market thanks to Ordinals,” said Zhuoxun Yin, COO and co-founder founder of Magic Eden, told TechCrunch. “Adding a Bitcoin marketplace allows us to further our multi-chain vision.”
Ordinals, an NFT-like project on the Bitcoin blockchain, has grown significantly since the first project was recorded in December. By mid-February, more than 90,000 Ordinances had been recorded — is jargon for creating (or minting) — on the Bitcoin blockchain. About a month later, there were over 400,000 registrations on the Bitcoin blockchain, a 344% increase in that time frame, Magic Eden shared.
Before the announcement, Magic Eden NFT transaction support on Solana and Polygon, and provides aggregate listings for Ethereum-based NFTs. The platform is backed by major players like Paradigm, Sequoia, Coinbase Ventures, Solana Ventures and others, and has over 22 million monthly visitors and over 100,000 wallets connecting to its network daily. , its website stated.
Magic Eden’s Bitcoin market launch could be a significant step forward as there are very few tools and products available for the blockchain’s transactional marketplace, which makes the space inaccessible and unsafe for humans. non-professional users. In the future, this could expand the reach to a wider audience.
The launch will also integrate two non-custodial crypto wallets, Hiro and Xverse, so that users can process transactions.
“The Bitcoin NFT ecosystem is very new and a lot of the tools that exist today are suboptimal and lack strong security measures,” Yin said. “We want to put a serious focus on security and transparency and leverage our brand so that people can feel safe when trading their Orders, thereby opening up a more developed ecosystem again.”
As the overall NFT market continues to grow, the sub-sector is still discovering its product-market fit, Yin thinks. “The growth of Bitcoin NFT shows that there is a market for people who want to own real digital artefacts or collectibles.”
Yin said Magic Eden “always has a long-term vision” that NFT will be the center of the culture for many years.
Although NFT has gained popularity in the crypto industry, the mainstream world has been slow to adopt it, although major brands and companies like Starbucks, Adidas, and Nike have launched initiatives during the year. over to deploy NFT-like products and services.
For the first beta launch of Magic Eden on the Bitcoin Market, it selected 13 collections to collaborate with, including Taproot Wizards, Inscribe Pepes and Bitcoin Bandits, etc. Yin said those collections were were chosen because they are among the earliest collections to be engraved and have the “strongest community”. “We see value in partnering with early adopters as many of them have been pioneers of Conventional theory as well as contributors to Bitcoin culture for many years.”
In the near future, all Bitcoin inscriptions will be available for trading on Magic Eden, Yin noted. In the long term, Magic Eden plans to continue building new use cases on new chains.
Yin added: “Regardless of where the market is, we are continuing to build a downtrend and we are showing everyone that we are doubling down on our commitment to the long-term potential for the future. NFT,” added Yin.