Non-fungible token (NFT) marketplace Magic Eden is introducing a fully audited Bitcoin NFT marketplace as Bitcoin-based Ordinal NFTs continue to increase in popularity.
Traders on Magic Eden will be capable of buying inscriptions, which are non-fungible tokens generated on the Bitcoin network using satoshis. The company is integrating support for Bitcoin wallets Hiro and Xverse to enable traders to list, buy, and sell Ordinal NFTs to assist collectors in their effort.
In a press release, Jack Lu, the CEO and co-founder of Magic Eden, stated that all media uploaded onto the Bitcoin chain could not be altered or deleted. He further added that this straightforward feature is favored by numerous creators who aspire to generate authentic collectibles that are permanently recorded on the chain.
Magic Eden is partnering with popular Ordinal collections Taproot Wizards, Inscribed Pepes, and Bitcoin Bandits to help its players transition to Bitcoin-based NFTs in conjunction with its marketplace debut. The marketplace will also contain information regarding non-fungible tokens, such as their ordinal rarity and inscription number.
Magic Eden’s co-founder, Zhuoxun Yin, stated that the company’s latest product is a result of its desire to attract more users to trade NFTs on the Bitcoin network.
Yin also mentioned that numerous high-value items are being produced or registered on the Bitcoin chain. He expressed his enthusiasm for the rapidly expanding NFT ecosystem and stated that Magic Eden is engaged in various cross-chain initiatives. Yin considered this an exciting adjacent ecosystem for the company to undertake.
Magic Eden has long been the dominant Solana-based NFT marketplace but has recently expanded into different blockchain ecosystems. In November, it introduced support for the popular sidechain Polygon. In August, it added support for the leading blockchain Ethereum.
Magic Eden’s efforts to construct infrastructure to accommodate Ordinals NFTs are not unusual. Gamma.io opened its native marketplace on Monday, enabling users to mint and trade Bitcoin-based NFTs.