Magic Eden Adds Bitcoin-NFT Support

Magic Eden, the non-fungible-token marketplace, has launched a market for Bitcoin-blockchain NFTs issued via the Ordinals protocol.

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

“Why Bitcoin? Ordinals digital artifacts exist on-chain, are not off-chain, and are fully immutable. Add the security aspect of BTC, the decentralisation of its nodes, and you’ll get the perfect home for real digital collectibles,” the statement said.

The platform’s partners enabling payments in the first cryptocurrency are the non-custodial wallet operators Hiro and Xverse.

Magic Eden noted strong demand for a solution to create Bitcoin-NFTs with the launch of the secondary market.

“We are thinking about the best approach to this and will share more information in the future,” said the project team.

The developers said they could not resolve the issue of royalties “in the new ecosystem, where there are very few tools and no secure and reliable solutions”.

For this reason they launched the Ordinals market without mandatory royalties to creators.

The Solana-based marketplace, initially built on the Solana blockchain, also add support for Ethereum.

Back in June 2022, Magic Eden raised $130 million in a Series B round valuing the company at $1.6 billion.