Magic Eden, one of the largest cross-chain non-fungible token (NFT) platforms, has embraced a new source of digital asset opportunities: Bitcoin. On February 16th 2021, the platform launched a Bitcoin marketplace for digital artifacts called “Ordinals” as an effort to further its reach and integrate two noncustodial crypto wallets for its users.
NFTs are unique digital assets representing a certain type of asset like art, music or other virtual items. They began gaining traction in the crypto industry during 2020 with many platforms on Ethereum offering them to their users. Now Magic Eden is looking to jump into the world of Bitcoin and provide even more options for people to explore within this exciting space.
The Ordinals project was first seen back in December 2020 when it made its debut on Bitcoin’s blockchain, rapidly gathering close to 400,000 inscriptions in just over 2 months – making it quite successful. This proved that there was indeed strong interest in NFTs within the Bitcoin community which is why Magic Eden decided to launch their own Bitcoin marketplace and give those same individuals access to more opportunities within this realm.
Magic Eden’s official launch includes 13 collections that have been selected as part of the beta testing phase and they have some of the earliest inscriptions available today – each collection also having a strong following among communities who have been eager to get involved with what they have created here.
The team behind Magic Eden believes that this is just the beginning and more use cases will be developed on different blockchains over time as well. Although mainstream adoption still remains slow at this stage in time, it looks like NFTs are certainly gaining momentum within the crypto space – especially now that major firms are embracing them too.
Overall, this initiative from Magic Eden brings great promise for those interested in exploring new realms of digital asset possibilities within an engaging ecosystem such as Bitcoin’s blockchain environment. It will be interesting how further development from major firms continues along similar lines until mainstream adoption can be reached – but for now we can certainly look forward to seeing what kind of progress comes through with Magic Eden launching a dedicated Bitcoin marketplace for its users!
The Ordinals platform has been developed with an easy-to-use intuitive interface, allowing users to easily manage their NFT collections and find new ones to add to the mix. It also provides its users with a wide selection of payment options including BTC, ETH, LTC, XRP and BCH. With these options, anyone can easily jump into the world of NFTs with Magic Eden’s one-of-a-kind marketplace.
