Highlights:
- Magic Eden collaborated with and integrated two noncustodial wallets, Hiro and Xverse, to simplify the process of purchasing, selling, and trading Ordinals.
- According to the company, they will offer an interface that is comparable to the Phantom wallet developed in Solana and will enable users to process transactions.
Magic Eden, a cross-chain nonfungible token marketplace, recently revealed that it is expanding to include Bitcoin NFT Ordinal inscriptions in its marketplace, enabling users to buy and sell brand-new digital collectibles.
Bitcoin Ordinals are newly launched nonfungible token (NFT) which can be “inscribed” on the Bitcoin blockchain. They are a cryptoasset type that can represent a digital collectible like a file, an image, a video, or an item from a video game and then be inscribed onto the smallest unit of Bitcoin, the Satoshi. Users can create a tradeable version of the collectible on the Bitcoin blockchain by demonstrating that they also own the Satoshi with the collectible item inscribed on it by proving ownership of that Satoshi.
In contrast to NFTs supported on other chains like Ethereum, Ordinals encrypt the storage data for the collectible directly on the chain rather than using a link to the media. Since it is always directly connected to Satoshi and “inscribed” to it, it cannot go offline or get lost and stays with the owner of the NFT.
By market share, the marketplace is the biggest Solana-based NFT marketplace, and last year it added support for Polygon and Ethereum. The expanded support for bitcoin NFTs gives marketplace users more options to investigate new possibilities.
Jack Lu, Chief Executive and Co-founder of Magic Eden, said, “Bitcoin Ordinals bring a whole new dimension into the universe of NFTs. On Bitcoin, all media that is uploaded onto the chain cannot be changed or removed. This simplicity is embraced by many creators who want to create true collectibles that are inscribed onto the chain.”
Since the protocol’s initial launch on January 21, more than 500,000 Ordinal inscriptions were announced earlier this week. Galaxy Digital Ltd., a financial services company specializing in cryptocurrencies, predicted that the market for Ordinals would grow significantly, with a base case estimate of USD 4.5 billion by 2025. In contrast, the total NFT market’s organic trading in 2022 was close to USD 24.7 billion.
Thirteen collections, including Taproot Wizards, Inscribed Pepes, and Bitcoin Bandits, are publishing Bitcoin NFT Ordinals through the marketplace at launch. Every collectible will be presented on Magic Eden like other NFTs, with metadata like Ordinal rarity, age, name, and inscription number. The market also stated that it would keep updating the feature as new collections went live and develop more sophisticated tooling to support Ordinals.
Magic Eden collaborated with and integrated two noncustodial wallets, Hiro and Xverse, to simplify the process of purchasing, selling, and trading Ordinals. According to the company, they will offer an interface comparable to the Phantom wallet developed in Solana and enable users to process transactions.
By visiting the newly launched Ordinals marketplace section and establishing a connection with their wallets, users can now buy, sell, trade, and transact using Bitcoin NFT Ordinals.
