Magic Eden, a prominent NFT platform, has recently launched a Bitcoin NFT marketplace to provide wider access to digital inscriptions. This move comes two months after the Ordinals project introduced Bitcoin NFTs, allowing users to mint text, images, and other data forms on Satoshis, the smallest units of Bitcoin, without the need for smart contracts. The popularity of this phenomenon has led to over 580,000 inscriptions and growing, with individual artists and NFT projects leveraging the opportunity to inscribe their collections. However, the lack of infrastructure has made it difficult for the average NFT fan to interact with NFTs on Bitcoin.
We built our Bitcoin marketplace in a month. To take it across the finish line, we rented a giant Airbnb in California and brought over a dozen devs together. As a mostly remote company, we're proud to share some of our faces and tell our story.
BIG thank you to @bhammers for… pic.twitter.com/3Pu5zzXZ1u
— Magic Eden 🪄 (@MagicEden) March 22, 2023
To address this challenge, Magic Eden has introduced a marketplace dedicated to Ordinals NFTs, enabling traders to list, purchase, and sell Bitcoin-based NFTs in a controlled environment. The platform promises a seamless experience, similar to that of its traditional NFT marketplace. Given that the marketplace runs non-custodial services, it has partnered with Ordinals-compatible wallets Hiro and Xverse, providing users with a convenient and familiar way to buy NFTs with Bitcoin.
Zhuoxun Yun, COO, and Co-founder of Magic Eden said, “As long as I have a little bit of Bitcoin in my wallet, I can just get going and it would feel the same as if I’m trying to try to buy something on ETH. The core marketplace functionality should feel really, really similar for users, and hopefully, it gives people the perception that the [Ordinals] hurdle is not crazy.”
Magic Eden’s move follows Gamma.io, which launched its own marketplace in March, and further reinforces the protocol’s multichain expansion after moving to Ethereum, Polygon, and now Bitcoin. The introduction of the Bitcoin NFT marketplace will likely provide a boost to Ordinals’ adoption by making it more accessible to the masses.