Magic Eden Debuts Marketplace for Bitcoin Ordinals

According to the reports, Magic Eden, the largest Solana NFT marketplace, has established its own “fully audited” marketplace for Bitcoin Ordinals. It introduced Ordinals, a system that allows individuals to digitally imprint media and text on the original blockchain, i.e., Bitcoin.

The newly established marketplace gives customers a similar experience to what Magic Eden provides for NFTs based on Polygon, Ethereum, and Solana by enabling Bitcoin NFT traders to trade in and out of Bitcoin Ordinal collections.

The company stated in a statement on March 21 that “just as we have expanded into other chains, we now aim to bring our expertise in building marketplaces to the nascent, yet flourishing Ordinals ecosystem.”

Popularity of Bitcoin Ordinals

A lot of the infrastructure is currently being developed in real time for Ordinals, a relatively recent development for Bitcoin that allows the on-chain storage of media without the usage of smart contracts as on other chains.

The total volume of Bitcoin Ordinals inscriptions increased from 679 to 240,000 between February 1 and March 1, according to statistics from Dune Analytics. At the moment, the platform only allows secondary online sales of Bitcoin Ordinals. The marketplace, however, said that it “paid close attention to the release of Ordinal Theory and the lightning pace of adoption that soon followed,” adding:  

“Our marketplace was built within a month, culminating in a hackathon in California with over a dozen devs.”

Furthermore there won’t be any support for royalties in the market, Magic Eden claims it is “actively looking” into it and notes that there is “very little tooling” and no secure and trustless enforcement solutions.” 

Magic Eden stated that “with no royalty standard today, we have decided to launch on Bitcoin without royalty support for now.”

Recently, the NFT marketplace announced a 15% workforce decrease in its operations. The company justified the reduction by pointing to the challenging global crypto market conditions and its aim to restructure its business.