Magic Eden Suspends BRC-20 Trading to Protect Users

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Per an announcement on the X app, the Non-Fungible Token (NFT) marketplace Magic Eden has suspended the trading of BRC-20 with the aim of protecting users.

The suspension will remain until “full ord consensus across all BRC-20.” Notably, the suspension of BRC-20 trading does not impart other trading activities on the Magic Eden platform. This news comes amidst a drop in trading activities for digital collectibles. 

Sharp Decline in BRC-20 Trading Activities 

Colin Wu, a Chinese reporter reiterated the NFT marketplace decision to temporarily halt BRC-20 trading. Wu recalled that the sharp decline in trading activities has been ongoing since the finishing of sats mint. The reporter also noted that the number of daily transactions is responsible for less than 3% of the number of transactions on the Bitcoin (BTC) blockchain.

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Sadly, the BRC-20 token has been giving Bitcoin users the impression that there is a new asset class in town that has come to stay. Consequently, this misconception impacted negatively the trading volume and price of BTC, the leading cryptocurrency by market capitalization when BRC-20 was first released.

BRC-20: The Game Changer 

BRC-20 is an experimental token that was launched earlier this year by an anonymous developer identified as Domo. The token utilizes an Ordinal inscription. Based on their fungible nature and their residence on the Bitcoin blockchain, they only utilize script file storage on BTC instead of leveraging smart contracts. The advent of BRC-20 has caused a major uproar in the NFT ecosystem. 

There is a huge demand for the offering which initially triggered Magic Eden to list the token. In the meantime, nothing has been said concerning when the trading option is returning.

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Magic Eden Launch Marketplace for Bitcoin Ordinals 

Magic Eden’s foray into Bitcoin Ordinals was mentioned in March 2023. Precisely, the Solana-based digital collectible marketplace launched a dedicated and “fully audited” marketplace for Bitcoin Ordinals.

According to a press release, 

“Magic Eden (“The Company”), the leading cross-chain NFT platform, today announced the launch of a Bitcoin marketplace for digital artifacts. As the only fully audited marketplace in the Bitcoin Ordinals ecosystem to date, it will feature an industry-leading user experience and interface that provides collectors with a familiar trading experience.”

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