Magic Eden Unveils Bitcoin Ordinals Marketplace

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  • Magic Eden has partnered with Xverse and Hiro wallets to unveil a Bitcoin NFT marketplace
  • Magic Eden noted that the marketplace is fully audited
  • Magic Eden said it aims to popularize Bitcoin NFTs among collectors

NFT marketplace Magic Eden has unveiled a Bitcoin NFT marketplace in partnership with Xverse and Hiro wallets. Magic Eden said it aims to popularize Bitcoin NFTs among collectors, adding that the platform is fully audited. The new collectibles trading platform comes shortly after leading NFT creator Yuga Labs launched its first Bitcoin NFT collection called TwelveFold.

Created in 30 Days

According to Magic Eden, the BTC-powered marketplace only took 30 days to create and involved more than a dozen developers. Magic Eden added that the marketplace currently allows secondary NFT trading but there’s a plan to allow aspiring Bitcoin NFT creators to interact directly with the Bitcoin Ordinals project.

Magic Eden however revealed that the new Bitcoin NFT marketplace won’t support royalties, adding that the BTC-based NFT space has “very little tooling” to help in developing ways to enforce creator fees. Magic Eden has in the past focused on optional royalties before launching an on-chain tool to support compulsory creator fees.

Open-Source Bitcoin NFT Marketplace

The marketplace has however committed to looking for ways to support creator fees, saying it’s open to working with the NFT community to chart the way forward. Magic Eden also said they’re ready to “share the discoveries” they make as they explore the BTC-based NFT world and will, in the future, “open source key pieces of ” the marketplace. 

Although there are other marketplaces focusing on Bitcoin NFTs, Magic Eden is among the first major collectibles marketplace to express interest in powering BTC-powered NFT trades. According to Magic Eden, the move is part of its multichain journey that has seen it expand to Polygon and Ethereum after starting on the Solana blockchain. The new marketplace is already attracting usage and has started recording sales.

With a major NFT marketplace like Magic Eden supporting Bitcoin NFTs, other leading NFT trading platforms like OpenSen and X2Y2 will likely follow in the same footsteps.