As Bitcoin-based Ordinal NFTs continue to gain popularity, non-fungible token (NFT) marketplace Magic Eden is launching a fully audited Bitcoin NFT marketplace.
Traders on Magic Eden will be able to purchase inscriptions, or non-fungible tokens minted on satoshis within the Bitcoin network. To help collectors do so, the company is integrating support for Bitcoin wallets Hiro and Xverse to allow traders to list, purchase and sell Ordinal NFTs.
“On Bitcoin, all media that is uploaded onto the chain cannot be changed or removed,” said Jack Lu, CEO and co-founder of Magic Eden, in a press release. “This simplicity is embraced by many creators who want to create true collectibles that are inscribed onto the chain.”
To kick off its marketplace launch, Magic Eden is teaming up with popular Ordinal collections Taproot Wizards, Inscribed Pepes and Bitcoin Bandits to help onboard its users to Bitcoin-based NFTs. The marketplace will also include information about NFTs such as Ordinal rarity and inscription numbers.
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Zhuoxun Yin, co-founder of Magic Eden, told CoinDesk the company wants to onboard more users to trade NFTs on the Bitcoin network, prompting the release of its latest product.
“There's a lot of high-value items that are being inscribed or created on the bitcoin chain, and for a very, very burgeoning NFT ecosystem that it's, it's been super exciting to see,” Yin told CoinDesk. “And at Magic Eden, we're working on a lot of cross-chain things anyway, and we felt like this was a really cool adjacent ecosystem for us to tackle.”
Magic Eden has historically been the leading Solana-based NFT marketplace, though it has recently been expanding across multiple blockchain ecosystems. In August, it added support for leading chain Ethereum, and in November tacked on support for popular sidechain Polygon.
Magic Eden isn’t alone in its efforts to build infrastructure to support Ordinals NFTs. On Monday, NFT platform Gamma.io launched its native marketplace, allowing users to mint and trade Bitcoin NFTs.
Read more: Bitcoin Punks: Ordinal NFT Collection Soars in Value