Market Analysis Report (22 Mar 2023)

Market Analysis Report (22 Mar 2023)

Source Node: 2526583

Magic Eden, a marketplace for Polygon, Ethereum and Solana-based non-fungible tokens (NFTs), has announced the launch of its own “fully audited” Bitcoin Ordinals marketplace. The platform lets NFT traders buy and sell Ordinals collections.

The new Ordinals protocol was introduced in January by former Bitcoin core contributor Casey Rodarmor, and since then, the popularity of Bitcoin Ordinals has surged. Between February 1 and March 1, data shows the total number of Bitcoin Ordinals inscriptions surged from 679 to 240,000. That number is now above 550,000.

Magic Eden said that the marketplace was built within a month, culminating in a hackathon in California with over a dozen developers. The platform only supports secondary sales for now, but it’s looking into future tools that would allow creators to more easily mint Bitcoin NFTs, such as a launchpad.

The marketplace uses signed BTC transactions rather than smart contracts, and does not support royalty payments for now as there’s “very little tooling and no secure and trustless enforcement solutions.”

Other Bitcoin Ordinals marketplaces have already launched, including ORDX and Generative XYZ.

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