Magic Eden reveals the launch of its Bitcoin marketplace!
Bitcoin, which Magic Eden tags as “grandfather of all blockchains’’, has been in existence since roughly fifteen years ago. Its pseudonymous creator, Satoshi Nakamoto, has been recognized for laying the foundation of a world-changing series of events. His creation facilitated transactions that caused the significant growth of chains, which led to the birth of Magic Eden.
Paying respect to its origins, the marketplace has decided to launch Bitcoin on its platform. Its support for the largest and most decentralized blockchain on the planet will help the NFT platform in developing marketplaces for the budding and booming Ordinals ecosystem. Bitcoin symbolizes an opportunity to create a platform for trading true and immutable digital assets.
Magic Eden studied the release of Ordinal Theory and its successive rapid rate of adoption. The Bitcoin marketplace was developed by more than a dozen developers in a month, growing in a hackathon held in California.
The Bitcoin NFT marketplace aims to “empower creators and collectors, providing them with the tools and infrastructure they need to succeed.”.
Why Did Magic Eden Select Bitcoin?
Bitcoin is the first and largest blockchain that has captured the hearts of many in the Web3 space.
Magic Eden is the pioneer major marketplace on the Bitcoin network and will now study and support this “pre-product market fit environment.”.
The Bitcoin marketplace has a “familiar and intuitive interface” that will allow users to easily trade, list, and bid on digital assets on the marketplace. The partnerships with Hiro and Xverse will facilitate such.
There is a Launchpad that will provide direct inscription features to creators on the platform. Although there is no royalty support on the marketplace at the moment, Magic Eden is actively seeking out the creation of an “on-chain, permissionless royalty standard.”.
Magic Eden’s experience with building marketplaces on Polygon, Solana, and Ethereum will come into play with its launch on Bitcoin. One of the NFT platform’s missions is to promote the benefits of collectibles and blockchain technology while remaining true to the principles that underpin the technology.
By developing on Bitcoin, Magic Eden will add to the culture of trust, security, and decentralization that aligns with the network.