On Tuesday, the best-performing community-centric NFT marketplace Magic Eden revealed plans to expand its Ordinals offering. The Magic team plans to introduce a new set of tokens centered on the Bitcoin network to support the BRC-20 tokens. On June 27 at 8 pm ET, the Magic team supported the BRC-20 token by allowing theusers to trade their digital assets on the secondary market.
The Magic Eden team will soon allow users to create digital tokens on the Bitcoin network. Later the traders will mint the Bitcoin-powered token on the Magic Eden launchpad.
Magic Eden Supports BRC-20
Presently the NFT marketplace offers artists premium services on its Magic Eden launchpad. Also, the creators are provided with human support in the marketing and strategy sector.
The Magic Eden team released its Ordinal marketplace in March to provide users with Bitcoin digital collectibles. The firm has leveraged its brand name to support the growth of NFT ordinals.
Initially, Magic Eden gained popularity after offering a unique marketplace for Solana-based NFTs. Due to the drastic changes in the crypto market, Bitcoin has been recognized as an emerging frontier for buying and selling digital collectibles.
Interestingly to gain a competitive advantage, the Magic Eden team launched a platform for trading inscriptions on March 21. According to Dune Dashboard, Magic Eden and its rival OKX have the largest transaction volumes for Ordinal inscription.
In a press release, the co-founder of Magic, Eden Zhuoxun Yin, confirmed that the firm plans to create a fast-growing NFT platform that support the Bitcoin ecosystem. Elsewhere Magic Eden’s chief gaming officer Chris Akhavan mentioned that BRC-20 traders would incur an extra cost on transaction charges.
He added that the newly launched BRC-20 tokens would be available on the Magic Eden launchpad even though the firm will split the charges into two halves. The Ordinal protocol group and the Magic Eden team will bear the cost of the new-inscribed BRC-20 tokens.
Factors Contributing to Increase Demand for Bitcoin Ordinals
Akhavan applauded the commendable achievements made by the Ordinal team. He underscored the need to support creators in the digital sector. The CGO believes that people will continue to invest in developing the Bitcoin ecosystem.
Recently the Bitcoin Ordinal sector has been positively welcomed by the community. It was observed that the Ordinal inscription reached over 13 million, being minted on the blockchain network and other software.
Akhavan demonstrated that, at present, the Magic Eden launchpad had been used by over 40 creators. This illustrates that the launchpad is user-friendly and easily accessible. Akhavan noted that the launchpad ranks the best among creators.
Ordinals refer to a protocol that allows contents, including images, art, and text, to be inscribed on personal Satoshi. The Ordinal was launched in January by famous developer Casey Rodarmor.
Reportedly the BRC–20 was developed by a data enthusiast called Domo. He confessed that the idea behind the BRC-20 was obtained from the ERC-20 platform centered on the Ethereum platform. Recently the BRC-20 token has witnessed a surge in market capitalization, reaching over $261 million.
Bitcoin Ordinal Market Outlook
Per CoinMarketCap, the BRC-20 token ORDI was exchanging hands at $6.86, down by 7.93% in a day. The ORDI trading volume has plummeted by $18693902 over the last 24 hours.
As of this publication, the Magic Eden team ranks first to confirm supporting BRC-20 tokens. Reflecting on Yin’s report, the Bitcoin Ordinals and BRC-20 tokens garnered bullish steam in early January.
Yin mentioned that despite the growth of Ordinals and the BRC-20 tokens, the two lacked sufficient fluidity. The CEO confirmed that the launching of BRC-20 on the Magic Eden will work seamlessly with the Ordinals.
Yin expressed optimism that the NFT marketplace will soon meet the needs of JPEG users and the developers of meme coins launched on the Bitcoin network.
Speaking at the 2023 NFC Libson, an artist called YuLiang “YuYu” Liu explained how he utilized themes from conventional painting and BDSM to launch a unique NFT exhibition dubbed GAG.