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Magic Eden, a well-known NFT marketplace, is broadening its horizons by launching a thoroughly audited Bitcoin NFT marketplace, catering to the growing demand for Bitcoin-based Ordinal NFTs. As part of this initiative, the platform will incorporate support for Bitcoin wallets Hiro and Xverse, allowing traders to list, buy, and sell Ordinal NFTs with ease.
Bitcoin’s Immutability is a Key Factor
Traditionally, Magic Eden has dominated the Solana-based NFT marketplace scene. Nevertheless, the platform has ventured into various blockchain ecosystems, incorporating Ethereum support in August and extending to Polygon in November.
In a press release, Jack Lu, Magic Eden’s CEO and co-founder, emphasizes the advantages of Bitcoin-based NFTs. He highlighted how no one can change or remove media that users upload onto the Bitcoin blockchain. According to him, creators embrace this feature when they are looking to build true collectibles that are inscribed on the blockchain itself.
Magic Eden Partnering with Bitcoin-based Collections
Magic Eden is collaborating with well-known Ordinal collections such as Taproot Wizards, Inscribed Pepes, and Bitcoin Bandits. These partnerships aim to introduce users to the world of Bitcoin-based NFTs. Additionally, the marketplace will provide essential information about NFTs, including details on Ordinal rarity and inscription numbers.
Bitcoin NFTs are Gaining Momentum
During the previous week, the Ordinals protocol witnessed a noteworthy achievement as the number of inscriptions on Bitcoin exceeded 500,000. The majority of these inscriptions are based on text, making up more than 40% of the overall count.
The popularity of the Ordinals inscription method continues to rise. Furthermore, a recent study by Galaxy Digital projects that by 2025, Bitcoin-based non-fungible token assets employing Ordinal inscription technology could constitute a market worth approximately $4.5 billion. Magic Eden’s move to support Ordinal NFTs is indicative of a larger industry movement.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
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