Magic Eden Welcomes Bitcoin to the Fold

Magic Eden Welcomes Bitcoin to the Fold

Magic Eden announced that users can now trade Bitcoin collectibles using BTC on its marketplace.

❗ Why It Matters

Though it started as a Solana-only NFT marketplace, Magic Eden is now the first major marketplace on Bitcoin.

While there are no smart contracts on Bitcoin like there are on Ethereum, the introduction of Magic Eden's marketplace for Ordinals means that supported Bitcoin NFT collections no longer need to be traded "over-the-counter" (OTC).

ğŸ”Ž The Deets

  • Magic Eden's new Ordinals marketplace includes numerous collections, such as BTC DeGods, and features "a fully permissionless, non-custodial marketplace for secondaries that utilizes partially signed Bitcoin transactions (PSBT), as the core technology, instead of smart contracts."
  • Magic Eden is integrating support for non-custodial BTC wallets from Hiro (@hirowallet) and Xverse (@xverseApp).
  • Magic Eden has decided to launch on Bitcoin without royalty support for now.

ğŸŽ¤ Founder Feedback

Royalties? We spent a lot of time on how to handle royalties in this new ecosystem where there is very little tooling and no secure and trustless enforcement solutions. With no royalty standard today, we have decided to launch on Bitcoin without royalty support for now. We believe that this is most in-line with the ethos of the ecosystem, and despite this, we are actively looking into the development of an on-chain, permissionless royalty standard and are committed to working with creators and the greater community.Magic Eden

🔜 What’s Next?

Magic Eden's Ordinals marketplace is a secondary collectibles platform, but the team noted, "we have already been met with enormous demand to provide a Launchpad to deliver inscription services directly to creators. We are thinking through the best approach to this and will share more to come."

🖼️ The Big Picture

Magic Eden opening a Bitcoin marketplace is a big step forward that will allow for the increased adoption of Bitcoin NFTs. Previously, all of the trading of Bitcoin NFTs was done OTC, relying on trust and spreadsheets.

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