Ordinals NFT’s fully audited marketplace is now available on Magic Eden. Through the popular platform, NFT traders can list, buy and sell his 70+ Ordinals. collectionMagic Eden also integrates support for Bitcoin wallets Hiro and Xverse.
Bitcoin NFT Reaches Eden
“Regular digital artifacts exist on-chain, not off-chain, and are completely immutable, meaning they cannot be changed in any way.” Said magical eden.
“Add the security aspect of BTC and the decentralization of its nodes and you have the ultimate home for a true digital collection.”
Ordinal numbers have been quite a hit since they were introduced in January by Bitcoin core contributor Casey Rodarmor. This protocol allows users to effectively “imprint” images, text, and even video games onto an individual Satoshi, turning currency into his NFTs.
according to Dune analysis As of March 22, there are 571,384 registrations, representing a fee of over 107 BTC ($3 million)..
Valued at $1.6 billion last June, Magic Eden currently supports trading NFTs tokenized on the Bitcoin network, Solana, Polygon, and Ethereum. At the time of writing, the most popular Ordinals collection is BTC DeGods, starting at 1.033 BTC.The collection used to be on Solana and the public mint was on Bitcoin sold out in just 3 minutes.
This BTC DeGod sold at 3.52 BTC ($100,000). pic.twitter.com/RxkREokVFb
— Frank (@frankdegods) March 22, 2023
Instead of smart contracts, Magic Eden uses Partially Signed Bitcoin Transactions (PSBT) as its core technology to facilitate permissionless swaps of Ordinal. The platform also revealed that it will open-source its PSBT signing library to help builders new to the space.
In terms of royalties, the market Admitted The current ecosystem has “few tools and no secure, trustless enforcement solutions.” Therefore, Ordinals will launch without royalty support for the time being.
The company confirmed that it is “actively considering developing an on-chain permissionless loyalty standard” and is “committed to working with creators and the larger community.”
Magic Eden isn’t the only show. On another of his NFT marketplaces Gamma.io, launch A unique trustless marketplace with a no-code creator launchpad and API infrastructure.on the 20th of March press releaseGamma said it has already “helped creators create over 30,000 inscriptions in Bitcoin.”
Other Ordinals marketplaces such as ORDX and Generative XYZ have spun up, providing even more options for participating in the evolving BTC NFT ecosystem.
BTC NFTs: Good or Bad for Bitcoin?
The emergence of BTC NFTs has caused divisions in the Bitcoin community. Proponents argue that Ordinal will bring more financial use cases to Bitcoin, boosting demand for blockspace, while others are jarred by the financial degeneration of NFT flipping reaching the network. I’m holding
One of the latter members is Adam Back, Bitcoin core developer and Blockstream CEO. Mention to “The Sheer Waste and Stupidity of Encoding” in January.
Despite the polarisation, Ordinals is one of the most talked about NFT projects ever. Also, concerns about transaction fees skyrocketing have proven unfounded. Daily fees he peaked in mid-February and have yet to return to that level.
Various media can be embedded in Satoshi, such as apps, videos, and audio, but so far, the majority of inscriptions are text or images such as memes.
according to magic edenthe launch of the Ordinals marketplace “contributes to the culture of trust, security, and decentralization synonymous with blockchain” and remains “true to the principles that underpin the technology.”
Don’t expect the discussion to settle down quickly. In the meantime, the coveted Ordinals NFT continues to trade hands for significant sums of money. The project is still in its infancy and shows no signs of slowing down.