Multi-Chain NFT Platform Magic Eden Announces Expansion to Bitcoin
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Multi-Chain NFT Platform Magic Eden Announces Expansion to Bitcoin

Bitcoin Ordinals will now be available on Magic Eden thanks to the platform’s latest expansion.
Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.

The multi-chain non-fungible token platform Magic Eden announced on Tuesday it has expanded to the Bitcoin blockchain. The platform also revealed that, as a show of support for BTC Ordinals, it is making its partially signed Bitcoin transactions (PSBT) infrastructure open source through GitHub.

Magic Eden Announces Its Arrival on Bitcoin

Magic Eden, a popular NFT platform, announced on Tuesday it has arrived on the Bitcoin blockchain. According to the announcement thread, thanks to its security and the degree of decentralization of its nodes, BTC makes for “the ultimate home for true digital collectibles”. The expansion will enable users to access Ordinals through the regular Magic Eden interface.

Ordinals are playing an important role in the NFT resurgence seen so far in 2023. While they have been in the works for a long time, and the author of the theory behind BTC NFTs characterizes them as discovered rather than invented. Ordinals managed to quickly make a major splash. Already in February, they led to the minting of the first non-fungible token on Litecoin, and the creators of the famous Bored Ape Yacht Club, Yuga Labs, announced their first Bitcoin collection later in the same month.

Magic Eden also announced it would further support the developers’ effort to make NFTs available on the blockchain of the world’s oldest cryptocurrency. The platform has made its partially signed Bitcoin transactions (PSBT) infrastructure open source on GitHub. Finally, addressing royalties, which have, in recent months become a hot topic in the community, Magic Eden stated they would not be implemented for the time being due to the current lack of appropriate tools.

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Are NFTs Seeing a Resurgence in 2023?

After seeing immense popularity in 2021, non-fungible tokens diminished significantly throughout the previous year. The fact is hardly surprising considering that the entire industry saw its market cap decrease by around $2 trillion thanks to a multitude of factors including record inflation and high-profile catastrophes like the LUNA collapse and the shocking bankruptcy of FTX.

This year, however, is already proving quite different. Thanks to a combination of factors, including the emergence of Bitcoin Ordinals that saw more than 350,000 inscriptions between January and March, and the rising popularity of aggregators, NFTs are seeing a major resurgence. One of the major winners of the resurgence has been an aggregator called Blur which even managed to beat the long-reigning king, OpenSea, when it comes to volume soon after launching its token.

Legacy companies are also showing raising interest in NFTs. Walmart recently filed for a series of web3, and non-fungible token-related trademarks, and Amazon is allegedly planning to officially announce its own initiative sometime in April. The industry, however, also saw some setbacks this year with the biggest, perhaps, being Meta’s reveal it will discontinue support for digital collectibles on its platforms.

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Are you planning to trade Bitcoin NFTs now that they are available through Magic Eden? Let us know in the comments below.