Bitcoin’s turn (BTC). The Magic Eden marketplace for non-fungible tokens (NFTs) had already integrated Ordinals registrations last March. It now includes tokens inspired by the ERC-20, the BRC-20. The aim is to open up to the Ordinals ecosystem, which has been expanding rapidly in recent months.
Magic Eden opens up to BRC-20s
The subject of Ordinals and BRC-20s still divides the crypto community, but Magic Eden seems to have chosen its side. The marketplace has announced the arrival of these tokens on its platform
BRC-20 is now officially LIVE on Magic Eden’s platform!
Magic Eden is your go to destination for all of your Ordinals ecosystem needs! pic.twitter.com/EbCD3QcFCK
– Magic Eden on Bitcoin (@MEonBTC) June 28, 2023
As a reminder, BRC-20s were conceived as the equivalent of ERC-20s on the Ethereum blockchain (ETH). They are based on the Ordinals protocol, which enables data to be written to the Bitcoin blockchain.
Magic Eden users can now use BRC-20s to settle their transactions, but that’s not all. The platform has also opened up the possibility of creating your own BRC-20s, thanks to its launchpad. The launchpad enables designers to launch their collections and benefit from more extensive support from Magic Eden.
Magic Eden pivots to the Bitcoin network
Originally, Magic Eden was a marketplace for NFTs on the Solana (SOL) blockchain. But its initial positioning on Ordinals has enabled it to become one of the leading figures in this new field. An ambition confirmed by the platform’s co-founder, Zhuoxun Yin:
“This is yet another step in our journey to build the best NFT platform in the Bitcoin ecosystem. “
The BRC-20s now represent a capitalisation of nearly $250 million, including $145 million for ORDI alone, the “original” token created on the Bitcoin blockchain. Because the ecosystem is so new, the cryptocurrencies in question are subject to considerable volatility.
Will the scale of Magic Eden enable BRC-20s to take off again? That’s the hope of the platform, which confirms that by combining technologies seamlessly, it hopes to position itself to become the benchmark marketplace for the Ordinals ecosystem.
