Magic Eden Bitcoin Marketplace for Ordinal NFTs Rolled Out: All You Need to Know

Magic Eden says only secondary sales of Ordinal NFTs are currently supported on the Magic Eden Bitcoin marketplace.

Written by Radhika Parashar, Edited by David Delima | Updated: 22 March 2023 14:54 IST

Magic Eden Bitcoin Marketplace for Ordinal NFTs Rolled Out: All You Need to Know

Photo Credit: Magic Eden

Over 200,000 Ordinals have been generated on Satoshi units since 2021

Highlights

Magic Eden is the first NFT marketplace to add support for Ordinals
Magic Eden also supports NFTs based on Polygon, Solana, Ethereum
Until now, there was no NFT marketplace to allow Ordinal sales

Magic Eden Bitcoin was launched on Tuesday as a new marketplace for Ordinals — new category of NFTs that are inscribed on the smallest units of Bitcoin, called Satoshis. These popular NFTs had no marketplace that supported listing and sales until now. Magic Eden has, temporarily enabled support for secondary sales of Ordinal NFTs on its new marketplace and is looking to explore more tools that would allow NFT creators and collectors to create and mint Ordinal NFTs.

NFT traders will be able to buy and sell Ordinals on Magic Eden's newly launched marketplace. The overall experience will replicate the sales and purchase process of Solana, Polygon, and Ethereum-based NFTs that Magic Eden supports.

Magic Eden Bitcoin currently lists over 70 collections of Ordinal NFTs for buyers to engage with.

[Sponsored] Samsung Galaxy S24: The Ultimate Camera Phone With Smarter On-Device AI

Welcome to a new dawn. Magic Eden is now on Bitcoin.

Now, you can safely trade your favorite collectibles on the 1st audited marketplace with $BTC :handshake:

Explore 70+ collections on our marketplace: https://t.co/WiYYgIWPG5

Don't forget to follow @MEonBTC! pic.twitter.com/KNCrVFrCTu
— Magic Eden :magic_wand: (@MagicEden) March 21, 2023

In 2021, when Bitcoin completed its Taproot upgrade, it added the element of programmability to even the smallest denomination of the blockchain, named Satoshi, after the purported anonymous founder of Bitcoin.

As per Dune Analytics, over 200,000 Ordinals have already been generated on Bitcoin's Satoshi units since 2021.

Microsoft Could Soon Tie an Ethereum Wallet to its Edge Browser: Report

This category of NFTs exploded in popularity recently, after Yuga Labs announced its own Ordinal NFT collection called ‘TwelveFold' earlier this month.

In the absence of a marketplace that facilitates the sale of Ordinal NFTs, the parent of the Bored Apes Yacht Club NFT series, sold TwelveFold NFTs in an auction and collected a whopping $16.50 million (roughly Rs. 135 crore).

Industry insiders, however, criticised Yuga Labs for asking potential buyers to deposit the full amount of their bids directly with Yuga in order to be considered. At the time, Yuga Labs said it would return the rejected bids within 24 hours of the auction's conclusion.

Casey Rodarmor, the creator of Bitcoin Ordinals also joined other members of the NFT community for blaming Yuga Labs for setting a wrong precedent with such an auction, which if used by scammers, could put people into financial risks. Magic Eden has become the first NFT marketplace to add support for Ordinal NFTs as well.

Other established NFT marketplaces like OpenSea have so far, remained tight-lipped about their plans to include Ordinal NFTs on their platforms.

The newly launched Oppo Find N2 Flip is the first foldable from the company to debut in India. But does it have what it takes to compete with the Samsung Galaxy Z Flip 4? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Magic Eden Bitcoin, Cryptocurrency, NFTs, Ordinals, Bitcoin, Magic Eden

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More