Magic Eden to Open a Launchpad for Bitcoin Ordinals Creators
In Brief
Magic Eden plans to open a Launchpad for creators to inscribe Bitcoin Ordinals.
The first Ordinals launch will take place on April 7.
After launching a dedicated Bitcoin Ordinals marketplace, Magic Eden is set to open a Launchpad on Apr 7 for creators to inscribe digital collectibles on Bitcoin.
Just as it is one of the first to launch a Bitcoin Ordinals marketplace for collectors to interact with inscriptions, Magic Eden aims to be the first to offer a user-friendly platform for creators to easily launch their collections on Bitcoin.
Commenting on today’s news, Zhuoxun Yin, COO and co-founder of Magic Eden, said:
“We’re excited to expand our creator capabilities to Bitcoin and offer easy ways for creators to get started and launch. Bitcoin is the grandfather of all blockchains, and we believe it can be the home to pure digital artifacts. With Ordinals, content can be preserved forever, and we’re proud to be helping creators and the Ordinals community grow together.”
Since the launch of the Ordinals protocol in January, the Bitcoin ecosystem has seen a total of over 925,000 inscriptions to date, with more than $4.5 million in Ordinals fees paid as of this writing.
As recent as two months ago, the trading of inscriptions was mostly done over the counter on Discord servers with transactions recorded on Excel spreadsheets due to a lack of trustless infrastructure to support the buying, selling, and storing of Ordinals. However, the amount of activity in the Ordinals ecosystem indicates that digital asset collectors and traders are interested in the value the digital artifacts provide.
Even though the debut of Yuga Labs’s Bitcoin NFT auction faced some criticism due to its primitive bidding process, it became a sell-out success and generated $16.5 million.
Over the last two months, six marketplaces and three wallets for Bitcoin Ordinals have been launched. Most Ordinal transactions take place in Ordinals Wallet, which also offers a marketplace for users to buy, sell and collect inscriptions. However, Magic Eden is seeing the biggest amount of trading volume in dollars. According to data on Dune Analytics, Magic Eden led with a 71% market share on March 29 before seeing a decrease to 50% on Apr 5.
Magic Eden’s launch partner, Godjira, an ETH collection, is scheduled to go live on Magic Eden on Apr 7 with their (Dead)jira Legacy inscription. Additionally, four other creators, including Genopets, Lazy Lions, Lil Durk, and Humanoids, will be launching Ordinals on the platform within the first week of it being live. Genopets will be the first game to launch Ordinals on the platform.
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About The Author
Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via cindy@mpost.io with press pitches, announcements and interview opportunities.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via cindy@mpost.io with press pitches, announcements and interview opportunities.
