Magic Eden Expands in Bitcoin NFT ‘Ordinals’ Market

Magic Eden leads the Ordinals market

Since the cross-chain NFT electronic market Magic Eden opened the marketplace of the Bitcoin version NFT “Ordinals” on the 22nd, it was found that the share of Magic Eden in the Ordinals market has increased to over 50%.

Crazy to see that one week into the #Bitcoin NFT Market & @MEonBTC has grown exponentially in Volume & Transactions.

Teams need to ship & iterate quickly! pic.twitter.com/uVqEDLbhds

— BitGod (@BitGod21) March 30, 2023

According to the DUNE data index created by @domo, the trading volume of all Ordinals marketplaces on March 30 was 46 million yen ($350,000), of which Magic Eden accounted for 33 million yen ($250,000). is occupying.

The “BTC DeGods” collection is directly responsible for the surge in Ordinals trading volume on Magic Eden. This is the Ordinals version released by the creators of the popular PFP (profile picture) NFT (non-fungible token) collection “DeGods” in Solana (SOL).

According to Magic Eden’s ranking, BTC DeGods is at the top with a trading volume of 5.3 BTC (20 million yen) in the last 24 hours. The minimum purchase price (floor price) is 0.95 BTC (3.57 million yen).

Originally, Magic Eden, which has a track record of being supported by Solana (SOL) and Ethereum (ETH), has entered Ordinals, which may have made it easier for more creators to enter Ordinals.

Magic Eden has acquired the largest number of users and creators in the Solana NFT ecosystem due to its user experience (UX) with excellent searchability and the popularity of the NFT collection publishing platform “NFT Launchpad” that is friendly to non-developers. .

Hey Creators that want to list collections or launch new ones, on BTC Ordinals:@MEonBTC made it really visible & easy to apply. Just do it! pic.twitter.com/rWcOMJnyl8

— SheetFu – FullOfSheet | ฿฿ (@ChartFuMonkey) March 30, 2023

The BTC version of Magic Eden supports three types of bitcoin wallets: Xverse, Unisat, and Hiro, allowing users to smoothly complete transactions while keeping BTC and Oridinals in the wallet they are using. .

What is Ordinals

The Ordinals Protocol, which was released on January 21, assigns a serial number to satoshi (1/100 million of 1 BTC), which is the smallest unit of Bitcoin, and stores data such as videos and images in one satoshi on the Bitcoin blockchain. Mechanism for saving directly to .

In Ordinals, adding content such as text and images to individual satoshis is called Inscription, and strictly speaking, it is not NFT but a “digital artifact”.

The number of Ordinals NFTs issued has skyrocketed in the past two months, with over 500,000 at the time of writing. NFT collections that are sold at high prices have also appeared, and “Ordinal Punks” was traded at 9.5 BTC (about 27 million yen) in February.

Ordinals, which was just born in January 2011, did not have a collection of codes that could be used, and infrastructure such as a marketplace was not in place. Early users of Ordinals have used Google Spreadsheets to manage bids and Discord to facilitate over-the-counter trading (OTC).

Yuga Labs, which handles popular NFTs such as “Bored Ape Yacht Club (BAYC)”, conducts its own auctions of the NFT collection “TwelveFold” released at Ordilans, and does not go through a third party such as escrow, and sells customer assets. There is also a history of criticizing the adoption of direct deposit management.

connection:Yuga Labs Bitcoin NFT Auction Completes, Ordinals Issues Clear

More recently, Ordinals has also launched a more user-friendly marketplace. Typical examples include ORDX and Generative, as well as the NFT marketplace Gamma of Bitcoin’s Layer 2 scaling network Stacks.

connection:Magic Eden Starts Supporting Bitcoin NFT “Ordinals”