Magic Eden Emerges as the Dominant Bitcoin NFT Marketplace: What You Need to Know

MagicEden, a Solana-based NFT marketplace launched in 2021, just recently expanded its roster in the NFT industry with the new Bitcoin NFT marketplace.
With its focus on user experience, security, and quality, Magic Eden is poised to take the industry by storm.

MagicEden, a Solana-based NFT marketplace launched in 2021, just recently expanded its roster in the NFT industry with the new Bitcoin (BTC) Non-Fungible Token marketplace that is shaking up the world of NFTs and threatening other NFT platforms that have been in the game. The platform was launched back on March 21st after being under development for a month.

The platform is gaining widespread recognition as a one-stop shop for buyers and sellers of high-quality NFTs, and it’s quickly becoming a dominant player in the industry.

Since its launch in January, the protocol known as ordinals—which enables content like text and art to be inscribed on individual satoshis, the smallest unit of measure that Bitcoin can be divided into—has experienced a meteoric rise in popularity as traders and developers become more familiar with NFT-like assets known as inscriptions.

As NFTs continue to gain popularity, Magic Eden is capitalizing on the growing trend by providing a platform for buyers and sellers to transact with ease.

The launch of their new Bitcoin NFT marketplace comes at a crucial time when the Bitcoin NFT ecosystem is still a toddler and more people are showing interest in Bitcoin NFTs. This has been particularly evident in the growing demand for Ordinal Inscriptions, which are a type of NFT that allows buyers to purchase a limited edition of a product.

We are already a multichain platform and believe that adding Bitcoin will connect us to a deep community of people and a rapidly growing collectibles market thanks to Ordinals. Adding a Bitcoin marketplace allows us to continue our multichain vision.

Zhuoxun Yin, COO and co-founder of Magic Eden expressed himself.

Tuesday saw over $170,000 in inscription sales on Magic Eden, compared to about $72,000 on Ordinals Wallet, the second most popular marketplace.

Since it was published, the Bitcoin-based collection of profile photographs has generated about 35 BTC, or almost $1 million in total trading volume, with Magic Eden reporting that the lowest inscription is currently worth about 23,000 BTC.

Although the trend over the past week suggests that Magic Eden is eroding its advantage, it still behind Ordinals Wallet in terms of daily transaction totals. According to Domo’s monitor, 404 inscriptions were traded on Magic Eden yesterday, while 543 sales were made possible through Ordinals Wallet.

We built our Bitcoin marketplace in a month. To take it across the finish line, we rented a giant Airbnb in California and brought over a dozen devs together. As a mostly remote company, we're proud to share some of our faces and tell our story.
BIG thank you to @bhammers for… pic.twitter.com/3Pu5zzXZ1u

— Magic Eden 🪄 (@MagicEden) March 22, 2023

In conclusion, Magic Eden’s launch of its new Bitcoin NFT marketplace is an exciting development for the NFT industry. With its focus on user experience, security, and quality, Magic Eden is poised to take the industry by storm. The platform’s dominance in the Ordinal market, coupled with its commitment to innovation, makes it a force to be reckoned with in the NFT space.