On March 20, Magic Eden, one of the leading NFT trading platforms, announced the launch of a marketplace for Bitcoin Ordinals, NFTs inscribed into satoshi, the smallest Bitcoin denomination.
"With great respect to the origins of Web3, we are thrilled to announce the launch of our latest supported chain on Magic Eden - Bitcoin. As the most original, decentralized, and biggest blockchain in the world, Bitcoin represents an opportunity to build a unique marketplace where folks can trade true, immutable collectibles, something that was inconceivable until the release of Ordinal Theory," the team behind Magic Eden said in the official statement.
According to Magic Eden, this move supports Bitcoin's culture of security and trust, and allows the platform to "promote the benefits of collectibles and blockchain technology while remaining true to the principles that underpin the technology."
The NFT community on Twitter reacted to the news with great enthusiasm, praising Magic Eden for a quick implementation of a new marketplace, just two months after developer Casey Rodamor launched Ordinals.
Some users pointed out that Magic Eden's claim to be the first audited marketplace for Ordinals is incorrect, as Gamma.io was the first to launch its trustless Bitcoin Ordinals marketplace audited by Bitcoin developers. Still, the Twitter announcement of the Gamma marketplace also appeared on March 20.
"We spent a lot of time on how to handle royalties in this new ecosystem where there is very little tooling and no secure and trustless enforcement solutions. With no royalty standard today, we have decided to launch on Bitcoin without royalty support for now," Magic Eden explained its stance on creator royalties, adding that it believes it to be the "most in-line with the ethos of the ecosystem." The team added that they are "actively looking into the development of an on-chain, permissionless royalty standard and are committed to working with creators and the greater community."