Magic Eden is revolutionizing its NFT marketplace with BRC-20 integration. Here’s everything you need to know.
- Magic Eden announces the integration of BRC-20 token functionality into its secondary marketplace and creator launchpad. Users can now directly collect BRC-20 projects and creators can release their own BRC-20 drops on the platform.
- Introduced by Domo in March 2023, BRC-20 tokens enable the minting and transfer of tokens on the Bitcoin blockchain using the Ordinals protocol. Similar to ERC-20 tokens on Ethereum, this integration bridges the gap between Bitcoin and Ethereum networks.
- By incorporating BRC-20 tokens, Magic Eden aims to enhance accessibility and expand the reach of BRC-20 projects. As Bitcoin Ordinals garner attention, Magic Eden leads the way in creating a complete NFT platform within the Bitcoin network.
Magic Eden Announces BRC-20 Integration
Significantly, Magic Eden, the leading Ordinals NFT marketplace, is making waves once again with its latest announcement. In a move that expands the marketplace’s reach, it has integrated BRC-20 token functionality into its open-source secondary marketplace and creator launchpad. This development follows the successful launch of Launchpad for Bitcoin Ordinals just two months ago.
So, starting from June 27th at 8:00 pm EST, users can now directly collect BRC-20 projects on Magic Eden. Additionally, creators gain the power to release their own BRC-20 drops, allowing smooth minting directly on the platform.
BRC-20 tokens, introduced by the anonymous developer known as Domo in March 2023, represent developments within the Bitcoin network. Similar to the popular ERC-20 tokens on the Ethereum network, BRC-20 tokens enable the minting and transfer of fungible tokens while using the Ordinals protocol on the Bitcoin network.
Although platforms like Unisat offered limited interaction with BRC-20s in the past, their Web3 infrastructure lags behind that of ERC-20s. Magic Eden’s incorporation of BRC-20 tokens aims to bridge this gap, bringing better accessibility and expanding the token’s reach within the market.
Bitcoin Ordinals made its debut in January 2023, initially getting attention from a niche crowd within the Web3 community. However, the network has since experienced huge growth, with over 13 million Ordinals Inscriptions minted on the blockchain. As various blockchain networks embrace Ordinals collections, Web3 companies, including Magic Eden, seek to capitalize on the Bitcoin fungible and non-fungible world.
With Magic Eden leading innovation in the NFT marketplace, it’s clear that the integration of BRC-20 tokens is a significant step towards creating a more inclusive and seamless experience for users within the Bitcoin ecosystem. Therefore, as the industry continues to evolve, we can expect more developments to come.