Magic Eden has launched an audited Bitcoin marketplace for trading NFT collectibles. The new marketplace will run on the no royalty standard. The firm said it decided to launch on Bitcoin without royalty support “for now” as there is no standard for determining royalties on the network unlike in Ethereum or other smart contract blockchains that support NFTs.
The newly launched marketplace is marked as the only fully audited NFT marketplace in the Bitcoin Ordinals ecosystem to date. It aims to offer the Magic Eden user experience alongside trading NFTs for Ordinals on Bitcoin. Additionally, Magic Eden aims to empower creators and collectors and provide them with needed tools and infrastructure.
The Bitcoin ecosystem has become one of the recent go-tos for collectors to trade and explore digital collectibles, housing up to 400,000 digital arts. From start to finish, Magic Eden mentioned that the marketplace was completed within a month via a hackathon in California with over a dozen devs.
Driven by exploring emerging markets, Magic Eden said it is excited to be in another pre-product market fit environment where it can learn and iterate quickly, hence, supporting an emerging market.
According to Magic Eden, the “platform experience on Ordinals features a fully permissionless, non-custodial marketplace for secondaries that utilizes partially signed Bitcoin transactions (PSBT), as the core technology, instead of smart contracts.”
In a way of pushing the ordinal ecosystem forward, Magic Eden “plans to open source the PSBT signing library or key pieces of the marketplace infrastructure in the coming days. This, according to Magic, would help builders new to the space.
Magic Eden partnered with Hiro and Xverse, and Unisat to bring the new launch to users and hopes to provide a Launchpad to deliver inscription services directly to creators. Also, it launched with over 15 NFT ecosystems.
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