Magic Eden has announced its integration with the BRC-20 token standard. This expansion leads the NFT marketplace into Bitcoin-based NFT creation, giving creators the ability to create new NFTs on the Bitcoin protocol and allowing users to trade BRC-20 NFTs.
Magic Eden is a Solana-based NFT marketplace that was launched in September 2021. It is one of the most popular NFT marketplaces on Solana, with over 900,000 users and a trading volume of over $1 billion.
BRC-20 tokens are a new type of token that is being developed on the Bitcoin blockchain. It was first launched in Q1 2023. They are similar to ERC-20 tokens on the Ethereum blockchain, but they do not use smart contracts. Instead, BRC-20 tokens use a new technology called ordinal inscriptions.
Ordinal inscriptions are a way of storing data on the Bitcoin blockchain. They are essentially a way of assigning a unique identifier to each satoshi (the smallest unit of Bitcoin). This identifier can then be used to store information about a BRC-20 token, such as its name, symbol, and supply.
To create a BRC-20 token, a user first needs to create an ordinal inscription. This can be done using a tool like the BRC-20 Token Generator. Once the ordinal inscription has been created, it can be used to mint BRC-20 tokens.
Donation to the Ordinals team
Details from Magic Eden revealed that half of the fees collected for the creation of BRC-20 tokens in the NFT marketplace will be given to the Ordinals protocol team as support for their work.
Speaking about the integration, Zhuoxun Yin, co-founder and COO of Magic Eden said that it is part of the company’s strategy to create products that will serve the bitcoin community. Also, Chris Akhavan, General Manager of Magic Eden, added that more than 40 creators have accessed the Ordinals service on Magic Eden.
While there is excitement about the introduction of BRC-20 tokens on the Bitcoin blockchain, it has caused an increase in transaction fees on the Bitcoin network.
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