The NFT market now supports Bitcoin Ordinal inscription, according to a recent blog post by Magic Eden. The Solana-based NFT market expanded to include Polygon and Ethereum last year. Magic Eden now supports a total of four blockchains with the addition of Bitcoin. According to the blog post, the company is also "re-planning a more concerted foray into Ethereum".

Many collections of Bitcoin Ordinal inscriptions, including "Bitcoin Boos," "Bitcoin JPGs," "BTC Machines," "Ordinal Tortoises," "Unordinals," "Satoshi Punks," and "Megapunks," are presently available in the marketplace's Bitcoin-focused section.

The Bitcoin blockchain has about 600,000 Ordinal inscriptions as of the writing of this article, out of which 567,622 had been issued. Dune Analytics records show that on March 17, 2023, the milestone of 500,000 Ordinal inscriptions was passed.

The new decision to enable Ordinal inscriptions, according to Magic Eden, is consistent with Bitcoin culture. The NFT marketplace stated that by extending Bitcoin, "we contribute to the culture of trust, security, and decentralization that is synonymous with the blockchain."

The blog post continues, "This move aligns with our mission to promote the benefits of collectibles and blockchain technology while remaining true to the principles that underpin the technology."

Magic Eden's Bitcoin-focused market will face competition from other Ordinal inscription markets like Gamma.io, Ordx.io, and Generative.xyz which have appeared since inscriptions first gained popularity. Yet, the market has been a thriving NFT market for a while now, as seen by Magic Eden's $2.08 billion in total sales. The NFT marketplace Magic Eden joined forces with the wallets Hiro and Xverse in order to streamline the Ordinal inscription support process.

Joyashree Dey

CBW - External Analyst

INDIA