NFT marketplace Magic Eden has launched a new platform. bitcoin BTC
+2.57%
Rune on Monday.
Magic Eden’s rune platform (beta) allows users to exchange BTC and purchase runes and ordinal numbers with their Magic Eden wallet. According to Magic Eden’s release, the platform will also feature a Swaps View, allowing users to set a specific BTC amount they would like to spend when purchasing runes.
Magic Eden was initially scheduled to launch a product; April 23The Magic Eden Rune platform was completed ahead of schedule, a company spokesperson told The Block.
“As an early supporter and the first to build the Ordinals marketplace, it was important to us to build the best Ordinals experience possible during this important stage of Bitcoin’s evolution,” Zedd Yin, co-founder and COO of Magic Eden, said in a statement. “We are proud to be a driving force in the growth of the industry and further solidify why Magic Eden is the one-stop shop for all things Bitcoin.”
bitcoin push
Bitcoin ordinal numbers are like NFTs on the Bitcoin network, in which metadata such as images or text are created in the smallest unit of BTC, called a satoshi. Bitcoin Runes are an evolution of Ordinal and allow for a more efficient way to create fungible tokens on the network.
“Runes can provide a more secure and reliable platform for token creation and trading. By using UTXOs for on-chain data storage, Bitcoin can provide stronger safety features and reduce the risk of security holes (aka vulnerabilities). It inherits the security model of ” Magic Eden wrote in the post. UXTO stands for “Unspent Transaction Output.” This is when the surplus output of one Bitcoin transaction can be used as input for a new transaction.
Magic Eden has supported Bitcoin Ordinal through its Bitcoin NFT marketplace since March 2023, CoinDesk reported. The Magic Eden wallet supports Ethereum and Polygon in addition to Bitcoin and Solana.
According to The Block’s data dashboard, Magic Eden brought in $23.42 million in daily Bitcoin ordinal trading volume on the NFT marketplace.
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