The Ordinals protocol for inscribing digital assets on BTC —similar to NFTs on ETH — has taken off in a big way this year. The total number of Ordinals is about to top 1 million, and now Magic Eden is rolling out a platform that lets creators launch new collections.
The platform aims to help creators to mint securely before selling to collectors. Magic Eden already has the infrastructure for creators to list and sell Ordinals. But the launchpad will onboard creators to the ecosystem, making it easier to create tokens on the Bitcoin network.
Ordinals is a Bitcoin-based NFT collection where content can be preserved forever. Zhuoxun Yin, COO, and Co-founder of Magic Eden believes that Bitcoin can be the home to pure digital artifacts. Helping creators to mint Ordinals will then grow a larger market for tokenized assets on Bitcoin. ‘Inscribing;’ an Ordinal NFT is far different from minting a digital asset on Ethereum, which poses a barrier to entry for many creators who aren’t familiar with the intricacies of Taproot and inscriptions.
To kick off its launchpad, Magic Eden is partnering with an Ethereum-based NFT collection. Godjira to release its Bitcoin-based (Dead)Jira collection on April 7th. The company has also invited creators Genopets, Lazy Lions, Humanoids, and rapper Lil Durk. It is for minting Bitcoin inscriptions on the new platform within the next week.
Magic Eden is all about embracing the growing market for inscriptions and delivering on the needs of the Ordinals community. The excitement around Ordinals has grown since January, and Magic Eden has been ready to embrace the growing market for inscriptions. Last month, Magic Eden released a Bitcoin NFT marketplace. It is allowing collectors to purchase Ordinals on the secondary market, integrating support for two Bitcoin wallets in doing so.
Outside of the Bitcoin network, Magic Eden has made an effort to expand its offerings outside of Solana. The layer 1 blockchain that put the marketplace on the map. Days after rolling out its Bitcoin NFT marketplace, Magic Eden established a Web3 gaming collective. It is bringing together leading blockchain-based game funds and publishers to help foster adoption in the space. Earlier in March, it kicked off “Mint Madness,” allowing users to mint free NFTs for over a dozen Web3 games.
Head of Marketing at Magic Eden, Tiffany Huang, stated that the company is on the ground level listening to what is needed from all of these subgroups of the Ordinals community, and they will look to deliver on those needs. Huang added that the involvement of their expertise and resources. It is much needed to continue the growth of the Ordinals and encourage a flourishing ecosystem.
So, Magic Eden seems to be stepping up to help creators easily inscribe their Bitcoin-based NFT collections by launching a creator launchpad for Ordinals. By doing so, they hope to attract more creators to the ecosystem. Also, grow a larger market for tokenized assets on Bitcoin. The company is embracing the growing market for inscriptions and delivering on the needs of the Ordinals community.