Bitcoin NFTs Are Blowing Up on Magic Eden!

TL;DR

• In the past week or so, Magic Eden has grown to represent the majority of BTC Ordinals (aka ‘inscriptions’; aka ‘BTC NFTs’) trading volume.

• Web2 has spent years perfecting user experiences. These days we expect apps and software to work as seamlessly as Uber, from day one.

• This is yet another example of how, even during a bear market (certainly a bear market for the NFT space!), Web3 innovation continues.

Full Story

Last week we wrote about how Magic Eden (Solana’s largest NFT trading marketplace) had announced plans to launch a marketplace for Bitcoin inscriptions.

As a quick recap, before Magic Eden launched the marketplace, the management for bidding and sales for ‘BTC NFTs’ was archaic – people literally used Excel spreadsheets.

In the past week or so, Magic Eden has grown to represent the majority of BTC Ordinals (aka ‘inscriptions’; aka ‘BTC NFTs’) trading volume.

More of a ‘numbers person’ than a ‘hear-it-and-believe-it’ type?

Check out this dashboard and have a look at the orange bars showing the Magic Eden trading volume.

So, what’re the takeaways?

1. This may be obvious, but people love a nice user experience.

   Web2 has spent years perfecting user experiences. These days we expect apps and software to work as seamlessly as Uber, from day one.

   Now that a nice user experience exists for Ordinals trading, we have a hunch that trading volume is about to explode.

2. Zooming out, this is yet another example of how, even during a bear market (certainly a bear market for the NFT space!), Web3 innovation continues.

   BTC Ordinals didn’t even exist a few months ago, while this may not be ‘the thing’ that sparks the next bull run, it’s exciting to see how quickly solutions are created within the space.

There’s a lot of crazy news about the SEC, lawsuits, and bear markets; but let’s not forget about the rapid pace of innovation too!