The launchpad will allow Magic Eden to seamlessly onboard creators to the ecosystem and thus easily facilitate the creation of tokens on the Bitcoin network.
On Thursday, April 6, NFT marketplace Magic Eden said that it would be rolling out the creators’ launchpad for Ordinals. Thus, it will help creators to successfully inscribe their Bitcoin-based NFT collections.
Similar to NFTs on Ethereum and other blockchain networks, the Ordinals protocol allows inscribing of digital assets on Bitcoin. So far in 2023, the Ordinals platform has taken off in a big way and is about to top 1 million.
Magic Eden announced that they would debut the Bitcoin launchpad on Friday, April 7. Although the company has the infrastructure for creators to list and sell their Ordinals, the launchpad is an effort to seamlessly onboard creators to the ecosystem and thus easily facilitate the creation of tokens on the Bitcoin network.
Also, inscribing an Ordinals NFT on the Bitcoin network is far different than minting a digital asset on Ethereum. This is a major barrier to entry, especially for creators not familiar with the intricacies of inscriptions and Taproot. Thus, Magic Eden has found a way of easing this process while simultaneously growing market of Ordinals collectors.
Zhuoxun Yin, chief operating officer and co-founder of Magic Eden said that helping creators mint Ordinals would help to grow a larger market of tokenized assets on Bitcoin. Yin added:
“Bitcoin is the grandfather of all blockchains, and we believe it can be the home to pure digital artifacts. With Ordinals, content can be preserved forever, and we’re proud to be helping creators and the Ordinals community grow together.”
Further Plans by Magic Eden
In order to kick off the launchpad, Magic Eden will be collaborating with an Ethereum-based NFT collection Godjira and will release the Bitcoin-based Deadjira collection later today. Furthermore, the company got in touch with some of the top creators like Lazy Lions, Genopets, Humanoids, and Rapper Lil Durk in order to mint Bitcoin inscriptions on the new platform within the next week.
The excitement around Ordinals is growing fast with Magic Eden releasing the Bitcoin NFT marketplace last month. This also allows collectors to purchase Ordinals in the secondary market. Speaking on the development, Head of Marketing at Magic Eden, Tiffany Huang said:
“We’re on the ground level listening to what is needed from all of these subgroups of the Ordinals community, and we will look to deliver on those needs. We think involvement of our expertise and resources is much needed to continue the growth of Ordinals and encourage a flourishing ecosystem.”
Apart from the Bitcoin network, Magic Eden is also making an effort to expand its offering to other blockchain platforms.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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