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The new Launchpad will provide those looking to inscribe directly onto Bitcoin an easy way to build their collection.

Magic Eden, an NFT platform, has announced the opening of a Launchpad to inscribe collections using the Ordinals protocol on Bitcoin. 

This comes shortly after the platform’s launch of an Ordinals marketplace, which has helped Magic Eden become the “top marketplace for trading Bitcoin inscriptions,” according to the press release.

The press release describes the company’s goal of offering a safe and secure platform for creators to launch their collections, with the first collection launch scheduled for April 7, 2023. According to the release, the platform has already served over 500 creators and raised over $150 million on their behalf.

Zhuoxun Yin, COO, and co-founder of Magic Eden commented on the announcement, “We’re excited to expand our creator capabilities to Bitcoin and offer easy ways for creators to get started and launch… With Ordinals, content can be preserved forever, and we’re proud to be helping creators and the Ordinals community grow together.”

Magic Eden’s move to provide creators with a Launchpad for Bitcoin inscriptions comes at a time when Bitcoin inscriptions have seen a significant uptick in popularity throughout Q1 2023, as the press release describes.

The Ordinals protocol allows users to insert arbitrary data onto specific UTXOs, effectively enabling immutable NFTs built directly into the Bitcoin blockchain. Since the launch of the protocol, its impacts have been debated. That being said, almost 1,000,000 pieces of data have been inscribed onto the blockchain already as of the time of writing, and there are no signs of that stopping. 

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On Monday, the non-fungible token (NFT) marketplace Magic Eden announced the launch of Bitcoin Ordinal inscription support. Magic Eden said it has partnered with the wallets Hiro and Xverse to “bring a familiar wallet transaction experience to the marketplace.”

Magic Eden’s Decision to Launch on Bitcoin Without Royalty Support and Compete With Emerging Markets

Magic Eden announced in a recent blog post that it has added Bitcoin Ordinal inscription support to the NFT marketplace. Last year, the Solana-based NFT market expanded to Polygon and Ethereum. With the addition of Bitcoin, Magic Eden now supports a total of four blockchains. The team is also “re-planning a more concerted entry into Ethereum,” according to the blog post.

The Bitcoin-centric section of the marketplace currently features several Bitcoin Ordinal inscription collections, including “Bitcoin Boos,” “Bitcoin JPGs,” “BTC Machines,” “Ordinal Tortoises,” “Unordinals,” “Satoshi Punks, and “Megapunks.”

At the time of writing, there were close to 600,000 Ordinal inscriptions on the Bitcoin blockchain, with a total of 567,622 minted. According to statistics from Dune Analytics, the number of Ordinal inscriptions surpassed the 500,000 milestone on March 17, 2023.

Magic Eden says the recent move to support Ordinal inscriptions is in line with Bitcoin culture. “By building on Bitcoin, we contribute to the culture of trust, security, and decentralization that is synonymous with the blockchain,” the NFT marketplace explained.

The blog post goes on to say:

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-centric market will compete with other Ordinal inscription markets that have emerged since inscriptions started gaining traction, such as Gamma.io, Ordx.io, and Generative.xyz. The marketplace, however, has been an active NFT market for some time, as Magic Eden has recorded $2.08 billion in all-time sales. To smooth the Ordinal inscription support process, the NFT marketplace Magic Eden partnered with the wallets Hiro and Xverse.

According to dappradar.com statistics, Magic Eden ranks as the fifth-largest NFT marketplace in terms of all-time sales. As far as Bitcoin-based Ordinal inscription sales are concerned, Magic Eden said it spent a long time thinking about handling royalties and “decided to launch on Bitcoin without royalty support for now.” Magic Eden has also created a new Twitter handle for the Bitcoin-centric version of the NFT marketplace, which is called @meonbtc.

What do you think the future holds for Bitcoin-based NFT marketplaces? Share your thoughts in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.