NFT marketplace Magic Eden launched a new platform for Bitcoin Runes on Monday.
Magic Eden’s Runes platform, in beta, allows users to trade for BTC and purchase runes and ordinals with their Magic Eden wallet. The platform will also have a Swaps view, allowing users to set a certain BTC amount they want to spend when purchasing runes, according to a release from Magic Eden.
Although Magic Eden initially planned to release the product on April 23the Magic Eden Runes platform was completed ahead of schedule, a company spokesperson told The Block.
“As early supporters and first to create an Ordinals marketplace, it was important for us to create the best Runes experience possible in this important evolutionary step for Bitcoin,” said Magic Eden co-founder and COO Zedd Yin, in a press release. “We are proud to be a growth engine in the industry and further solidify why Magic Eden is the one-stop shop for all things Bitcoin.”
Bitcoin surge
Bitcoin Ordinals are like NFTs for the Bitcoin network, in which metadata such as images or text are burned onto the smallest units of BTC called satoshis. Bitcoin Runes are an evolution of Ordinals and allow a more efficient way to create fungible tokens on the network.
“Runes could offer a more secure and reliable platform for tokenization and transactions. Using UTXO for on-chain data storage, it inherits Bitcoin’s security model for stronger security features and a reduced risk of security breaches, i.e. vulnerabilities.” Magic Eden wrote in an article. UXTO stands for “Unspent Transaction Output”, which is when excess output from a Bitcoin transaction can be used as input for a new one.
Magic Eden has supported Bitcoin Ordinals through a Bitcoin NFT marketplace since March 2023, reports CoinDesk. The Magic Eden wallet supports Ethereum and Polygon in addition to Bitcoin and Solana.
Magic Eden brought in $23.42 million in daily Bitcoin ordinal volume from NFT markets, according to The Block’s data dashboard.
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