Magic Eden, a community-centric NFT marketplace, recently decided to halt Bitcoin BRC-20 trading temporarily. This move comes in response to a significant drop in trading activity and aims to safeguard users’ interests.
Importantly, while Bitcoin BRC-20 trading is on hold, other trading activities on the platform remain unaffected. Magic Eden made this decision to ensure user protection until a full consensus is reached across all BRC-20 transactions.
We’ve temporarily paused BRC-20 trading to best protect users until full ord consensus across all BRC-20
All other trading remains live on Magic Eden in the meantime!
— Magic Eden on Bitcoin 🟧 (@MEonBTC) October 22, 2023
Magic Eden: A Top NFT Marketplace on Solana
In March 2023, Magic Eden introduced a Bitcoin Ordinals marketplace, which is considered to be the first fully audited marketplace within the Bitcoin Ordinals ecosystem. This marketplace is designed for trading digital artifacts, offering users a top-notch trading experience with a user-friendly interface. Magic Eden’s goal is to provide collectors with a marketplace that feels familiar and secure.
With its commitment to user experience and security, Magic Eden is a key player in the world of NFTs, particularly on the Solana blockchain.
Magic Eden’s Collaborations and Decision to Halt BRC-20 Trading
When Magic Eden launched its Bitcoin marketplace, it made significant partnerships with 13 renowned NFT collections, including Taproot Wizards, Inscribed Pepes, and Bitcoin Bandits. These collaborations aimed to offer users a “Phantom-like experience,” enhancing the platform’s appeal.
To provide users with a secure and non-custodial experience, Magic Eden integrated two wallets, Hiro and Xverse, at the time of the marketplace’s launch.
Despite its promising beginnings, BRC-20 trading activity on Magic Eden saw a substantial decline. Chinese reporter Colin Wu, known as Wu Blockchain, shared updates on this surprising development. He noted that BRC-20 activity significantly decreased, especially after the sats mint event and the introduction of Rune, which seemed to be a potential alternative to BRC-20. Wu Blockchain reported, “Since the sats mint concluded, BRC-20 activity has dropped significantly, with daily transactions accounting for less than 3% of the transactions on the Bitcoin blockchain.”
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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