Bittime - Magic Eden, a well-known marketplace platform for NFTs, has just launched their new platform focused on Bitcoin Runes. This platform, which is still in beta stage.
The platform allows users to exchange their Bitcoin (BTC) and purchase Runes and Ordinals directly through the Magic Eden wallet.
What Is Magic Eden?
Magic Eden is the largest NFT marketplace on Solana. Users can buy, sell, mint, and manage their digital assets on Magic Eden.
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Magic Eden was founded in September 2021 by Sid Zhang, Jack Lu, Zhuoxun Yin, and Zhoujie Zhou. Since then, Magic Eden has quickly become the dominant platform in the NFT ecosystem.
How Magic Eden Works
Magic Eden can be used to launch new NFTs and trade on secondary markets. This marketplace is also known for launching tokens that are of interest to many collectors, thereby increasing its popularity.
Also read: Best Solana NFT Marketplace 2024, Find Out Here!
Magic Eden has a special feature for launching new NFTs, namely Magic Eden Launchpad. Launchpad is designed to be easy to use and help creators launch their projects.
However, only a small number of projects are accepted (less than 5%) to ensure high quality standards.
Apart from Launchpad, Magic Eden also has a secondary marketplace with various interesting features. Some of these features include dedicated pages for popular NFT collections and filters based on attributes, which makes Magic Eden a favorite of NFT traders.
Swaps View feature
According to Magic Eden's official release, this platform will later have a "Swaps View" feature. This feature allows users to specify a specific amount of BTC they wish to use when purchasing Runes.
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The launch of this platform turned out to be faster than the original schedule. Originally planned for release on April 23, Magic Eden managed to complete development of the Bitcoin Runes platform earlier.
"As an early supporter and the first to build a marketplace for Ordinals, it was important for us to deliver the best Runes experience at this important evolutionary stage for Bitcoin," said Zedd Yin, co-founder and COO of Magic Eden in a statement.
Also read: NFT: Latest NFT Development Report
"We are proud to be a driver of growth in this industry and further strengthen Magic Eden's position as a hub for Bitcoin-related activity."
Bitcoin Heads in a New Direction
Bitcoin Ordinals can be said to be like NFTs for the Bitcoin network. Through Ordinals, metadata such as images or text can be printed to the smallest unit of BTC called a satoshi.
Bitcoin Runes is an evolution of Ordinals and allows the creation of tokens that can be traded more effectively on the Bitcoin network.
"Runes has the potential to offer a more secure and trusted platform for token creation and transactions. By using UTXOs for on-chain data storage, Runes inherits Bitcoin's security model which provides stronger security features and reduces the risk of security holes," wrote Magic Eden in a post on the website community.magiceden.io .
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UXTO itself is an abbreviation for "Unspent Transaction Output," which is when the excess output from one Bitcoin transaction can be used as input for a new transaction.
For additional information, Magic Eden has supported Bitcoin Ordinals through their Bitcoin NFT marketplace since March 2023. Apart from Bitcoin and Solana, the Magic Eden wallet also supports Ethereum and Polygon.
Based on the latest data, Magic Eden managed to record a daily volume of $23.42 million for Bitcoin Ordinals transactions on the NFT marketplace, according to The Block's data dashboard.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read also:
Runes Protocol Will Spark a New Era of Bitcoin
Ordinals Documents Its Development: Runes and Upgrade Mechanisms of the "Cenotaph"
DotSwap Launches Runes Launchpad: Accelerate Rune Launches with the "Mint + Liquidity" Method
Bitcoin Halving: Surprise and Rising Transaction Fees!
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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