Key Points
- Magic Eden has introduced a new platform for Bitcoin Runes, which allows users to trade for BTC and purchase Runes and Ordinals using their Magic Eden wallet.
- Bitcoin Runes, an evolution of Bitcoin Ordinals, provide a more secure and efficient way to generate fungible tokens on the Bitcoin network.
Magic Eden, the NFT marketplace, has announced the launch of a new platform for Bitcoin Runes. The platform, currently in beta, facilitates users to trade for Bitcoin (BTC) and purchase Runes and Ordinals using their Magic Eden wallet.
Additionally, the platform will feature a Swaps View that enables users to specify a particular BTC amount they wish to spend when purchasing Runes. The release of this product was initially planned for April 23, but it was finished ahead of schedule.
Driving Growth in the Bitcoin Space
Zedd Yin, Magic Eden’s co-founder and COO, expressed the company’s commitment to providing the best Runes experience. He stated that as early supporters and the first to build an Ordinals marketplace, it was crucial to enhance the Bitcoin experience. Furthermore, he emphasized Magic Eden’s role as a growth driver in the industry.
Bitcoin Ordinals operate like NFTs within the Bitcoin network, minting metadata such as images or text onto the smallest units of BTC, known as satoshis. Bitcoin Runes are an advancement of Ordinals and offer a more effective method for creating fungible tokens on the network.
Enhanced Security with Bitcoin Runes
According to Magic Eden, Runes could provide a more secure and reliable platform for token creation and transactions. By utilizing the UTXO for on-chain data storage, it inherits Bitcoin’s security model, resulting in stronger safety features and a reduced risk of security vulnerabilities.
Since March 2023, Magic Eden has supported Bitcoin Ordinals through a Bitcoin NFT marketplace. The Magic Eden wallet also supports Ethereum (ETH) and Polygon, in addition to Bitcoin and Solana.
The daily volume of Bitcoin Ordinals on NFT marketplaces reached $23.42 million, demonstrating the significant demand for these digital assets.
