Magic Eden Hint At Letting NFT Collectors Bid Bitcoin Ordinals

Updated: 25 August 2023

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Magic Eden, one of the largest cross-chain non-fungible token market platforms, has teased about allowing NFT collectors to bid Bitcoin ordinals on its platform. The highly anticipated offering, alongside other factors, has pushed Bitcoin NFTs sales volume up 13% in the past 24 hours.

Magic Eden To Let User Bid Ordinals

In an August 24 blog post, Magic Eden teased the possibility of bidding for ordinals. The announcement comes just a few months after the platform introduced Launchpad for Bitcoin Ordinals, the protocol that allows NFTs to be traded on the Bitcoin blockchain.

What happens when you can bid on the largest Ordinals Collectibles platform? 👀👀 pic.twitter.com/UEQczz1Ux7

— Magic Eden on Bitcoin 🟧 (@MEonBTC) August 24, 2023

Launched in 2021, Magic Eden is a decentralized marketplace for peer-to-peer trading of non-fungible tokens, allowing users to mint, list, and trade NFTs. The NFT marketplace was initially developed for the Solana blockchain, but it has since expanded its offering to include support for Ethereum, Polygon and Bitcoin.

In June this year, Magic Eden announced Ordinal Inscriptions, the digital assets inscribed on a satoshi, the lowest denomination of a Bitcoin. The NFT market has teased about extending ordinal offerings through bidding. By light description, bidding means setting the maximum price someone is willing to pay to buy a specific NFT for a certain period.

Magic Eden NFT Push

The NFT market platform “Magic Eden” has taken significant strides to elevate the NFT landscape in recent weeks. Last week, the NFT marketplace unveiled its strategic partnership with Polygon, an Ethereum-based scaling solution, heralding many alluring prospects for creators.

We're excited to announce the launch of our $1,000,000 Creator Fund #onPolygon 💜

This program will help the next generation of creators build in the ecosystem as they work alongside our team of industry veterans and advisors.

Click the link below to apply 👇 pic.twitter.com/wu0sFOtFIv

— Magic Eden on Polygon 💜 (@MEonPolygon) August 17, 2023

The two crypto giants allocated a $1 million fund to support unique NFT projects on the Polygon network. This collaboration not only guarantees financial support but also invaluable access to Magic Eden’s mentorship program for selected applicants.

In the meantime, the Magic Eden announcement, alongside other factors, appears to be impacting the trading sales volume of Bitcoin ordinals. Data compiled by CryptoSlam.io, an on-chain data aggregator, indicates that Bitcoin ordinals have pumped 13% in sales. In the past 24 hours, these NFTs have recorded a trading sales volume of $319,632.