Magic Eden introduces platform for Bitcoin Runes
The NFT marketplace Magic Eden launched a new platform for Bitcoin Runes on Monday.
Magic Eden’s Runes Platform, in beta, allows users to exchange for BTC and purchase Runes and Ordinals using their Magic Eden wallet. The platform also features a Swaps View, enabling users to specify a particular amount of BTC they wish to spend when acquiring Runes, as per a release from Magic Eden.
Although Magic Eden had originally planned to unveil the product on April 23, the Magic Eden Runes Platform was completed ahead of schedule, a spokesperson for the company informed The Block.
“As pioneers and the first to establish an Ordinals marketplace, it was crucial for us to create the ultimate Runes experience in this significant evolutionary phase for Bitcoin,” stated Magic Eden’s co-founder and COO Zedd Yin. “We are dedicated to being a driving force in the industry and reinforcing why Magic Eden is the go-to destination for all things Bitcoin.”
Bitcoin advancement
Bitcoin Ordinals serve as NFTs for the Bitcoin network, wherein metadata such as images or text are embedded onto the smallest units of BTC known as satoshis. Bitcoin Runes represent a progression from Ordinals and provide a more efficient method for generating fungible tokens on the network.
“Runes have the potential to offer a more secure and reliable platform for token creation and transactions. By utilizing the UTXO for on-chain data storage, it adopts Bitcoin’s security model for enhanced safety features and a reduced risk of security vulnerabilities,” Magic Eden explained in a post. UTXO stands for “Unspent Transaction Output,” a concept where the excess output of one Bitcoin transaction can be utilized as the input for a new one.
Since March 2023, Magic Eden has been supporting Bitcoin Ordinals through a Bitcoin NFT marketplace, as per a report from CoinDesk reports. In addition to Bitcoin and Solana, the Magic Eden wallet accommodates Ethereum and Polygon.
According to The Block’s Data Dashboard, Magic Eden generated a daily volume of $23.42 million for Bitcoin Ordinals on NFT marketplaces.
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