Magic Eden's latest innovation is launching the BRC-20 NFT market

Magic Eden, a multi-chain NFT marketplace, recently announced support for BRC-20 tokens, expanding its Ordinals issuance to include a class of tokens built on Bitcoin. BRC-20 support will be added on Tuesday, a spokesperson told Decrypt. In addition to allowing users to trade BRC-20 tokens on the secondary market, this move allows people to create their own new tokens in Bitcoin and let traders mint them directly through their launchpad.

BRC-20 Integration: Magic Eden's Big Step
Based on the MEonBTC Twitter account on June 28 2023, BRC-20 is now live on the Magic Eden platform. Through this integration, Magic Eden has established itself as the premier venue for Bitcoin-based collectibles shortly after their Ordinals marketplace launched in March 2023, moving early to support NFT-like Ordinals amidst growing hype and leveraging its already established name in the space. Newborn.

The BRC-20 token merger represents a deeper push into the emerging new frontier for assets built on Bitcoin, as Magic Eden—originally a marketplace for NFTs on Solana—aims to maintain its newfound prominence by effectively becoming a crypto token exchange atop the NFT market.

Transaction Volume Battles for Ordinal Inscriptions

In terms of transaction volume for Ordinal Inscriptions, Magic Eden and crypto exchange OKEx are currently battling for the top spot, posting comparable flows over the last week according to public blockchain data collected via the Dune dashboard. Chris Akhavan, GM of Bitcoin Magic Eden, told Decrypt that the market will charge a small transaction fee on BRC-20 trades. For newly inscribed BRC-20 tokens offered via launchpad, Magic Eden will donate half of the associated fees to the Ordinals protocol team.