On Monday, March 21, 2023, the non-fungible token (NFT) marketplace Magic Eden announced the launch of Bitcoin Ordinal inscription support, marking its expansion into the Bitcoin ecosystem. The platform, originally built on Solana, already supported Polygon and Ethereum, and now adds Bitcoin as its fourth blockchain.
Bitcoin Ordinal Collections and Market Data
According to a blog post from Magic Eden, the Bitcoin-centric section of the marketplace currently features several Ordinal inscription collections, including “Bitcoin Boos,” “Bitcoin JPGs,” “BTC Machines,” “Ordinal Tortoises,” “Unordinals,” “Satoshi Punks,” and “Megapunks.” At the time of the announcement, the total number of Ordinal inscriptions on the Bitcoin blockchain was approaching 600,000, with 567,622 minted. Data from Dune Analytics showed that the 500,000 milestone was surpassed on March 17, 2023.
Wallet Partnerships for Seamless Experience
To facilitate the adoption of Bitcoin Ordinals, Magic Eden partnered with two prominent Bitcoin wallets: Hiro and Xverse. The collaboration aims to “bring a familiar wallet transaction experience to the marketplace,” allowing users to sign transactions with the same ease they experience on other chains. Hiro is known for its Stacks and Bitcoin support, while Xverse provides a Bitcoin-native wallet interface.
Royalty Decision and Competitive Landscape
Magic Eden explicitly stated that it decided to launch on Bitcoin without royalty support for now, a strategic choice to align with the emerging Ordinal marketplace ecosystem. Competitors such as Gamma.io, Ordx.io, and Generative.xyz have also entered the space without mandatory royalties. Despite this, Magic Eden leverages its established brand and $2.08 billion in all-time sales (ranking fifth among NFT marketplaces per dappradar.com) to attract users. The company also created a dedicated Twitter handle, @meonbtc, for its Bitcoin-focused platform.
Future Outlook
The move is part of Magic Eden’s broader multichain strategy, with plans to “re-plan a more concerted entry into Ethereum” in the future. By building on Bitcoin, the team emphasizes contributing to the culture of trust, security, and decentralization synonymous with the blockchain. As Ordinal inscriptions continue to gain traction, Magic Eden’s entry could accelerate liquidity and mainstream interest, though the lack of royalty support may spark debate among creators.