On March 21, 2023, the non-fungible token (NFT) marketplace Magic Eden officially announced the launch of Bitcoin Ordinal inscription support, partnering with wallets Hiro and Xverse to deliver a seamless wallet transaction experience. This expansion marks the fourth blockchain supported by Magic Eden, following Solana, Polygon, and Ethereum.
Expanding to Bitcoin, Supporting Four Chains
In a blog post, Magic Eden stated that adding Bitcoin Ordinals is a natural step in its multi-chain strategy. The team noted that it is also “re-planning a more concerted entry into Ethereum.” The Bitcoin-centric section currently features collections such as “Bitcoin Boos,” “Bitcoin JPGs,” “BTC Machines,” “Ordinal Tortoises,” “Unordinals,” “Satoshi Punks,” and “Megapunks.”
Inscription Count Surpasses 560,000, Market Heats Up
According to Dune Analytics data, the number of Ordinal inscriptions on the Bitcoin blockchain was approaching 600,000, with approximately 567,622 minted by March 21, 2023. The milestone of 500,000 inscriptions was crossed on March 17. Magic Eden’s entry is expected to accelerate the growth of the Bitcoin NFT ecosystem.
Aligned with Bitcoin Culture, Deeper Wallet Integration
Magic Eden emphasized that building on Bitcoin contributes to a culture of trust, security, and decentralization. Partnerships with Hiro and Xverse ensure that users can interact with the marketplace using familiar wallet interfaces, lowering the barrier to entry. Hiro is a leading Bitcoin wallet, while Xverse focuses on Stacks and Bitcoin DeFi, together providing a smooth Ordinals trading experience.
Competitive Landscape and Sales Data
The Bitcoin Ordinals market has attracted competitors such as Gamma.io, Ordx.io, and Generative.xyz. Magic Eden, with $2.08 billion in all-time sales, ranks as the fifth-largest NFT marketplace according to DappRadar. To expedite support, the platform decided to launch without royalty support for now, a controversial move. Additionally, Magic Eden created a dedicated Twitter handle for its Bitcoin version: @meonbtc.
Future Outlook
As the Ordinals ecosystem expands, Magic Eden’s multi-chain strategy will face new challenges. Balancing user engagement with royalty concerns will be key. The market views Bitcoin NFT space as still nascent, and the participation of major platforms like Magic Eden could drive exponential growth.