Magic Eden and Move BRC-20

Multi-chain NFT marketplace Magic Eden announced support for BRC-20 tokens on Tuesday and has expanded its Ordinals offerings to include a class of tokens built on Bitcoin. In addition to allowing users to buy and sell BRC-20 tokens on the secondary market, the move also allows people to create their own new tokens on Bitcoin and traders print them directly via the launchpad. Magic Eden’s launchpad is available as a premium service for content creators with marketing and strategy support.

Magic Eden has established itself as a leading venue for Bitcoin-based collectibles shortly after the Ordinals marketplace launched in March. With growing enthusiasm, Magic Eden got early to support NFT-like Ordinals and capitalized on its established name in an emerging field.

The inclusion of BRC-20 tokens represents a push even deeper into the emerging frontier for assets built on Bitcoin. That’s because Magic Eden, which was originally a marketplace for NFTs in Solana, aims to continue its newfound leadership by becoming an influential crypto token exchange on top of an NFT market.

In terms of trading volume for ordinal inscriptions, Magic Eden and crypto exchange OKX currently occupy the top spot, posting comparable streams over the past week based on public blockchain data collected via the Dune dashboard. Chris Akhavan, GM of Bitcoin at Magic Eden, said in a statement that the marketplace will charge a small transaction fee from BRC-20 transactions. Magic Eden will donate half of the respective fees to the Ordinals protocol team for the new BRC-20 tokens available via launchpad.

Akhavan stated that Magic Eden’s Ordinals launchpad is used by more than 40 different content creators, adding that he believes its “smooth user experience and broad reach” make it “a favorite among content creators”.