Quick take:
- Magic Eden is advancing its support for innovation on Bitcoin having been one of the non-BTC native NFT marketplaces to expand to Bitcoin.
- This announcement follows the launch of the Runes Protocol last week, a new token standard that makes inscribing NFTs on Bitcoin faster and at lower gas fees.
- Magic Eded said its platform will allow users to set up the amount of BTC they want to spend on Runes when making a transaction.
Magic Eden, the NFT marketplace originally based on Solana before expanding to other chains has launched the Magic Eden Runes platform. This announcement comes just days after Runes Protocol, a new token standard for Bitcoin inscription, launched on the day of Bitcoin halving, paving the way for faster inscriptions and lower gas fees.
Magic Eden’s Runes platform launches a day earlier than the scheduled debut date, April 23, according to a post on X.
Magic Eden co-founder and COO Zedd Yin has hailed the launch as a testament to the company’s commitment to being the “one-stop-shop for all things Bitcoin.”
“As early supporters and first to build an Ordinals marketplace, it was important for us that we build the best Runes experience possible in this important evolutionary step for Bitcoin,” Yin said.
Magic Eden’s Runes platform, currently in beta, allows users to swap for BTC and buy runes and ordinals using their Magic Eden wallet. The company is advancing its support for innovation on Bitcoin having been one of the non-BTC native NFT marketplaces to expand to Bitcoin.
The platform also has a feature that allows users to set up the amount of BTC they want to spend on Runes when making a transaction.
Last week, Magic Eden collaborated with the NFT project CyberKongz to launch the BTC pre-runes collection Prometheans. The collection has already generated more than 316 BTC in TVL, approximately $20.8 million, Magic Eden Ordinals marketplace data shows.
Magic Eded has recently overtaken the likes of OpenSea, Blur and Tensor to become the biggest NFT platform by Marketplace users. The platform is also dominating in terms of transaction volume, which is largely driven by the number of traders trading Ordinals.
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