NFT marketplace Magic Eden has unveiled its creator launchpad for Ordinals. It will serve as the primary sales platform for creators who have inscribed their media or artwork onto the Bitcoin blockchain.
While the company already has a system for creators to list and sell Ordinals, the launchpad is designed to assist creators in joining the ecosystem and quickly creating tokens on the Bitcoin network.
Inscribing an Ordinal NFT is a much different process than creating a digital asset on Ethereum, which can be challenging for creators unfamiliar with the complexities of Taproot and inscriptions. Therefore, Magic Eden aims to simplify the process by devising a solution to support the Ordinals collectors.
A Magic Eden representative explained that creators could use an allowlist that permits specific wallet addresses to mint Ordinals. Once enabled, users can mint Ordinals in a trustless form and purchase the pre-inscribed Ordinals for the mint price.
PG x Magic Eden
First Bitcoin Launchpad 💀🦖
— Magic Eden 🪄 (@MagicEden) April 5, 2023
COO and co-founder Zhuoxun Yin said that by assisting creators with minting Ordinals, the company aims to expand the market for tokenized assets on Bitcoin. With Ordinals, users can keep content forever, and the company is happy to help the Ordinals community and users grow.
Meanwhile, head of marketing Tiffany Huang said the company is paying close attention to the requirements of different subgroups within the Ordinals community and is committed to meeting their needs.
The company asserts that its “expertise and resources” are essential to promoting the development of Ordinals and fostering a thriving ecosystem.
Welcome to a new dawn. Magic Eden is now on Bitcoin.
Now, you can safely trade your favorite collectibles on the 1st audited marketplace with $BTC 🤝
Explore 70+ collections on our marketplace: https://t.co/WiYYgIWPG5
— Magic Eden 🪄 (@MagicEden) March 21, 2023
Magic Eden’s launchpad details
Magic Eden’s Bitcoin launchpad will kick off with the launch of Deadjira — a collection of 107 pixelated lizard-themed profile pictures (PFPs) created in February as a spinoff from the Godjira NFT project on Ethereum.
The company has also enlisted the services of Genopets — a Solana-based NFT game project — Lazy Lions, Humanoids and rapper Lil Durk as creators to inscribe Bitcoin on the new platform in the next week.
According to Decrypt, Magic Eden created the launchpad as a business strategy that offers a “white-glove service” to creators looking to introduce new projects. The revenue percentage that Magic Eden receives from each launch may vary depending on the specific terms of the deal.
Since its launch in March, Magic Eden’s Ordinals marketplace has consistently ranked high in trading volume, albeit within a small market.
Data from Dune Analytics show that Magic Eden has generated around $3.3 million in sales volume for Ordinals, serving only 2,700 unique wallets.
Ordinals marketplaces have now seen:
– $15.65m volume
– 38.3k trades
– 18.46k users
— Dune (@DuneAnalytics) March 30, 2023
Rise of Ordinals
The popularity of Ordinals has been increasing since January. Ordinals was introduced as a platform for inscribing art, media and text directly to the Bitcoin blockchain by attaching them to a single Satoshi — the smallest unit of Bitcoin equivalent to 1/100,000,000 BTC.
In slightly over two months, the number of inscriptions on Ordinals has exceeded 930,000. Notably, the highest number of inscriptions in a single day reached over 76,000 earlier this week.
Inscriptions are finally ready for Bitcoin mainnet.
Inscriptions are like NFTs, but are true digital artifacts: decentralized, immutable, always on-chain, and native to Bitcoin. 🧵https://t.co/a4dK7zdITS
— Casey Rodarmor (@rodarmor) January 20, 2023
This rapid growth suggests that the total number of inscriptions could surpass one million before the end of the week.
While inscribing on the Bitcoin blockchain is a more complex process than deploying NFT projects on other leading blockchains, the infrastructure for Ordinals is still in its early stages and is constantly evolving.
Magic Eden established a Web3 gaming collective shortly after launching its Bitcoin NFT marketplace, bringing together special blockchain-based game funds and publishers to encourage adoption. In March, the company initiated “Mint Madness,” allowing users to mint free NFTs for over a dozen Web3 games.