Community-focused NFT marketplace Magic Eden recently announced its decision to temporarily halt trading of Bitcoin BRC-20, in order to “protect users until full consensus on all BRC-20.” However, according to an official post from Magic Eden on
We have temporarily paused trading of BRC-20 to best protect users until full consensus is reached on all BRC-20
In the meantime, all other trading will remain live on Magic Eden!🫡
— Magic Eden on Bitcoin 🟧 (@MEonBTC) October 22, 2023
Magic Eden is one of the most popular NFT marketplaces built on the Solana blockchain. Magic Eden launched on September 17, 2021 and introduced a “fully controlled” marketplace for Bitcoin Ordinals in March 2023. The press release stated:
“Magic Eden (“The Company”), the leading cross-chain NFT platform, today announced the launch of a Bitcoin marketplace for digital artifacts. As the only fully controlled marketplace in the Bitcoin Ordinals ecosystem to date, it will deliver an industry-leading user experience and interface that provides collectors with a trusted trading experience.”
With the launch of the Bitcoin marketplace, Magic Eden partnered with 13 prominent NFT collections, including Taproot Wizards, Inscribed Pepes and Bitcoin Bandits. The platform offered users a “Phantom-like experience” and integrated two non-custodial wallets, Hiro and Xverse, at the time of launch.
Although BRC-20 activity has dropped significantly, Magic Eden has decided to cease BRC-20 trading activities on the market. Chinese reporter Colin Wu shared a post on his official page on X, titled Wu Blockchain, about the latest updates on Magic Eden’s surprising move. He shared insights on the declining state of BRC-20, especially after the sats coin and the introduction of Rune, a possible alternative to BRC-20. He quoted: “Since the completion of sats mint, BRC-20 activity has dropped significantly and the number of daily transactions accounts for less than 3% of the number of transactions on the Bitcoin blockchain.”
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