On January 20, 2023, developer Casey Rodarmor launched ordinal NFTs on Bitcoin mainnet. This is the latest way to create NFTs on Bitcoin. Magic Eden now added support for Bitcoin Ordinals. People will be able to trade the Ordinal collections on the respective marketplace.
But what are Bitcoin Ordinal NFTs?
Ordinal NFTs have a different architecture than other Bitcoin NFTs, although NFTs on Bitcoin are not a new concept. Counterparty and Stacks, layer-2 networks on top of Bitcoin, have already enabled Bitcoin-based NFTs.
Ordinals are a way to create Bitcoin NFTs by attaching data like images and videos to an individual satoshi on the base Bitcoin blockchain. Unlike predecessors, ordinal NFTs don’t exist on a separate layer from Bitcoin. They use an ordering system called ordinal theory to give each Bitcoin satoshi a unique number.
Over 200K ordinal NFTs have been minted since their launch by a growing community of enthusiasts who are excited about the potential of native Bitcoin NFTs. Ordinal NFTs are completely Bitcoin-native, backward compatible with the network, and work without changes to the Bitcoin protocol or any extra layers.
Magic Eden’s marketplace now alows users to trade Bitcoin Ordinals.
Magic Eden, an NFT marketplace, has launched a fully audited Bitcoin Ordinals marketplace due to high demand. Traders can now buy and sell Bitcoin Ordinal collections, mimicking the experience of the Ethereum, Polygon, and Solana-based NFTs Magic Eden currently offers.
The marketplace presently only supports secondary sales but is considering future tools to simplify the creation of Bitcoin Ordinals on Magic Eden. The platform uses partially signed Bitcoin transactions for permissionless swaps, with no royalty support currently available. Other Bitcoin Ordinals marketplaces such as ORDX, Generative XYZ, and Gamma.io have already launched.
Ordinals could just be a temporary hype in the market. We will see what the future will hold!
Until then, enjoy our news content and stay up to date with the space.