3 - 5 minute read
Magic Eden, the non-fungible token (NFT) marketplace, has announced the launch of a creator launchpad for Ordinals, its Bitcoin-based NFT collections. The launchpad aims to onboard more creators to the ecosystem and ease the process of inscribing an Ordinal NFT, which can often pose a barrier for many creators unfamiliar with the intricacies of Taproot and inscriptions.
Zhuoxun Yin, Magic Eden’s COO and co-founder, explained that helping creators mint Ordinals will help grow a larger market for tokenized assets on Bitcoin. “Bitcoin is the grandfather of all blockchains, and we believe it can be the home to pure digital artifacts,” said Yin. “With Ordinals, content can be preserved forever, and we’re proud to be helping creators and the Ordinals community grow together.”
The Launchpad’s Partnership with Godjira and Creators
To kick off its launchpad, Magic Eden is partnering with Ethereum-based NFT collection Godjira to release its Bitcoin-based (Dead)Jira collection on April 7. The company will also mint Bitcoin inscriptions for Genopets, Lazy Lions, Humanoids, and rapper Lil Durk on the platform within the next week.
Tiffany Huang, Head of Marketing at Magic Eden, said, “We’re on the ground level listening to what is needed from all of these subgroups of the Ordinals community, and we will look to deliver on those needs.” The company thinks that involvement of its expertise and resources is much needed to continue the growth of Ordinals and encourage a flourishing ecosystem.
Growing Excitement Around Ordinals
The excitement around Ordinals has grown since January, and Magic Eden is ready to embrace the growing market for inscriptions. Last month, Magic Eden released a Bitcoin NFT marketplace, allowing collectors to purchase Ordinals on the secondary market, integrating support for two Bitcoin wallets in doing so.
Apart from the Bitcoin network, Magic Eden has made an effort to expand its offerings outside of Solana, the layer 1 blockchain that put the marketplace on the map. Days after rolling out its Bitcoin NFT marketplace, Magic Eden established a Web3 gaming collective, bringing together leading blockchain-based game funds and publishers to foster adoption in the space. Earlier in March, the company kicked off “Mint Madness,” allowing users to mint free NFTs for over a dozen Web3 games.
What this means for Bitcoin-based NFTs
The Creator Launchpad for Ordinals is a significant development for the market of Bitcoin-based NFTs. Bitcoin-based NFTs have become increasingly popular, considering Ethereum-based NFTs have been historically pricey to mint and transact, causing some hurdles for creators.
Magic Eden’s launchpad will oversee creators’ inscriptions from start to finish, making the entire NFT creation process much more accessible. The Creator Launchpad, in association with other initiatives like the Web3 gaming collective, shows Magic Eden’s efforts towards boosting accessibility for Bitcoin-based NFTs, expanding their reach beyond niche audiences.
If you’re a trader or a collector interested in Bitcoin or Ordinals, this could be a good opportunity to jump in and invest in the growing market of Bitcoin NFTs. As the market of Bitcoin NFTs is already on the rise, with growing interest, investment in the right NFT assets could bring significant returns in the near future.