The NFT marketplace Magic Eden unveiled a new platform for Bitcoin Runes on Monday.
The Magic Eden Runes Platform, currently in beta, enables users to exchange for BTC and purchase Runes and Ordinals using their Magic Eden wallet. Additionally, the platform features a Swaps View, allowing users to specify a particular BTC amount they wish to spend when acquiring Runes, as per a release from Magic Eden.
Originally scheduled for release on April 23, the Magic Eden Runes Platform was completed ahead of schedule, according to a company spokesperson.
Zedd Yin, co-founder and COO of Magic Eden, emphasized the significance of providing the best Runes experience possible, stating, “As early supporters and pioneers in building an Ordinals marketplace, it was crucial for us to excel in this important evolutionary step for Bitcoin.” He further added, “We’re proud to be a catalyst for growth in the industry and to reinforce why Magic Eden is the ultimate destination for all things Bitcoin.”
Bitcoin Ordinals function akin to NFTs for the Bitcoin network, where metadata such as images or text is minted onto the smallest units of BTC known as satoshis. Bitcoin Runes represent an advancement from Ordinals, facilitating a more efficient means of creating fungible tokens on the network.
Magic Eden highlighted the potential of Runes to offer a more secure and reliable platform for token creation and transactions. By leveraging the UTXO (Unspent Transaction Output) for on-chain data storage, Runes inherit Bitcoin’s security model, providing stronger safety features and reducing the risk of vulnerabilities.
Since March 2023, Magic Eden has been supporting Bitcoin Ordinals through its Bitcoin NFT marketplace. Additionally, the Magic Eden wallet extends support to Ethereum and Polygon, alongside Bitcoin and Solana.
Magic Eden generated $23.42 million in daily volume of Bitcoin Ordinals on NFT marketplaces.
