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Multi-chain non-fungible token (NFT) marketplace Magic Eden has launched a “fully audited” marketplace on the Bitcoin network as interest in Ordinal NFTs continues to grow.
In a press release, Magic Eden said it released the marketplace in honor of Bitcoin’s culture. Riding on the “lightning pace of adoption” that followed the launch of the Ordinal theory, the platform aims to empower collectors and creators, giving them access to appropriate tools.
Magic Eden Catches Ordinal Fever
Ordinals are NFTs inscribed in the witness portion of BTC transactions. The inscriptions can be images or videos, and they leverage the Taproot soft fork. They are also used to number satoshis on the Bitcoin protocol.
The launch of Ordinal NFTs increased user activity on Bitcoin, as users with non-zero bitcoin balances found a non-monetary purpose to be on the network.
More than 500,000 inscriptions have been made on the Bitcoin protocol, with the average number of Ordinals transactions per block being 250.
Magic Eden’s new marketplace allows users to list, bid, buy, and sell these inscriptions, or NFTs. To make this easier, the company has partnered with Bitcoin wallets Hiro and Xverse.

“Creating a marketplace on Bitcoin challenges the status quo and showcases our ability to overcome technical barriers. Now you can easily buy, sell, list, and bid on collectibles with our familiar and intuitive interface on our platform,” the platform said.

No Royalties Yet
Magic Eden also noted that its marketplace users would have no access to royalties due to the ecosystem’s lack of secure and trustless enforcement solutions. However, the platform disclosed that it is working toward developing an adequate royalty standard.

“We believe that this is most in-line with the ethos of the ecosystem, and despite this, we are actively looking into the development of an on-chain, permissionless royalty standard and are committed to working with creators and the greater community,” the company added.

Meanwhile, Magic Eden is not the first and only platform to launch a marketplace for Bitcoin Ordinals. ORDX and Generative XYZ have unveiled similar NFT trading platforms, with Gamma.io launching its own earlier this week.
The post Magic Eden Launches Bitcoin NFT Marketplace  appeared first on CryptoPotato.

Magic Eden users can now buy, sell, list, and bid on Bitcoin-based Ordinal NFTs. 

cryptopotato.com

Magic Eden Launches Bitcoin NFT Marketplace 

On Monday, the non-fungible token (NFT) marketplace Magic Eden announced the launch of Bitcoin Ordinal inscription support. Magic Eden said it has partnered with the wallets Hiro and Xverse to “bring a familiar wallet transaction experience to the marketplace.”
Magic Eden’s Decision to Launch on Bitcoin Without Royalty Support and Compete With Emerging Markets
Magic Eden announced in a recent blog post that it has added Bitcoin Ordinal inscription support to the NFT marketplace. Last year, the Solana-based NFT market expanded to Polygon and Ethereum. With the addition of Bitcoin, Magic Eden now supports a total of four blockchains. The team is also “re-planning a more concerted entry into Ethereum,” according to the blog post.
The Bitcoin-centric section of the marketplace currently features several Bitcoin Ordinal inscription collections, including “Bitcoin Boos,” “Bitcoin JPGs,” “BTC Machines,” “Ordinal Tortoises,” “Unordinals,” “Satoshi Punks, and “Megapunks.”

At the time of writing, there were close to 600,000 Ordinal inscriptions on the Bitcoin blockchain, with a total of 567,622 minted. According to statistics from Dune Analytics, the number of Ordinal inscriptions surpassed the 500,000 milestone on March 17, 2023.
Magic Eden says the recent move to support Ordinal inscriptions is in line with Bitcoin culture. “By building on Bitcoin, we contribute to the culture of trust, security, and decentralization that is synonymous with the blockchain,” the NFT marketplace explained.
The blog post goes on to say:
This move aligns with our mission to promote the benefits of collectibles and blockchain technology while remaining true to the principles that underpin the technology.
Magic Eden’s Bitcoin-centric market will compete with other Ordinal inscription markets that have emerged since inscriptions started gaining traction, such as Gamma.io, Ordx.io, and Generative.xyz. The marketplace, however, has been an active NFT market for some time, as Magic Eden has recorded $2.08 billion in all-time sales. To smooth the Ordinal inscription support process, the NFT marketplace Magic Eden partnered with the wallets Hiro and Xverse.

According to dappradar.com statistics, Magic Eden ranks as the fifth-largest NFT marketplace in terms of all-time sales. As far as Bitcoin-based Ordinal inscription sales are concerned, Magic Eden said it spent a long time thinking about handling royalties and “decided to launch on Bitcoin without royalty support for now.” Magic Eden has also created a new Twitter handle for the Bitcoin-centric version of the NFT marketplace, which is called @meonbtc.
What do you think the future holds for Bitcoin-based NFT marketplaces? Share your thoughts in the comments section below.



On Monday, the non-fungible token (NFT) marketplace Magic Eden announced the launch of Bitcoin Ordinal inscription support. Magic Eden said it has partnered with the wallets Hiro and Xverse to &#x201C;bring a familiar wallet transaction experience to the marketplace.&#x201D; Magic Eden&#x2019;s D...

news.bitcoin.com

Magic Eden Launches Bitcoin Ordinal Inscription Market, Partners With Hiro, Xverse to Bolster Support

Why is there a groundswell toward Bitcoin adoption in Dakar? And could it influence neighboring countries and regions to explore magic internet money?  

cointelegraph.com

Why Senegal rejects the CFA and is warming to Bitcoin: video 

Many crypto firms are now restructuring to improve results after the 2022 crypto winter. For instance, Magic Eden and Coinbase laid off staff to cushion the effects of the crypto winter. Other firms that have also restructured operations include Crypto.com and Digital Currency Group (DCG). Crypto.com laid off 20% of its employees while DCG filed for bankruptcy. 
The latest firm to join the trend is Magic Eden. According to the report, its expansion needs have necessitated the decision to drop some employees from its workforce.

Magic Eden Restructures To Accommodate Changes
The core focus of Magic Eden is NFT. The non-fungible token marketplace on Solana has decided to expand its horizon. It plans to integrate new tools to support NFT creators and boost its reward systems and social experiences.
In a letter by Magic Eden’s CEO, Jack Lu, the marketplace has spent 15 months searching for products that will be suitable on the Solana blockchain. He noted that along the way, the firm recorded impressive growth and new challenges. As such, it now plans to lean toward other areas, such as providing services for NFT creators, pursuing cross-chain growth, and discovering other use cases. 
In his words, the proposed expansions for 2023 mean that the old structure must be readjusted and new roles created to suit the priorities. So, the firm must create an all-encompassing team with the right skills and experience to reach its goals. 
Jack Lu Appreciates Laid-Off Staff and Discloses Support Plans
The Magic Eden co-founder and CEO took to Twitter to appreciate all the staff laid off from the firm. He commended them for their hard work at ME and stated that the company would honor them for such services with respect. 
According to the CEO, the management spoke to each person among the 22 employees before announcing the layoff. He reiterated that the staff dropped are still highly competent in their areas of specialization. 

As for supporting them, Magic Eden CEO disclosed that each person would receive severance packages to sustain them while searching for new jobs. According to the details, the package includes six months of healthcare, two months of salaries, and a 1-year Headspace subscription. The latter is a firm that provides mental well-being services.

Also, Magic Eden will allow the staff to hold on to their official laptops, give them recommendation letters, and provide coaching support if necessary. 
Notably, the director of Aptos Labs, Austin, responded to Jack Lu’s posts offering job opportunities to the laid-off staff. Many other firms also shared the vacancies in their various firms, indicating that losing their jobs didn’t rob them of their skills and qualifications. 
Featured image from Pexels and chart from Tradingview.com


Many crypto firms are now restructuring to improve results after the 2022 crypto winter. For instance, Magic Eden and Coinbase laid off staff to cushion the effects of the crypto winter. Other firms that have also restructured operations include Crypto.com and Digital Currency Group (DCG). Crypto...

bitcoinist.com

Magic Eden Sacks 22 Employees As Company Restructures – Here’s Why

Following a spree of layoffs across the crypto industry in 2022 – a microcosm of the tech industry at large, which also saw plenty of reductions last year – Magic Eden becomes the latest company to cut its headcount.
Restructuring Partly Due to Solana Evolution
Magic Eden, an NFT marketplace that up until recently targeted its approach to the NFT market focusing on Solana, has suffered from SOL’s drop in value and the apparition of alternative blockchains for other competitive projects.
As a result, Magic Eden looks to invest in cross-chain integration. According to the letter from the CEO where the layoffs were announced, the project will also be looking into new tools for NFT creators, as well as “social experiences” and reward systems.
“Since then, our business has grown significantly and the nature of our challenges has evolved. Our focus areas for 2023 include growing traction across chains, developing services for NFT creators, and exploring new use cases like rewards and social experiences. As we established these priorities for the year, we had to take a hard look at what structure and roles are needed.” – reads the statement.
Continued Support for Those Laid Off
Despite the unfortunate circumstances, Jack Lu – the CEO and co-founder of Magic Eden, stressed that the layoffs are in no way due to a lack of talent but simply due to a change in priorities for 2023.

 Today is a sad day at Magic Eden.
As part of a company-wide restructuring, we have made the difficult decision to part ways with 22 teammates. Nothing about this decision takes away from the talent, hardwork and dedication of this incredible group of people. pic.twitter.com/2LAGfK9dMV
— Jack Lu (@0xLeoInRio) February 14, 2023

As a result, each of the affected employees will receive a severance package to aid them while they search for new employment. This severance package consists of two months’ salary, six months’ healthcare, and a year’s subscription to Headspace, a company in the healthcare industry focusing on mental well-being.
Additionally, each of the laid-off employees will be allowed to keep their company-provided laptop and will receive support in their search for a future job, including coaching, recommendation letters, and so on.
In a welcome surprise, the director of Aptos Labs extended prospective job offers to recently laid-off Magic Eden employees.

If any of them are looking for roles Aptos is actively hiring talented folks across all positions.
I’m specifically looking for rockstar ecosystem and NFT people.
— Austin  (@austinvirts) February 14, 2023

The timely announcement is sure to be of use to the recently laid-off employees. Other employers across the NFT space, such as Origin, also replied to the news by posting their current job openings.
The post Magic Eden Undergoing Restructuring Process, Lays Off 22 Employees appeared first on CryptoPotato.

The restructuring process Magic Eden is undergoing is due to a shift in priorities.


Magic price	$1.31
Low - High 24H	$1.28 - $1.46
Market cap	$277.56M
Volume 24H	$70.58M
All time high	$6.32 -79.36% February 19th 2022
All time low	$0.019993 6427.73% October 7th 2021
Genesis date	N/A

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