Magic Eden Adds Support for BRC-20 Tokens

Magic Eden dives deeper into the Bitcoin ecosystem

Cross-chain NFT platform Magic Eden (ME) has embraced the growing popularity of Bitcoin Ordinals by adding the BRC-20 standard into its open-source secondary platform and creator launchpad. 

Users can now acquire BRC-20 projects from ME, and creators can launch their BRC-20 drops for users to mint directly on the platform. The exciting move comes just two months after Magic Eden deployed a Launchpad for Bitcoin Ordinals, which quickly became the preferred marketplace for creators in this space. As part of the company's commitment to creators, those launching BRC-20 drops on ME's launchpad will receive go-to-market strategy, marketing support, enhanced UI, and everything else needed to make their BRC projects a success. 

Speaking on the company's venture, Zhuoxun Yin, Co-Founder and Chief Operating Officer at Magic Eden, said: 

"Since Bitcoin ordinals and BRC-20 began gaining traction earlier this year, we noticed that the user experience was lacking as the two technologies are broken up and lack fluidity. With the introduction of BRC-20 on our platform, we hope to seamlessly merge the two – standard Bitcoin ordinals and BRC-20 – to simplify the experience for ecosystem participants. This is yet another step at the beginning of our journey to build the best NFT platform for the Bitcoin ecosystem."

About Bitcoin Ordinals and the BRC-20 standard

First unveiled in January 2023, Ordinals is a new Bitcoin blockchain protocol created by ex-Bitcoin developer Casey Rodarmor. It is a numbering system that allows users to assign an Ordinal (serial number) to each satoshi, allowing fragments of BTC to be tracked during transactions. These serial numbers can be linked to pictures, videos, texts, and other media, allowing users to create something akin to an NFT, also known as a digital artifact, on the Bitcoin network. 

In March 2023, an anonymous developer under the alias "Domo" proposed the experimental BRC-20 standard, which allows fungible tokens to be issued on Bitcoin. This breakthrough has allowed users to create and mint tokens as Ordinals on the Bitcoin network, using basic JSON code as the token's inscription. While BRC-20 is inspired by ERC-20, it does not employ any smart contracts. Instead, it allows users to create tokens directly by adding JSON text files to the network. This opens up new possibilities for the Bitcoin blockchain, which has traditionally been connected with its role as a medium of exchange and a store of value. 

With continuous investment made in the Bitcoin landscape, Magic Eden is poised to remain at the forefront of this technology, driving the adoption of BRC standards. To see upcoming BRC-20 drops on ME, visit the official website here.