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Michael
Michael
Oct 23, 2023
News

Magic Eden Postpones BRC-20 NFTs Transfer

BRC-20 activities will resume only when the Ordinals protocol achieves a consensus.
Magic Eden Postpones BRC-20 NFTs Transfer

Top NFT marketplace, Magic Eden, has suspended the trading of BRC NFTs. This development is coming as a measure to protect individuals until Ordinals consensus is completed across these NFTs.

Ordinals Malfunction Causes Double-Spending

It was recently discovered that a glitch in the Ordinals protocol might lead to a double-spending. 

On X (formerly Twitter), a user, @SanjiFomojis, said, 

"I would be careful trading BRC20's at the moment. There's currently a risk of double spending due to a recent issue in order. Currently, different marketplaces are using different versions of ord, which are indexing different inscription numbers. Until @MEonBTC @okx and…"

NFT platforms function by using a number of Ordinals versions, which may lead to differences in inscription numbers. Thus, it may not be wise to trade Ordinals NFTs until a consensus is achieved.

A GitGub user, BennyTheDev, stressed the risk of Double-Spending. He said, 

"There is a double-spend kind of situation now. I haven't tested that yet, but the way it works, it should be exploitable. I didn't see none of the marketplaces/influencers warning anyone in the last 24 hrs publicly about that. At least not in the capacity that is required. There is also not "just" BRC-20 that is affected. Let's not forget that." 

UniSat Wallet Joins Magic Eden To Alert Users

Magic Eden is not the only platform to react. UniSat Wallet has also notified its Bitcoin NFT community about the ordeals via social media. 

UniSat Wallet said, 

"We have been made aware of a brc-20 indexing mismatch due to different versions of the ord software. UniSat Wallet and services are aligned with the current ord version 0.9, ensuring correct matching results. We are monitoring what contributors…"

Magic Eden stopped trading BRC-20 NFTs, mentioning that "The safety and confidence of our users are priorities. We're closely monitoring the situation".

This update is also coming at a period where there is a rapid drop in BRC-20 data, where daily transactions have plummeted in the domain. Activities now represent 3% of the overall transactions happening on the Bitcoin blockchain. Nonetheless, the addition of $SATS to Magic Eden was a great success, as it spurred the interaction of the Ordinals community to trade rare Satoshis, which is the smallest fraction of Bitcoin. This trend is expected to resume once NFT platforms achieve a consensus.

Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
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