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Akira Ming
Akira Ming
Apr 2, 2024

Magic Eden to Add Support for Bitcoin Runes

The leading NFT platform has announced its support for the Runes fungible token standard.
Magic Eden to Add Support for Bitcoin Runes

Magic Eden, a cross-chain NFT marketplace, is setting a new pace by adding support for Bitcoin Runes. This move follows their successful bet on Bitcoin Ordinals, which has seen significant interest and growth. 

Runes, designed by Bitcoin developer Casey Rodarmor, offers a streamlined method for minting and trading tokens on Bitcoin's blockchain. This new standard is set to revamp the Bitcoin landscape by facilitating a wider range of digital assets and applications. The integration of Runes is timed with the much-awaited Bitcoin halving on April 20th, which has historically had a positive impact on Bitcoin pricing.

Z Yin, co-founder and COO of Magic Eden, is excited about the integration. "We think Runes is going to supercharge the Bitcoin ecosystem even further, opening up a new wave of builders and asset types previously only possible on other layer-1 chains," said Yin. "We have a long-term conviction on native Bitcoin activity. It is a no-brainer for us to double down on this ecosystem by adding Runes to our existing Ordinals marketplace."

The news also highlighted Magic Eden's recent ventures, such as the Diamonds rewards program and a partnership effort with the Non-Fungible DAO to launch a fungible token named "NFT." These programs are part of a broader plan to engage and reward the platform's community of traders and builders.

With Bitcoin's price on the rise, Magic Eden's strategic moves position it as a central player in the world of digital assets. The platform's market share and volume, driven by a surge in Bitcoin Ordinals trades, attest to its leading role in the NFT space.

No doubt, this marks a key moment in the merging of NFT marketplaces with Bitcoin, opening up new prospects for traders. As Magic Eden continues to grow, it sets the stage for a future where Bitcoin-based digital assets play a central role in NFTs. 

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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