to data from Dune analytics, between Feb. 1 and March 1, the total number of Bitcoin Ordinals inscriptions surged from 679 to 240,000. As of March 21, a total of 567,087 have been inscribed.“We paid close attention to the release of Ordinal Theory and the lightning pace of adoption that soon followed,” said Magic Eden, adding it built the new marketplace in less than a month:
“Our marketplace was built within a month, culminating in a hackathon in California with over a dozen devs.” Currently, the marketplace only supports secondary sales of Bitcoin Ordinals. The marketplace said it is also looking into future tools that would allow creators to more easily mint or inscribe Bitcoin NFTs, such as its Launchpad which it offers for other chains.
In order to enable permissionless swaps, it uses partially signed Bitcoin transactions — a Bitcoin standard that allows multiple parties to sign the same transaction — rather than smart contracts.Meanwhile, Magic Eden says there will be no royalty support for the marketplace, but said it is “actively looking” into this, adding there is “very little tooling and no secure and trustless enforcement solutions.
“With no royalty standard today, we have decided to launch on Bitcoin without royalty support for now,” said Magic Eden.
Thanks for the mention. DuneAnalytics
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