Magic Eden, a major name in the NFT marketplace sector, unveils its newest offering: a Bitcoin Runes platform, slated for launch on April 23, 2024. A representative from the company announced an early release. Notable aspects of this update include the ability to send Bitcoins and purchase Runes and Ordinals straight from your Magic Eden wallet.
April 23rd.
The simplest and most intuitive Runes platform.
The future of BTC is on Magic Eden.
— Magic Eden (@MagicEden) April 18, 2024
Bitcoins have a new development called “Runes,” which is an extension of the concept proposed by Bitcoin Ordinals. Runes enable users to attach metadata, such as images or text, to individual satoshis – the smallest units of a Bitcoin. This innovation, pioneered by Runes, makes it possible to create interchangeable tokens on the Bitcoin blockchain, thereby enhancing its functionality for digital asset management.
Understanding Bitcoin Runes and Ordinals
In simpler terms, Bitcoin Runes represent an advancement in how Bitcoin functions, inspired by Bitcoin Ordinals. With this innovation, data like images or texts can be connected to the smallest parts of a Bitcoin transaction, called satoshis. Runes expand on this concept to create interchangeable tokens on the Bitcoin system, enhancing its functionality for digital asset management.
In the upcoming version of Magic Eden’s platform, we will introduce new features while prioritizing safety and dependability. By implementing the Unspent Transaction Output (UTXO) model for storing data on-chain, Runes can take advantage of Bitcoin’s robust security structure. This approach significantly minimizes potential vulnerabilities, ensuring our system is securely established upon a foundation of strength and resilience.
Expansion and Support for Multiple Blockchains
Magic Eden is working to increase its offerings on various blockchain networks beyond Solana. Originally focused mainly on Solana, the marketplace now provides features for Ethereum, Polygon, and most recently, Bitcoin. Adding the Bitcoin Runes platform is part of Magic Eden’s strategy to diversify its services and draw in new customer bases.
Additionally, Magic Eden introduced a Bitcoin NFT marketplace in March 2023, designed to facilitate Ordinals through trading and management. Notably, the daily transaction volume has reached $23.42 million, suggesting growing enthusiasm and potential for Bitcoin NFTs.
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2024-04-22 21:41