0
0
Cross-chain NFT Marketplace Magic Eden Announces Support for Runes Fungible Token Standard on Bitcoin
Cross-chain NFT marketplace Magic Eden, a leading platform in the NFT space, has announced its plans to support the upcoming Runes fungible token standard on Bitcoin. This news comes as Magic Eden has surged to the forefront of the industry amid increasing interest in Bitcoin Ordinals.
The Future of BTC with Runes Protocol
The Rune protocol is set to launch on Bitcoin’s mainnet following the upcoming halving event scheduled for April 20. The halving event, which occurs every four years, involves cutting in half the BTC miners’ rewards, thereby reducing the supply of Bitcoin and often leading to a price surge.
Runes, a fungible token standard developed by Casey Rodarmor, aims to provide a more efficient way of minting and trading tokens on the Bitcoin network. While fungible tokens have been available on Bitcoin through the experimental BRC-20 token standard built on top of Ordinals, Runes is expected to enhance the ecosystem even further.
Magic Eden’s Perspective
Z Yin, co-founder and Chief Operating Officer of Magic Eden, expressed the platform’s confidence in the native Bitcoin activity and the potential impact of integrating Runes. With the Ordinals marketplace already reaching $1 billion in volume in 2024, Magic Eden sees Runes as a strategic addition that will attract new builders and assets to the Bitcoin ecosystem.
Earlier this year, Magic Eden introduced its Diamonds rewards program across all supported chains, including Bitcoin, Solana, Ethereum, and Polygon. While the specifics of how Diamonds will benefit users remain unclear, the platform has seen significant traction with NFT traders.
Expansion and Innovation
In addition to the Diamonds program, Magic Eden has hinted at the launch of a fungible token called “NFT” through the Non-Fungible DAO. This initiative, led by an external team, aims to reward users of specific open-source trading and minting protocols. As Magic Eden continues to innovate in the space, it remains a key player in driving the adoption of NFTs.
Market Dominance and Growth
Magic Eden’s recent surge in trading volume has solidified its position as the top NFT marketplace, surpassing competitors in the space. With a significant share of the overall trading volume and a focus on Bitcoin Ordinals, Magic Eden has emerged as a leader in the industry.
Recent data from analytics platform Tiexo indicates that Magic Eden commands over 52% of the total trading volume across chains, with Bitcoin Ordinals representing a substantial portion of that volume. The platform’s recent collaboration with the Ink project has further boosted its market presence, solidifying its reputation as a powerhouse in the NFT space.
While competitors like Blur and Tensor continue to evolve and challenge Magic Eden’s market share, the platform’s commitment to innovation and its strategic partnerships position it as a frontrunner in the burgeoning NFT landscape.
Image/Photo credit: source url
