The NFT marketplace Magic Eden has announced that it will incorporate BRC-20 token functionality<\/a> on its open-source secondary marketplace and creator launchpad, according to information shared with nft now. The announcement comes just two months after the platform introduced Launchpad for Bitcoin Ordinals<\/a>, the protocol that allows NFTs to be traded on the Bitcoin blockchain.\u00a0\u00a0<\/p>\n The update, which will go into effect at 8:00 pm ET on June 27, lets users collect BRC-20 projects directly. It also furnishes creators with the capability to release their own BRC-20 drops for minting directly on the platform itself.\u00a0<\/p>\n Bitcoin Request for Comment 20 (BRC-20) tokens are one of the most recent developments in the Bitcoin ecosystem. Created in March 2023 by the anonymous developer known as Domo<\/a>, the token standard enables the minting and transferring of fungible tokens with the Ordinals protocol on the Bitcoin blockchain. They are similar to ERC-20 tokens, the Ethereum blockchain protocol standard for creating tokens that have built-in smart contracts and that are compatible with the wider Ethereum ecosystem. <\/p>\n Common ERC-20 tokens are USD Coin (USDC) and Binance USD (BUSD) and are readily tradable on exchanges. While users could previously take advantage of platforms like Unisat<\/a> and Alex<\/a> to interact with BRC-20s, their Web3 infrastructure is comparably far less developed compared to ERC-20s. Magic Eden\u2019s incorporation could help significantly expand the token\u2019s reach and accessibility.<\/p>\n \u201cOur aim has always been to alleviate the fragmentation between Bitcoin ordinals and BRC-20,\u201d Zhuoxun Yin, Co-Founder and COO of Magic Eden, said of the development in a press release. \u201cBy incorporating BRC-20 into our platform, we\u2019re on a mission to simplify the user experience. This represents a significant stride in our quest to architect the most comprehensive NFT platform for the Bitcoin ecosystem.\u201d<\/p>\n Bitcoin Ordinals first debuted in January 2023 and were largely viewed as a little more than a novel development that would pique the interest of only a niche crowd, even with Web3. Despite this, the ecosystem has continued to grow exponentially, resulting in over 13 million Ordinals Inscriptions<\/a> being minted on the blockchain and projects from a range of blockchain ecosystems creating Ordinals collections<\/a>. With no sign of slowing down, Web3 companies are looking for ways to capitalize on the expanding Bitcoin fungible and non-fungible world, and it\u2019s unlikely that Magic Eden will be the last to do so.<\/p>\n<\/p><\/div>\nExpanding a nascent Web3 ecosystem<\/strong><\/h2>\n
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Ordinals on the rise<\/h2>\n