- A new platform for Bitcoin Runes has been developed by Magic Eden, an NFT marketplace.
- Runes and Ordinals can be purchased using a Magic Eden wallet and swapped for Bitcoin on the Runes Platform, which is currently in beta.
On Monday, the NFT marketplace Magic Eden unveiled a brand-new Bitcoin BTC +0.42% Runes platform.
Users can purchase Runes and Ordinals using their Magic Eden wallet and swap for Bitcoin on Magic Eden’s Runes Platform, which is currently in beta. According to a Magic Eden release, the site will also feature a Swaps View that lets users specify how much Bitcoin they want to spend on rune purchases.
A company representative informed The Block that although Magic Eden had originally planned to deliver the product on April 23, the Magic Eden Runes Platform was finished earlier than expected.
Magic Eden co-founder and COO Zedd Yin said in a statement, “It was important for us to build the best Runes experience possible in this important evolutionary step for Bitcoin, as we were the first to build an Ordinals marketplace and early supporters.” We’re happy to contribute to the industry’s expansion and emphasize why Magic Eden is the go-to resource for anything Bitcoin related.
Bitcoin surge
For the Bitcoin network, Bitcoin Ordinals function similarly to NFTs, with metadata such as text or images being minted onto satoshis, the smallest unit of currency. As an advancement over Ordinals, Bitcoin Runes provide a more efficient means of producing fungible tokens on the network.
Runes may provide a more dependable and safe platform for the generation and exchange of tokens. Magic Eden posted a post explaining that by utilizing the UTXO for on-chain data storage, it inherits the security architecture of Bitcoin for stronger safety features and a decreased likelihood of security gaps, called vulnerabilities. Unspent Transaction Output, or UXTO for short, is the situation in which an excess output from a single Bitcoin transaction can be utilized as the input for another.
Magic Eden has been supporting Bitcoin Ordinals since March 2023 through a Bitcoin NFT marketplace. The Magic Eden wallet is compatible with Solana, Bitcoin, Ethereum, and Polygon.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
