The NFT marketplace Magic Eden has announced its plan to integrate Bitcoin BRC-20 tokens into its platform.
This integration aims to diversify the marketplace and provide more options for users. The integration will allow users to acquire BRC-20 projects directly and will be live on June 27 at 8:00 p.m. ET. Creators will also have the ability to create their own BRC-20 drops for minting within the platform.
BRC-20 tokens are a recent Bitcoin ecosystem development introduced by the developer Domo in March 2023. These tokens enable the creation and transfer of fungible tokens on the Bitcoin blockchain, similar to ERC-20 tokens on the Ethereum blockchain.
By including BRC-20 tokens, the NFT marketplace aims to improve the token’s accessibility and usability. Integrating BRC-20 tokens into Magic Eden is a significant step in consolidating the connection between Bitcoin ordinals and BRC-20.
Magic Eden aims to create a comprehensive NFT platform for the Bitcoin ecosystem by incorporating BRC-20 functionality. The NFT marketplace is joining the crypto space by supporting BRC-20 tokens, but there are others to do so.
ORDI listed on various crypto exchanges like Crypto.com and Gate.io last month. Yin, representing Magic Eden, believes this move will set their platform apart.
They aim to cater to both fans of JPEGs and meme coins built on Bitcoin. Yin expressed that they noticed a need for a more user-friendly experience when it came to Bitcoin Ordinals and BRC-20 gaining popularity earlier this year.
These two technologies lacked smooth integration and needed further integration. By introducing BRC-20 on their platform, they aim to merge these two aspects seamlessly.
