Magic Eden, a Non-Fungible Trading (NFT) marketplace, has temporarily halted trading in BRC-20 assets to safeguard its clients’ marketplace.
According to Magic Eden’s statement outlining the suspension, the BRC-20 trading will remain banned until the entire Ordinance Consensus is reached across all BRC-20 assets.
Magic Eden stated that despite the inconvenience to traders, all other forms of trading are still active on its site. BRC-20 is an experimental token standard that employs ordinal inscription.
On March 9th, 2023, an unnamed developer named Domo released it. They typically do not employ smart contracts and instead use script file storage on the Bitcoin blockchain because they are fungible tokens that are part of the Bitcoin network.
BRC-20 has gained enormous popularity in digital collectibles since its introduction. Magic Eden included them in the first place due to their rising demand.
This suspension comes after BRC-20’s decreasing effect. They substantially impacted the trading volume of the most popular cryptocurrency in the first few weeks after their debut, giving users the impression that a completely new asset class has established itself.
The development of Bitcoin Ordinals served as a showcase for the myriad of fresh opportunities present in the ecosystem of digital currencies. The Ordinals assisted in connecting BTC to new protocols on a broad scale to make Bitcoin more universally usable outside of the restricted regular payment context.
As reported earlier, plans to link the BRC-20 to the Terra Luna Classic (LUNC) protocol were made public. This created a new possibility that is considered advantageous for both ecosystems.
RUNE, a Bitcoin UTXO protocol targeted at improving BRC-20 user experiences, was introduced by the author of Ordinals to increase the overall influence of BRC-20 Ordinals.
Even while BRC-20’s popularity is waning in terms of adoption, many continue to believe that it is the nucleus for further development of Bitcoin’s utility.
