Magic Eden Temporarily Halts Bitcoin BRC-20 Trade
Magic Eden, a community-focused NFT marketplace, recently announced its decision to temporarily halt Bitcoin BRC-20 trading best to “protect users until full ord consensus across all BRC-20”. However, according to an official post by Magic Eden on X, the temporary suspension of the Bitcoin BRC-20 trade will have no effect on other trading activities on the platform.
Magic Eden is a popular NFT marketplace based on the Solana blockchain. Magic Eden, which launched on September 17, 2021, introduced a “fully audited” marketplace for Bitcoin Ordinals in March 2023.
Chinese reporter Colin Wu shared insights on the declining state of BRC-20 activity, particularly following the sats mint and the introduction of Rune, a potential alternative. BRC-20 activity has dropped significantly since the sats mint, accounting for less than 3% of Bitcoin blockchain transactions.
(With inputs from Shikha Singh)
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