Magic Eden Unveils a Runes Platform for Bitcoin NFTs

Magic Eden, one of the largest non-fungible token (NFT) marketplaces, has announced the launch of the Bitcoin Runes platform earlier than initially planned.

The Bitcoin Runes platform will allow users to interact with Bitcoin Runes, marking yet another initiative by Magic Eden to support NFTs created on the Bitcoin network.

Magic Eden Launches Runes

Bitcoin Runes stems from the Bitcoin Ordinals platform. This platform presents a novel approach to create tokens on the Bitcoin blockchain.

The Bitcoin Runes will support efficient and secure transactions. The platform will also leverage the security mode offered by the Bitcoin network to promote safety and address any vulnerabilities that might be detected.

The Magic Eden Runes platform is currently in the beta phase. This platform will allow users to swap Bitcoin seamlessly. It will also support the purchase of Runes and Bitcoin Ordinals using the Magic Eden wallet.

The Runes platform by Magic Eden will also have a Swaps View. When a user is using this view, they get to specify the desired amount of BTC that they want to use to purchase Runes. This offering will streamline the entire transaction process for a user-friendly experience.

Supporting Bitcoin NFTs

Bitcoin NFTs have been amassing much interest. The total sales for these NFTs have even surpassed some of the largest blockchain networks such as Ethereum and Solana.

Data from CryptoSlam shows that in the last 24 hours, NFT sales for Bitcoin Ordinals hit $7.49 million, followed closely by Ethereum with $7.42 million in volumes. The highest ranking NFT collection in the last 24 hours is an uncategorized Bitcoin Ordinal with $3 million worth of sales.

Magic Eden is now supporting the growth of the Bitcoin Ordinals platform. According to the co-founder and COO of Magic Eden, Zedd Yun, thus new platform would focus on NFTs created on Bitcoin, saying that it was a revolutionary step for the blockchain.

“As early supporters and first to build an Ordinals marketplace, it was important for us that we build the best Runes experience possible in this important evolutionary step for Bitcoin,” Yin said.

Yun has also praised the team behind Magic Eden on X for launching the Rune platform. He noted that the team had invested much effort to launch this new platform online. The NFT marketplace has also been expanding its offerings into Bitcoin NFTs to leverage the growing interest in this space.

The Runes platform has been amassing interest from the community. A partnership with the CyberKongz NFT project to release the BTC pre-runes collections led to $4.8 million in total volumes within 24 hours. The initiative has seen Magic Eden post an increase in users and transaction volumes.