About the Bitcoin NFT Launchpad
The Ordinals protocol for describing digital assets in Bitcoin, similar to NFTs on Ethereum and other blockchain networks, has received particular attention this year. And now, with the total number of Ordinals on the verge of reaching one million, Magic Eden is rolling out a platform for creators to launch new collections.
What is Magic Eden?
Magic Eden is a multi-chain marketplace that recently launched on Bitcoin and has quickly surpassed its competitors in Ordinals trading volume. The marketplace announced Friday the debut of its launchpad, the primary selling platform for creators writing artwork and media on the bitcoin blockchain.
Magic Eden’s first bitcoin launchpad project is Deadjira, a spin-off from the Ethereum NFT project Godjira, a series of 107 pixelated lizard-themed profile images (PFPs) described in February.
Launch Pad Features
This launchpad features several Ordinal drops over the next week, including existing NFT projects such as Solana-based NFT game projects Genopets, Lazy Lions, and The Humanoids, as well as a project from popular rapper Lil Durk will be featured.
In the initial stages, Launchpad will allow creators to sell Bitcoin Ordinals that are already written on the blockchain, and Magic Eden itself can assist with the writing process if needed.
Creators can use allowlist to allow a specific wallet address to mint Ordinals, and then the user comes to mint with a trusted mint form, which basically allowslisted pre-described Ordinal sales executed against the user’s wallet.
Magic Eden’s Launchpad is a business initiative that complements its secondary marketplace, offering “white glove services” to creators debuting new projects. It is a revenue-generating venture for Magic Eden, and a company representative told Decrypt that the cut or share of each launch “varies from deal to deal.”
Magic Eden’s Ordinals marketplace has consistently led the transaction volume charts since its launch in March of this year, but it is still a relatively small market; Magic Eden has generated about $3.3 million in Ordinals sales to date, according to Dune data. it services about 2,700 unique wallets, according to Dune data.
What are Ordinals?
Describing Ordinals or “digital artifacts” on the Bitcoin blockchain is different from the process of minting NFTs on chains like Ethereum or Solana.
On these chains, NFT projects use smart contracts. This allows for the ability to drop things like PFP projects, where images are generated from a pool of possible characteristics, or generative artwork generated from an artist’s custom algorithm.
Ordinals was launched in January of this year and allows people to describe artwork, media, and text directly into the bitcoin blockchain.
This is done by attaching them to a satoshi, the smallest unit of bitcoin. Writing is a more complex process than deploying NFT projects on other major chains, and the Ordinals infrastructure is still in its early stages of evolution.
But that hasn’t stopped creators from embracing the concept: more than 930,000 descriptions have been made in just over two months, and given that Tuesday broke the record of more than 76,000 descriptions made in a single day, the total number could exceed 1 million by the end of this week.
Tiffany Huang, head of marketing at Magic Eden, told Decrypt that many creators understand how it differentiates itself from other blockchains and how being on Bitcoin is complementary to their collections and brands She also said that she is not a member of the board of directors of Ordinals. However, she also added that describing and selling Ordinals “takes a lot of work to get started.”
Along with its existing projects, Ordinals has so far attracted a number of prominent names from other chains, including Bored Ape Yacht Club maker Yuga Labs and its Twelvefold generative art project, BTC DeGods’ DeLabs, and photographer Justin Aversano and others, have attracted prominent NFT creators from other chains.
Magic Eden believes that the Launchpad will help even more creators embrace the rapidly growing Ordinals space.
As such, the Bitcoin NFT Launchpad will provide a new way for NFT creators to launch new projects and permanently record and sell their own digital artwork on the blockchain. This new movement opens up new possibilities for the world of blockchain and digital art, and all eyes are on its development.
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