Magic Eden, a leading NFT marketplace on the Solana Blockchain behind the popular altcoin SOL, has taken the cautious step of protecting its users by temporarily suspending Bitcoin BRC-20 trading. This move comes in response to concerns about consensus across all BRC-20s. However, the suspension will not affect other trading activities on the platform, as confirmed in an official statement by Magic Eden. Here are the details…
Magic Eden halts some altcoin transactions
Magic Eden, which made its debut in September 2021, has been a beacon for NFT enthusiasts. Known for its community-centric approach, the platform gained popularity earlier this year by introducing a “fully regulated” marketplace for Bitcoin Ordinals. In a press release, the company proudly declared itself the “leading cross-chain NFT platform” and emphasized its commitment to user experience. The recent introduction of a Bitcoin marketplace for digital artifacts has deepened with Magic Eden collaborating with 13 leading NFT collectibles, including Taproot Wizards, Inscribed Pepes and Bitcoin Bandits.
This strategic move aimed to offer users a “Phantom-like experience” by integrating two non-custodial wallets, Hiro and Xverse. Despite these successes, Magic Eden recently decided to temporarily suspend BRC-20 trading. This move caused consternation, especially in the cryptocurrency community, and led well-known Chinese reporter Colin Wu to share his views on his official page called Wu Blockchain.
BRC20 activity is declining
Wu highlighted the declining state of BRC-20 activity, which has been further exacerbated by the minting of Satoshis (Sats) and the emergence of Rune, a potential alternative to BRC-20. “Since the end of the sats mint, BRC-20 activity has dropped significantly, with daily transactions accounting for less than 3% of the number of transactions on the Bitcoin Blockchain,” he said. This decision by Magic Eden to prioritize user protection therefore attracted attention. As the world of Bitcoin, altcoins and NFTs continues to evolve, marketplaces like Magic Eden are taking proactive steps to ensure the safety and well-being of their users.
It is not yet clear how long the suspension will last. However, for now, Magic Eden users are waiting for an announcement from the platform. As a result, Magic Eden’s decision to temporarily halt Bitcoin BRC-20 trading points to changing BTC and altcoin market dynamics. This community-centric NFT marketplace remains a major player in the burgeoning world of digital collectibles. Only time will tell what will happen in the future.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.