Magic Eden, a cross-chain NFT marketplace, has announced its support for the upcoming Runes fungible token standard on the Bitcoin network. The integration aims to further enhance the capabilities of the Bitcoin ecosystem and provide new opportunities for builders and asset types.
The Runes protocol, developed by Bitcoin developer Casey Rodarmor, is set to launch on Bitcoin’s mainnet following the halving event scheduled for April 20. This protocol, following the successful Ordinals protocol, promises a more efficient way of minting and trading tokens on the Bitcoin blockchain.
Z Yin, co-founder and Chief Operating Officer of Magic Eden, expressed enthusiasm about the integration, stating, “We think Runes is going to supercharge the Bitcoin ecosystem even further, opening up a new wave of builders and asset types previously only possible on other layer-1 chains.”
Magic Eden, known for its recent success with the Diamonds rewards program and rising interest in Bitcoin-based assets, aims to provide a comprehensive platform for NFT trading across various blockchains, including Bitcoin, Solana, Ethereum, and Polygon.
The announcement comes on the heels of Magic Eden’s rise to prominence as the top NFT marketplace by trading volume, with a significant share of the market attributed to Bitcoin Ordinals trades. Recent data from analytics platform Tiexo shows Magic Eden responsible for over 52% of total trading volume across chains in the past 24 hours, with Bitcoin Ordinals trades representing a substantial portion of that volume.
Yin further emphasized Magic Eden’s commitment to the native Bitcoin ecosystem, citing the success of the Ordinals marketplace, which has already achieved $1 billion in volume in 2024 alone.
With the integration of the Runes fungible token standard, Magic Eden aims to facilitate a seamless experience for users and developers within the Bitcoin ecosystem, driving further adoption and innovation in the space.