KEY POINTS
The non-fungible token (NFT) marketplace Magic Eden has officially integrated Runes — a new fungible token standard on Bitcoin — in beta.
Developed by Casey Rodarmor — also known for creating Ordinals — Runes aims to streamline the Bitcoin network, facilitating the issuance and trading of Bitcoin NFTs for creators and collectors alike.
By enabling additional information to be attached to Bitcoin transactions, akin to adding notes to money, Runes allows for the creation of specialized tokens such as loyalty points, without causing congestion on the Bitcoin network. This enhances Bitcoin’s utility across various applications.
The recent integration of Runes into Magic Eden provides users with the ability to select Runes by using unspent portions of Bitcoin — similar to digital change — to initiate new transactions.
Accompanying this integration is the introduction of the “Runes Table View,” offering users a customizable purchasing experience where they can control lot sizes and price selection, and filter options based on price and size.
Currently, users can engage in buying and selling activities, with the addition of swap functionalities expected in the near future.
Magic Eden had initially announced the integration of Runes the previous month and officially rolled out its availability on April 23 — shortly after the Bitcoin halving event on April 19.
This integration signifies another achievement for Magic Eden, which recently surpassed Blur, a leading NFT marketplace, in terms of trading volume.
According to CoinGecko, the surge in trading activity is attributed to Magic Eden’s Diamond reward program and its collaboration with Yuga Labs for the launch of a creator-friendly marketplace aimed at ensuring fair royalties for creators.
According to data from DappRadar, Magic Eden has maintained its position as the top NFT marketplace for the past 30 days, with an increase of +21% in trading volume compared to the previous month, outperforming competitors like Blur and OKX NFT.
