Solana’s NFT marketplace, Magic Eden, has chosen to put a temporary hold on the trading of BRC-20 tokens.
The decision, announced on X (formerly Twitter), is driven by the aim of ensuring user safety and protection until a consensus is achieved across all BRC-20 tokens.
While BRC-20 trading remains paused, all other trading activities on Magic Eden remain unaffected.
BRC-20, introduced by a developer using the pseudonym Domo, is an experimental fungible token standard designed specifically for the Bitcoin blockchain. It facilitates the creation and transfer of fungible tokens via the Ordinals protocol. This protocol ensures that every satoshi (a small unit of Bitcoin) has its own distinct identity, allowing for tracking, sharing with others, and attaching personalized messages to each one.
Since its launch, the token quickly gained popularity, leading to initiatives like Asprey and Bugatti launching generative Egg NFTs on the Bitcoin Blockchain, and Yuga Labs conducting the successful TwelveFold Bitcoin NFT auction, which raised over $16 million.
Magic Eden rolled out its Bitcoin-based NFT marketplace in March, establishing itself as the first fully audited platform in the Bitcoin Ordinals ecosystem. This marketplace empowers users to explore various collection attributes, including Ordinal rarity, age, name, inscription numbers, and more.
The decision to temporarily halt BRC-20 trading underscores Magic Eden’s commitment to prioritizing user safety and security. The platform has consistently pursued initiatives to provide the best and most secure experience.
In a notable move last month, they introduced “cNFTs,” a concept aimed at reducing costs for creators and promoting scalable content production on the Solana blockchain.
Furthermore, earlier this month, Magic Eden launched a VIP program offering personalized services and curation for high-value NFT collectors and sellers, enhancing the overall trading experience.