Magic Eden, a well-known NFT marketplace, has recently declared its decision to provisionally stop the trading of Bitcoin BRC-20. The purpose of the company in taking the respective measure is to shield consumers until a complete consensus around all BRC-20 tokens. Nonetheless, according to the formal posts that Magic Eden shared on X, the respective decision would not be negative.
Magic Eden Implements a Provisional Halt on Trading Bitcoin BRC-20
In this way, the provisional pause on the trading of the BTC BRC-20 will not impact the firm’s trading operations. Magic Eden has a significant position among the prominent NFT marketplaces developed on the blockchain of Solana. Its launch took place on 17 September. The platform released a completely audited marketplace providing Bitcoin Ordinals back in March this year.
As the press release mentioned, the company declared the release of a BTC marketplace to deal with digital artifacts. It added that the respective marketplace would provide a remarkable interface and user experience. Magic Eden disclosed that this would offer an acquainted trading experience. In this respect, Magic Eden collaborated with thirteen famous NFT collections. They took into account Bitcoin Bandits, Inscribed Pepes, and Taproot Wizards.
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Platform Says the Halt Will Not Disturb Its Normal Trading Operations
Apart from that, the company integrated a couple of non-custodial wallets at the time of release. The names of the respective wallets were Xverse and Hiro. The purpose of the integration of these wallets was to enhance the experience of the clients. Nonetheless, a significant drop took place in the activity related to the BRC-20 token.
Keeping that in view, Magic Eden has made a significant decision. The platform decided to put a provisional halt on the trading operations dealing with the BRC-20 tokens. As a result of this, the consumers will not have permission to carry out the respective trading activities on its marketplace. Following that, Colin Wu has reflected on the respective development. Colin Wu is a reporter from China.
A channel that Colin Wu has developed on X is named Wu Blockchain. On the respective channel, Wu recently shared some details. The details were related to the dropping value of the BRC-20 token. In this respect, while digging into the matter, Wu disclosed that the respective situation has emerged particularly after some significant moves. They take into account the sats mint and Rune’s introduction.
Rune plays the role of a likely alternative to the BRC-20 token. While discussing this scenario, Wu added that these things have resulted in the decreased position of BRC-20.
Wu moved on to say that after the sats mint’s completion, a huge drop took place in the activity concerning BRC-20. In addition to this, Wu claimed, the number of regular transfers has also dropped to less than just three percent of the total transfers on the blockchain of Bitcoin.