Summary
TLDR: Magic Eden, a cross-chain NFT marketplace, plans to support the upcoming Runes fungible token standard on Bitcoin after the upcoming halving. Runes is a more efficient way of minting and trading tokens on Bitcoin and is expected to boost the Bitcoin ecosystem. Magic Eden has become the top NFT marketplace by trading volume, with a focus on Bitcoin Ordinals trades. They recently launched a Diamonds rewards program and teased an upcoming NFT token, further solidifying their position in the market.
Key Points
1. Magic Eden plans to support the upcoming Runes fungible token standard on Bitcoin’s mainnet after the halving, which is expected to take place on April 20.
2. Runes is being pitched as a more efficient way of minting and trading tokens on Bitcoin compared to the experimental BRC-20 token standard created on top of Ordinals.
3. Magic Eden has quickly become the top overall NFT marketplace by trading volume, with over 52% of total trading volume across chains and about $35.6 million worth of transactions in the past 24 hours.