Magic Eden, an NFT marketplace, tweeted to announce the restart of the BRC-20 trading market. Fees were reduced to 0.1% for new BRC-20 listings for one month.
BRC-20 is back live on Magic Eden – so let’s celebrate!
Welcome to our relaunch party, BRC-20 2.0:
🪄 Fees reduced to 0.1% on new BRC-20 listings for 1 month🤯
🪄 Sleek New UI of BRC-20 Item Page 😎
🪄 Improved validation checks ✅Take a deeper look 👇 pic.twitter.com/2TGKbce9qO
— Magic Eden on Bitcoin 🟧 (@MEonBTC) Jul 13, 2023
In addition, the platform has upgraded the BRC-20 tab on the user’s items page, making it easier to distinguish balances, view recent activity, and write new transfers to the list of BRC-20 users.
The platform’s validation process has also been improved by cross-referencing all BRC-20 data on the list. The BRC-20 Collection & Item Details pages now display a validation status check.
Magic Eden (ME) cross-chain NFT platform has embraced the growing popularity of Bitcoin Ordinals by adding the BRC-20 standard to its open-source secondary platform and creator launch pad.
Users can now receive BRC-20 projects from ME and creators can launch their BRC-20 drops for users directly on the platform. This exciting move comes just two months after Magic Eden launched the Launchpad for Bitcoin Ordinals, quickly becoming the marketplace of choice for creators in the field.
As part of the company’s commitment to makers, those who launch the BRC-20 Drops on ME’s launchpad will receive a go-to-market strategy, marketing support, an improved user interface, and everything in between. Other things needed to make their BRC projects successful.
In March 2023, an anonymous developer with the alias “Domo” proposed an experimental BRC-20 standard, which will enable fungible tokens on Bitcoin. This breakthrough allows users to generate and store tokens as an order on the Bitcoin network, using the underlying JSON code as the token’s inscription.
Although ERC-20 inspires BRC-20, it does not use smart contracts. Instead, users can generate tokens directly by adding a JSON text file to the network. This opens up new possibilities for the Bitcoin blockchain, which has historically been connected as a medium of exchange and store of value.
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