Magic Eden Restart BRC-20 Trading Market, Fees Drop To 0.1%

Key Points:

• Magic Eden Marketplace announces that BRC-20 transactions are back up and running.
• With this return, the fee is reduced to 0.1% for new BRC-20 listings for one month.
• The platform has upgraded the BRC-20 tab on the item page to enhance the user experience.

According to the official announcement of the Magic Eden Marketplace, BRC-20 transactions are back on the platform with more offers and improvements.

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.

In addition, the platform has upgraded the BRC-20 tab in the user’s items page, making it easier to distinguish balances, view recent activities, and write new transfers to the list of BRC-20 users holding.

The platform’s validation process is also improved by cross-referencing all BRC-20 data on the listing. The BRC-20 Collection & Item Details pages will now see a listing validation status check.

The 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’s launch pad.

Users can now receive BRC-20 projects from ME, and creators can launch their BRC-20 drops for users to mint directly on the platform. This exciting move comes just two months after Magic Eden launched the Launchpad for Bitcoin Ordinals, quickly becoming the preferred marketplace for creators in the field.

As part of the company’s commitment to creators, those launching the BRC-20 Drops on ME’s launch pad will receive go-to-market strategy, marketing support, enhanced 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, allowing fungible tokens on Bitcoin. This breakthrough has allowed users to generate and mint 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 any smart contracts. Instead, it allows users to 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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