🪄 Magic Eden Expands To BRC-20

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• NFT Market - Topping off the list this week is On The Edge of Oblivion. They’ve had over 21 BTC in volume traded over the past 7 days.

• Trending Collections

  • Bitcoin Machines [Floor Price - 0.1429 BTC]

  • The Final Pattern [Floor Price - 0.06 BTC]

  • Clay Pepes [Floor Price - 0.0025 BTC]

Today's edition:

• 🟧 Bitmap: 96% Of Bitcoin Blocks Inscribed

• 🪄 Magic Eden Expands To BRC-20

• 🚦 Network Congestion Caused By Bitcoin Ordinals

• 📜 Ultimate Bitcoin Ordinals Guide: How To Get Started

• 🤝 NEAR Foundation Partners With Alibaba Cloud (Forbes)

• 🍎 Why Web2 Developers Are Hesistant To Join Blockchain Revolution (Venturebeat)

• ⚠️ OnlyFans Creator Switches To Web3 Only1(CoinTelegraph)

• 🟧 Will Ordinals Take BTC Beyond A Store Of Value (BitcoinMagazine)

• 🪫 100 Tokenized Teslas 'Democratize' And 'Decentralize Web3 Ride Sharing (CoinTelegraph)

• 📃 Web3 Has An Awareness Problem (Adage)

• 💵 Sony Network Invests In Japanese Web3 Startup (CoinTelegraph)

• 😲 Nobody Knows What Web3 Is (Decrypt)

• 📄 dWallet Labs Reveal Research To Bring First Scaleable MPC tO Web3(Decrypt)

Bitmap: 96% Of Bitcoin Blocks Inscribed

With 96% of Bitcoin blocks now inscribed using the Bitmap standard, a monumental shift is underway in the world of digital ownership. These inscribed blocks have become crucial elements within the emerging Bitcoin Metaverse, offering unique opportunities for open-source development and community collaboration.

Here are the quick facts:

• Bitmap allows inscribing ownership of Bitcoin blocks onto Satoshis using Ordinals and the Bitmap standard.

• 96% of all Bitcoin blocks have been inscribed, transforming them into integral parts of the Metaverse.

• Block owners can fractionalize their blocks, allowing others to contribute and build vibrant community-driven spaces.

• Owning a Satoshi block holds historical significance, representing the inception of the Bitcoin blockchain.

The possibilities within the Bitmap Metaverse are virtually limitless. Block owners can fractionalize their blocks, inviting others to contribute and participate in the creation of dynamic digital spaces. So get yours before they are all sold out.

Magic Eden Expands To BRC-20

Magic Eden, the go-to platform for cross-chain NFTs, is expanding its offerings by introducing the BRC-20 standard on its secondary platform and creator launchpad. This move aims to provide a seamless experience for users, bridging the gap between Bitcoin ordinals and BRC-20 projects.

Here are the quick facts:

• Magic Eden is adding the BRC-20 standard to its platform, expanding its support for Bitcoin ordinals and enhancing the user experience.

• Users will be able to collect BRC-20 projects directly from the Magic Eden platform, while creators can launch their BRC-20 drops for minting.

• Magic Eden offers go-to-market strategy, marketing support, and improved user interface for creators launching BRC-20 collections.

• The expansion aims to establish Magic Eden as a primary destination for users participating in the Bitcoin ecosystem.

Network Congestion Caused By Bitcoin Ordinals

Bitcoin miners are cashing in on the frenzy surrounding Ordinals, with daily revenues reaching new heights of $40 million due to network congestion. The demand for inscribing digital assets on the Bitcoin blockchain has led to increased blockchain activity, requiring miners to validate transactions and earn higher fees.

Here are the quick facts:

• Bitcoin miners are making daily revenues of $40 million due to the surge in Ordinals demand and resulting network congestion.

• Minting Ordinals requires validation by miners, leading to increased work and higher transaction fees.

• Critics argue that the Ordinals frenzy is slowing down the network, but miners believe the hype will eventually subside.

• Bitcoin's transaction speed still outpaces traditional banks, providing an advantage in settling transactions.

Ultimate Bitcoin Ordinals Guide: How To Get Started

Since its creation in 2009, Bitcoin has primarily functioned as a sovereign digital currency. However, in January 2023, a new practical use case for Bitcoin emerged with the introduction of Bitcoin Ordinals.

Here are the quick guide: 

1. Download a Bitcoin Wallet: To inscribe an ordinal, a Taproot bitcoin address is required. Taproot addresses begin with "bc1." Wallets like Xverse, UniSat, or Hiro Wallet can provide Taproot addresses.

2. Go to Gamma.io: Visit Gamma.io/Ordinals and select the type of ordinal you want to create, such as a single image, bulk image, or text. For this example, let's choose "Single image."

3. Upload Your Image to Gamma: While the maximum limit for an ordinal is 4MB, you can inscribe up to 400KB without the assistance of a miner. Gamma helps optimize your image automatically to meet the maximum limit.

4. Enter the Address for the Inscription: In your Xverse or Hiro Wallet, select "receive" and copy the address starting with "bc1p." Paste this address as your "receipt bitcoin address" in Gamma.

5. Pay the Bitcoin Fee and Wait: Complete the payment of the Bitcoin fee, and within 10 minutes, your ordinal should appear in your Xverse wallet.

Bitcoin Ordinals have revitalized Bitcoin by expanding its utility beyond just transactions and holdings. In the first half of 2023, Bitcoin surpassed Solana to become the second most popular blockchain for NFTs. Creative projects like DeGods, OnChain Monkeys, YugaLabs, Beeple, and MegaPunks have embraced Bitcoin for their initiatives.

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