Magic Eden temporarily halts BRC-20 trading amid expansion of tactics

On October 22, 2023, the decision was made by Magic Eden, a multi-chain NFT marketplace, to forbid the marketing of BRC-20 tokens in order to guarantee the maximum possible degree of security for its consumers.

This decision will continue to apply even after an overall agreement is reached on the BRC-20 brand regulations. There were no interruptions to any of the other trading activities taking place on the platform during this time period.

On June 27, 2023, Magic Eden previously released a statement announcing that they would be supporting BRC-20 tokens and the news can be seen here. This represented the company’s continued exploration into the Bitcoin ecosystem. This update was made in order to expand the Ordinals offering to include the previously described class of tokens, which are deployed on top of the Bitcoin network.

In addition to being a substantial move towards making it easier to trade these tokens on the secondary market, support for BRC-20 tokens enabled anyone to create their own tokens on the Bitcoin blockchain. This was an important development.

Trading in BRC-20 has resumed on Magic Eden after a brief trading halt and as part of an offer, the exchange reduced the fees for adding new listings to BRC-20 to 0.1% for a period of one month. This discount was part of an ongoing promotion. A tweet sent on July 13, 2023 informed the general public of this information, which indicates the reopening of the BRC-20 trading market at Magic Eden.

This information also marked the beginning of normal trading at Magic Eden. The fee reduction was done to attract new listings and perhaps generate more activity in the BRC-20 token market hosted on the platform.

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