Magic Eden, a multi-chain NFT marketplace, decided on October 22, 2023, to temporarily ban BRC-20 token trading in an effort to provide its users with the highest level of security.
This decision will stay in effect even after a comprehensive agreement regarding the rules governing BRC-20 tokens has been obtained. During this time, there were no disruptions to the other trading activities occurring on the platform.
Magic Eden had earlier announced that it would support BRC-20 tokens in a statement that was issued on June 27, 2023. The announcement can be viewed here. This signified the business’s ongoing investigation of the Bitcoin ecosystem. By implementing this upgrade, Ordinals will now be offered in addition to the previously mentioned category of tokens that are created on top of the Bitcoin network.
The support for BRC-20 tokens was a crucial step in enabling the secondary market trade of these tokens, as well as allowing anybody to develop their own tokens on the Bitcoin network. This was an important turn of events.
Following a temporary break in trading, BRC-20 trade was once again active on Magic Eden. As part of a promotion, the exchange lowered the costs for adding new listings to BRC-20 to 0.1% for a month. This deal was a part of an ongoing promotion.
This announcement, indicating the reopening of the BRC-20 trading market on Magic Eden, was communicated to the wider public in a tweet on July 13, 2023.
The start of regular trade on Magic Eden was likewise signalled by this information. Fees have been lowered in an attempt to draw more listings and maybe increase activity in the platform-hosted BRC-20 token market.