Solana’s non-fungible token marketplace Magic Eden will integrate support for the Bitcoin blockchain-based NFT protocol Runes, which will be launched after the network’s fourth halving.
Through a post on X (formerly Twitter), Magic Eden developers announced that they are preparing to support Runes, a new Bitcoin-based non-fungible token protocol that seeks to solve the complexity and problems associated with the existing BRC-20 tokens on this blockchain network.
Its creator, Casey Rodarmor, also the creator of the Ordinals protocol, believes that Runes represents the evolution of NFTs on Bitcoin.
By integrating support for this new NFT protocol, the developers of the Magic Eden marketplace assured that they will enhance the usability and, with it, the future of non-fungible tokens in Bitcoin, since the platform also offers support for the digital assets of the network's Ordinals protocol.
Boosting activity on the Bitcoin blockchain
The introduction of Runes to Bitcoin is generating great expectations in the crypto community, due to the potential that this new protocol promises to boost the use cases of the network, currently the most robust and capitalized in the world.
Source: CoinMarketCap
In a technical document Published in September, Rodarmor explained that Runes would solve the complexity of BRC-20 tokens, simplifying both the developer and user experience. First, this protocol will allow NFT tokens to be easier to generate and deploy in solutions like the Lighting Network, by linking the record of all token transactions to Bitcoin’s UTXO system. The latter is what primarily differentiates Runes from BRC-20 tokens.
On the other hand, the transfer of NFTs on Bitcoin will also be simplified with the arrival of Runes, because this new type of tokens on the chain would encourage careful and responsible management of UTXOs, which in turn will minimize the creation of undesirable UTXOs that saturate the network and increase the cost of transactions.
Therefore, this protocol was designed with the aim of improving the efficiency of NFT creation and simplifying the user experience, which can attract greater innovation to the Bitcoin ecosystem.
A new NFT standard coming with the 4th halving
While Rodarmor announced the arrival of the Runes protocol in September of last year, this new non-fungible token protocol will not be implemented on the Bitcoin network until after the arrival of the fourth halving, which is estimated to take place in mid-April.
Runes promises to be a major milestone in accelerating innovation on the Bitcoin network and should not be confused with THORChain’s native utility token (RUNE) or the dark fantasy gaming universe Rune (RUNE) built on BNB Chain.
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