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<h2 id="header-0">NFT Marketplace Suspends Bitcoin Token Trading</h2>Popular <a href="https://cryptosnewss.com/binance-nft-marketplace-ends-polygon-network-support/" rel="noopener noreferrer nofollow">NFT marketplace</a> Magic Eden recently announced it is temporarily prohibiting trading of the BRC-20 token standard on its platform. BRC-20 tokens are built on the Bitcoin blockchain and bridge it to the Binance Smart Chain.In a <a href="https://twitter.com/MEonBTC/status/1715932783804080468?ref_src&#61;twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1715932783804080468%7Ctwgr%5E8fac941c83996f963fe0c94e863c1807b0a13405%7Ctwcon%5Es1_&amp;ref_url&#61;https%3A%2F%2Fwww.tradingview.com%2Fnews%2Fcoinedition%3A81b5d3c50094b%3A0-nft-marketplace-magic-eden-temporarily-halts-bitcoin-brc-20-trade%2F" rel="noopener noreferrer nofollow">tweet</a> on October 22nd, Magic Eden said the halt is to protect users until there is full consensus across BRC-20 projects. Trading of other assets continues unaffected.The surprise suspension raises questions about what issues may have prompted the action on a previously supported token standard.<h2 id="header-1">Magic Eden’s Exploration of Bitcoin NFTs</h2>Magic Eden first enabled BRC-20 listings in June 2022 to explore Bitcoin’s ecosystem and showcase new possibilities beyond payments.BRC-20 protocols like Bitcoin Ordinals allow anyone to create tokens on Bitcoin. Magic Eden offered reduced trading fees to spur new BRC-20 listings.But in October, with little explanation, Magic Eden suddenly prohibited BRC-20 trading due to reduced activity. According to crypto expert Colin Wu, daily BRC-20 transactions now account for under 3% of total Bitcoin network activity.<h2 id="header-2">Competition From Alternative Protocols</h2>One factor in BRC-20’s decline is new alternative protocols like RUNE gaining traction. RUNE aims to improve on BRC-20’s user experience and offer a similar bridge to Bitcoin.With users migrating to emerging competitors, BRC-20 activity and adoption has slowed despite Magic Eden’s previous promotional efforts.<h2 id="header-3">Concerns Around Security, Scalability and Regulation</h2>The abrupt trading suspension also raises questions around potential issues with BRC-20’s security, scalability or regulatory compliance.Unknown smart contract risks, challenges scaling to meet transaction demand, and uncertain regulatory treatment of tokenized Bitcoin may all contribute toreduced trust in the standard.Magic Eden’s silence leaves traders speculating, but as a protective measure for users, suspending BRC-20 makes sense until uncertainties are addressed. However, this may hamper Bitcoin’s potential in <a href="https://cryptosnewss.com/makerdaos-tvl-struggles-a-defi-market-analysis/" rel="noopener noreferrer nofollow">DeFi</a> and NFTs.________________________________________________________________________________________Stay connected with us on <a href="https://news.google.com/publications/CAAqBwgKMLrrowwwzOOyBA" rel="noopener noreferrer nofollow">Google News</a>, <a href="https://t.me/cryptosnewsss" rel="noopener noreferrer nofollow">Telegram</a>, <a href="https://twitter.com/NewssCryptos" rel="noopener noreferrer nofollow">Twitter</a>, and <a href="https://www.facebook.com/profile.php?id&#61;100089949049302" rel="noopener noreferrer nofollow">Facebook</a> to stay updated on the latest developments and engaging discussions in the realm of Crypto News.Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.Originally published at <a href="https://cryptosnewss.com/magic-eden-nft-marketplace-stops-brc-20-trading-raising-questions-on-bitcoin-nft-viability/" rel="noopener noreferrer nofollow">https://cryptosnewss.com</a> on October 23, 2023.

Magic Eden NFT Marketplace Stops BRC-20 Trading, Raising Questions on Bitcoin NFT Viability

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