Magic Eden, a multi-chain NFT marketplace, decided on October 22, 2023, to temporarily halt BRC-20 token trading to ensure the highest level of consumer safety.

This decision to suspend BRC-20 token trading will remain in effect even after a comprehensive agreement on BRC-20 token regulations is reached. There were no disruptions to other trading activities on the platform during this period.

On June 27, 2023, Magic Eden had previously issued a statement indicating its support for BRC-20 tokens, as detailed in this news release. This move reflected the company’s commitment to exploring the Bitcoin ecosystem and expanding its Ordinals offerings to include tokens developed on the Bitcoin network.

Supporting BRC-20 tokens not only facilitated their trading on the secondary market but also allowed anyone to create their own tokens on the Bitcoin blockchain, marking a significant development.

After a brief pause in BRC-20 trading, Magic Eden resumed trading and offered a promotional discount on the fees for adding new listings, reducing them to 0.1% for one month as part of an ongoing promotion. A tweet on July 13, 2023, announced the reopening of the BRC-20 trading market on Magic Eden, signifying the resumption of regular trading activities. The fee reduction aimed to attract new listings and stimulate increased activity in the BRC-20 token market hosted on the platform.