Step-By-Step Guide to Purchasing Bitcoin Ordinals on Magic Eden
Magic Eden is a popular marketplace for buying and selling Bitcoin Ordinals and Runes tokens. They have a user-friendly interface and make the overall process of trading Ordinals easy for all levels. Ethereum, Solana, and Polygon NFTs are also traded on Magic Eden. However, BTC Ordinals are the focus of this Stouy tutorial and we’ll show you an actual example of how to buy them on Magic Eden below so let’s get started.
The Process of Buying Bitcoin Ordinals on Magic Eden Explained
Step 1: Go to Magic Eden and click on the Bitcoin logo at the top-left of your screen and you’ll see all of the Ordinals projects in the marketplace.
Step 2: Connect your Xverse wallet to Magic Eden by clicking “Connect Wallet” at the top-right of your screen. Your Xverse wallet will pop-open > log-in and approve the connection.
Step 3: In this example, we’re going to purchase a Bitmap Ordinal. To do that, we’ll click on Bitmap which is a metaverse project being built on Bitcoin. Like all Ordinals, it’s a highly speculative play. We’re going to purchase a Bitmap because we’ve done our research and like the potential risk / reward.
Bitmap aims to take advantage of data’s unique ability to be parsed from different angles. On November 7, 2023 it overtook The Sandbox as having the largest holder count of any crypto Metaverse. Buying a Bitmap is essentially like buying a plot of land in The Sandbox or Decentraland but on Bitcoin. Key things I look at when analyzing Ordinals projects are; Floor Price, Total Volume of the project, Total Supply, Owner Count, and Inscription Range. The last one mentioned, Inscription Range is very important for most Ordinals projects as the earlier inscriptions tend to trade at a premium.
Step 4: Once you’ve identified the project you want to own a piece of, the next step is to find the actual Ordinal to buy. Inscription number and Total price are the 2 main things I first analyze. Also, make sure to account for the “Bitcoin Network Fee” and add that into the Total Price calculation. The Network fee ( which is like Gas on Ethereum) will vary depending on how busy the Bitcoin Blockchain is at the time of your purchase. You have the option of choosing Low, Medium, or High which factors into how long it will take for your purchase to be confirmed on the blockchain. Personally, I like to only buy Ordinals when the Bitcoin Network Fee is relatively low but this might not matter to some people.
CoinGecko Bitcoin Converter is a great tool to see the actual price of the Ordinal in $USD.
Step 5: Once you’re ready to make the purchase, click on the “Buy Now” button. Your Xverse wallet will open > review the transaction and click “Confirm”.
You’ll see a message in the lower-left part of your screen that says, “Transaction submitted successfully”. Next, a message will display on Magic Eden that says, “A transaction is currently pending in the Bitcoin mempool, awaiting network confirmation. As a result, this item cannot be traded since the Ordinal is locked until confirmation or expiration occurs. Transaction started at Date, Time”. Below that message, you’ll see, “Check the transaction here”… click the link which will open Mempool.space where you can monitor it’s status. 
Step 6: While you wait for your Ordinals purchase to get confirmed, open your Xverse wallet and click on BTC where you can view your Transaction History and you should see “Receiving Ordinal” message.
Step 7: Go back to Mempool and see if your Ordinals transaction has been confirmed. The time it takes for confirmation to happen varies depending on how busy the Bitcoin Network is at the time your buy was broadcasted. In my experience, it usually takes 20 to 30 minutes on average for Ordinals purchased on Magic Eden to confirm. You’ll eventually see that it has been confirmed so here’s what to do next.
Step 8: Open Xverse and click on the gem icon which will display all the Ordinals inscriptions in your wallet. Also, go back to Magic Eden and click on your Profile > My Items and you’ll see your newly purchased BTC Ordinal.
Watch our video below to see an actual example of us Buying Ordinals on Magic Eden BTC…
Please use the Comments section below if you have any questions. Also, make sure to check out our tutorials on creating an Xverse wallet for Bitcoin Ordinals and SRC-20 Bitcoin STAMPS. Thanks for checking out Stouy Crytpo and we’ll see you on the next tutorial.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
