How to Buy Your First Ordinal!
TL;DR
- Ordinals are satoshis (the smallest unit of Bitcoin) and data is attached to these ordinals creating “NFTs on Bitcoin”.
- Multiple wallets and marketplaces now support the safe storage, and sales of Ordinals.
- If you're familiar with ETH NFTs, purchasing is similar in process using Xverse or Leather wallet with marketplaces like Magic Eden and Gamma.
If you're new to the world of Ordinals, some of the initial terminology can be slightly confusing, potentially detracting from the simplicity of purchasing within the current infrastructure. In this article, we'll cover basics of ordinals and guide you on how to get started when buying your first Inscription (NFT on Bitcoin).
Basics of Ordinals
The system that makes up the Ordinals protocol is comprised of two main parts: Ordinal Theory, the numbering of individual Satoshis (0.00000001 of Bitcoin), and Inscriptions, the process of attaching data to these Ordinals. The Ordinals protocol to the Bitcoin network is simply bitcoin being sent from one wallet to another as a typical transaction, it’s only through the use of indexers that collect, parse, and store information from transactions, we can determine which jpg belongs with which satoshi.
Wallets & Marketplaces
With the advancement in wallets and indexers, we can now comfortably store and purchase ordinals with wallets deemed 'Ordinal Aware' such as Xverse and Leather. In both cases, these wallets store the Ordinal separate from your 'spending' bitcoin, minimizing the risk of accidentally sending an ordinal unintentionally. When connecting your wallet to a marketplace, it will scan that address and determine which assets you own.
How to purchase your first Ordinal?
1. Download Your Wallet
In this example, we'll be using the Xverse wallet to purchase and store our ordinal. Always confirm that you are downloading from the official Xverse website. Xverse is compatible with Chrome and also offers a mobile version.
2. Fund Your Wallet
Your Xverse wallet will have three different receiving addresses. For funding your wallet, always send BTC to your 'Bitcoin' address. The ‘Ordinals’ address will be where the ordinal will be sent when purchasing your inscription.
3. Connect to a Marketplace
https://magiceden.io/ordinals/
In this example, we’ll be using Magic Eden to complete the purchase process. In the top right corner, select 'Connect Wallet.' If this is your first time connecting, you will be prompted to sign and prepare your wallet. Always ensure that you are connecting to the official website.
4. Make Your Purchase
Once you've found the Ordinal you like, select 'Buy Now.' At this point your Xverse wallet will pop-up and prompt you to confirm the transaction. Always double check the items being transferred and received. Once you select ‘Buy Now’ and the transaction is pending, and no one else can purchase that item.
5. Confirm Transaction Has Completed
Transactions, including transfers and purchases, typically take around 10 minutes to finalize on Bitcoin. However, this duration isn't always consistent and can vary significantly.
You can track the progress of your transaction on mempool.space.
The arrow indicates where your transaction is in the ‘queue.’ Once approved, the red ‘Unconfirmed’ will turn to a green ‘Confirmed.’
Congratulations! You’ve now purchased your first Inscribed Ordinal!
6. View Your Ordinal/s
You have several ways to view your recently purchased ordinals. The first method is within the Xverse wallet using the second tab. The second is through the connected marketplace; for Magic Eden, select your address in the top right corner and then choose 'My Items.' Lastly, you can use websites like ord.io and paste your address to see the items you hold.
Thanks for reading, and we hope that this has made your purchasing experience a little less daunting.
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