How to Buy Bitcoin Ordinals: A Step-by-Step Guide
Learn how to buy Ordinals in this step-by-step beginner’s guide (with screenshots) explaining how to use Xverse to purchase Bitcoin Ordinals.
Since launching in January 2023, Bitcoin Ordinals have turned into a thriving market for Bitcoin art, digital collectibles, and rare satoshis. Read on to learn how to buy Bitcoin Ordinals using Xverse wallet.
What Are Bitcoin Ordinals?
Bitcoin Ordinals are unique digital assets inscribed onto individual satoshis on the Bitcoin blockchain.
The Ordinals protocol allows anyone to inscribe images, text, audio, and other types of content onto a numbered satoshi (sat). Through Ordinal Theory, the protocol assigns ordinal numbers to sats, thereby making them easy to track and trade once they are inscribed with content.
The emergence of Ordinals has breathed new life into the Bitcoin ecosystem and inspired developers to build token standards for asset issuance directly on the blockchain.
Why Are People Buying Ordinals?
Unlike traditional NFTs that store metadata with off-chain data storage providers, Bitcoin Ordinals are recorded on-chain. This feature makes Ordinals superior to traditional NFTs as they are fully on-chain, decentralized, and immutable.
Some of the solutions used to store metadata by NFT projects outside the Bitcoin ecosystem are centralized. The problem with centralized storage solutions like IPFS is that they create a single point of failure that could expose metadata to manipulation or loss.
However, with Ordinal inscriptions, also referred to as digital artifacts, collectors don’t have to worry about the safety of their collections as they are securely stored on the most secure blockchain in the world.
This significant distinction between Bitcoin Ordinals and traditional NFTs is so appealing that it has attracted the wider NFT community, establishing an exciting new market for Bitcoin Ordinals.
How to Buy Bitcoin Ordinals on Gamma
Let’s take a look at how you can buy Bitcoin Ordinals using your Xverse wallet on the Gamma marketplace.
Begin by downloading the Xverse Ordinals wallet and setting it up.
Next, you need to fund your wallet with BTC. You can do that directly within Xverse using the wallet’s ‘Buy Bitcoin’ feature.
Open the Gamma website and click on ‘Connect wallet.’
Select Xverse from the list of wallets.
Give Gamma permission to draw payment from your Bitcoin address and send the inscription to your Ordinals address.
Once connected, explore the Bitcoin Ordinal collections listed on Gamma by going to the Ordinals tab and selecting ‘Explore collections.’ This option will take you to the most recent Ordinals.
Scan through the collections to find something you want to purchase. Alternatively, go to the Ordinals tab and choose ‘Top collections’ to view the most popular inscriptions.
When viewing Ordinal collections, pay attention to the floor price and the volume. The former is the lowest price for buying an inscription in that collection, while the latter is the total value of Ordinals traded in 24 hours.
Additionally, go through a specific digital artifact's metadata, noting the content type, the inscription number, trading history, and the timestamp (when it was minted). You can also research a collection further by viewing the project’s website and social media accounts.
Once you find an Ordinal inscription you like, hit the ‘Buy now’ button. Gamma will display the total amount you must pay, including network fees.
Carry out the required steps to complete the purchase, and then wait for your Bitcoin Ordinal to hit your Xverse wallet.
Click the diamond icon on Xverse to view your new inscription.
Bitcoin Ordinals are listed under the “Inscriptions” tab, while Stacks NFTs are displayed under the ‘NFTs’ tab. You will also find your rare sats in that section of your wallet.
What Types of Bitcoin Ordinals Can You Buy?
While the Ordinals market is less than a year old, you can already purchase various different types of Bitcoin Ordinals, ranging from high-end art to meme-powered profile pictures to rare and uncommon satoshis.
Let’s look at some of the most actively traded categories of Bitcoin Ordinals.
Bitcoin art inscriptions are generally high-end digital art generated via AI or code. They fetch high prices and are often sought after by collectors.
Yuga Labs’ TwelveFold collection is an example of Bitcoin art. The high-profile collection generated over $16 million through an auction held in March 2023.
Profile picture (PFP) collections are inspired by culture or memes and are typically used as avatars or social media profile pictures. Bitcoin Punks and Taproot Wizards are examples of PFP collections.
Bitcoin Punks are uploads of the original Ethereum CryptoPunks on the Bitcoin blockchain, drawing inspiration from the London punk scene of the 1970s. On the other hand, Taproot Wizards are influenced by the Bitcoin Wizard meme, which was popular among Bitcoiners in 2013.
Rare satoshis are increasingly popular Bitcoin collectibles made up of rare and uncommon satoshis. For example, the first sats created after every difficulty adjustment period or after every 2,016 blocks are considered “rare sats,” according to the Rodamor Rarity Index.
The Xverse Ordinals has a feature that shows you any rare and uncommon sats you may have in your BTC holdings.
Securely Manage Your Bitcoin Ordinals Collection with Xverse
Xverse is the leading Bitcoin wallet for Ordinals and BRC-20, built for the fast-growing Web3 ecosystem built on Bitcoin.
Using Xverse, you can seamlessly connect to all major Ordinals marketplaces to inscribe, buy, and sell Bitcoin Ordinals with just a few clicks.
How do you buy and sell Ordinals?
You can buy and sell Ordinals on various marketplaces such as Gamma, Ordinals Market, and Magic Eden using your Xverse wallet. To trade Bitcoin Ordinals, you must load your Bitcoin wallet with enough BTC to pay for the digital artifacts and to cover network fees.
How do I buy Ordinals in Magic Eden?
Magic Eden is an NFT marketplace that supports Ordinals. Download Xverse wallet and set it up to purchase inscriptions on this platform. Next, top up your Xverse Bitcoin wallet with BTC to buy the digital artifact of your choice and pay network fees.
Magic Eden offers a wide range of Ordinal collections for you to browse and find inscriptions you’d like to collect. Moreover, you can also purchase rare sats on Magic Eden.
How do you buy and sell Ordinals?
To buy Ordinals, set up a Bitcoin wallet like Xverse that supports the Ordinals protocol and fund it with BTC. Browse an Ordinals marketplace to find and purchase Ordinals, paying for the inscription and the network fees with BTC from your Xverse wallet.
To sell, list your Ordinal inscription on a marketplace with a set price. When a buyer agrees to the price, they pay using BTC, which is sent directly to your Xverse wallet (minus the platform’s commission and the Bitcoin network fees). Upon receiving the payment, your Ordinal will be transferred to the buyer as the marketplace sends the specific satoshi it is inscribed on to the collector.
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