🎯Ordinals Collection Bidding
Last updated
Last updated
Features
In order to create and run Ordinal Bidding task each User will need the Base Access (Subscription or Lifetime NFT) as well as the PRO Access on top.
Ordinals bidding is different from what we're used to when bidding on Ethereum or Solana NFTs. Here is what you need to know about Ordinals bidding on Magic Eden:
Official Docs from Magic Eden: https://help.magiceden.io/en/articles/9204473-creating-and-managing-collection-offers-on-magic-eden-bitcoin
Each wallet can only have 1 active bid per Ordinals Collection
The collection bid price needs to be at least 66% of the floor price
Bids can be canceled without paying gas / btc transaction (Butler will do this for you in order to refresh your bids and keep you on top)
Royalties are 2% for MagicEden (Buyer will pay them, not you)
Minimum bid duration is 10 min
Collection Bids are seperated from Token Bids. You can still have 20 active token bids on your wallets while collection bidding.
The following collections are currently enabled for Collection Bidding. Magic Eden says they will enable more very soon:
Enabled Collections: Nodemonkes, Quantum Cats, Puppets, Runestone, RSIC, INK, 0N1, natcats, Frogs, Rune Guardians & Rune Pups
Magic Eden Support cliams they are already adding more collections and should soon open up for all of them
In Order to run Ordinal Bidding Tasks you'll first have to add a Bitcoin Wallet to your Butler which will be used to run your bids.
Your private key will be kept save, strongly encrypted on your Butler app only. It will never be shared or sent anywhere. It's only used locally to sign your bids.
Ordinal bidding tasks need to be created as Manual Task for now. Head to the CTO page and hit the "Create Ordinal Collection Task" Button:
You can also create Multiple Collection Bidding Tasks with different Wallets on the same collection. Butler will automatically consider all Local wallets as "your own" and will not outbid them.
Copy & Past the link of the Ordinals Collection to your Task and hit the Fetch Data button to make it double check the collection. https://magiceden.io/ordinals/marketplace/nodemonkes
The button will check if the collection is enabled for Collection bidding yet on Magic Eden
And it will also fetch current Floor price and other collection details which will prerview relative bid prices further down the config
Once the Collection has been fetched it's not longer possible to change it. Create a new Task if you want to bid on a different Collection.
Now choose your Wallet which will be used for bidding.
Remember each wallet can only have one bid active per Collection. But Butler will take care about canceling and rebidding. However if you want to have multiple bids active per collection you'll have to create multiple Collection Tasks.
You can bid with a fixed bid price or you can use "Outbid" to define a minimum and maximum price range. Butler will automatically outbid your competition in this range.
You can also choose between bidding in fixed BTC or bidding relative to the current collection floor price. So for example 30% to 20% below the current collection floor price. Relative bids will always require to set a "Hardcap bid price" in BTC as as fixed max bid price in BTC, to protect from fast moving floor prices.
The next section is about Outbidding steps (when outbidding is enabled) and the Validity (duration) of the bids.
For Outbidding several options are available:
BTC: Outbid your competition in fixed BTC steps (Example: 0.000001 BTC)
%: Outbid your competition in percentage steps (Example: 1% increments)
Smart: Outbid your competition in 9 different steps from your min to your max bid price. This is designed to save outbidding iteration and push the compeition out by reaching their max bid price where outbidding wars are finally won.
The Expiration Time of the bid can be defined in mins, hours, days and weeks. Usually we recommend something between 10 and 30 mins for Collection Tasks.
By default the Collection Task Engine runs every 5 Minutes through all the CTOs. However you can lower the repeating cycle in the Butler Settings as shown below.
The Floor price cap is an important safety feature, especially for Collection Task Bidding! If you set the Min floor price the task will automatically stop processing and looping once the Collection floor price (cheapest listing) drops below this value. The task will still retry but only process bids again once the floor price is in your range again.
You can only set the Min floor price if you dont want to define a maximum.
We always recommend to set this setting as safety feature. You never know how floor prices move while sleeping.
Also bids which are already active will have to expire, even if the floor price drops below the treshold. So make sure to use short validity times
The last option is just a quick toggle if you want to start the task immediately after creation. It's the same as just hitting the play button in the Task list once it got created.
To play your freshly created Ordinals CTO make sure to Enable your CTO Engine and play your Ordinals task. Depending on your subscription you can run up to 100 CTOs per Butler instance 🚀
Here are some additional Hints to be highlighted in the screenshot below:
Top Right you can search by collection name if you want to filter your CTO
When you play a CTO it will get a green, orange or red border indicating it's running now
Green means it has already been run and you were owning the highest bid at the time of running
Orange means it has not been run, or already been run but you're not the highest bidder (that's ok, often I don't want to be on top but I want to get the 2nd or 3rd bid accepeted)
Red means there is something blocking the task such as Floor Price limits or an Error (you can hit the top right red bubble to get more details)
Also have a look at the Task logs if you'd like to know more about how your bids
Since Fees on the Bitcoin network can spike a lot when the mempool is holding a lot of pending transactions, we have incorporated dedicated Settings to limit your Sats per vByte when bidding with Butler.
By aware every bid will add BTC Transaction fees which will only be executed if your bid is accepted. Therefore it's important to limit your maximum transactions.
In the Butler Settings there is a new Section to globally Limit your BTC Fees for bidding:
The min BTC Fees is only taken into Account for Ordinals CTOs. It ensures to have swift transactions going on even when BTC fees are very low at the time of bidding.
The max BTC Fees will always be taken into Account for Token Bidding and Collection Bidding on Ordinals.
On Token Bidding, bids will fail if ME fees exceed current limits
On Collection Bidding, Butler will overwrite the fees with the max fees configured here
