🪙Ordinals Token Bidding
Last updated
Last updated
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:
You can only bid on listed Ordinals
Each BTC wallet can have a maximum of 20 active bids
You can only have one active bid per Ordinal token and wallet
Bids can be canceled without paying gas / btc transaction (Butler will do this for you in order to refresh your bids)
When an asset is in the process of transfer (tx in the mempool) it's blocked from receiving any more bids
Royalties are 2% for MagicEden (Buyer will pay them, not you)
Minimum bid duration is 5min
This means the buying / selling market is very much concentrated on the top listed items for bidding and trading in general. Which leads to a higher frequency of trading and a very clear fokus for market making & bidding.
Based on this ruleset given by Magic Eden we have integrated the following features for Ordinals bidding.
When running an Ordinals bidding task it will basically fetch the top listings from the collection and bid on them top down (excluding listed assets which are broadcasting a transfer). The first X listings are skipped when using "Skip # of Listings"
Since you can only have 20 active bids per wallet, you can assign multiple wallets to an Ordinals Bidding task
Further there is an option to limit the maximum number of bids per task
Based on your max bid price and the number of wallets and your maximum bids the task will fetch the top X listings and start processing your bids
When fetching the top listings it will also apply the optional trait filter
It will never exceed your configuerd max bid price / hardcap bid price
If you already have an active bid on a target, Butler will auto cancel the previous bid and then bid again
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 Token Task page and hit the "Create Manual Task" Button:
With the required PRO Access you can now switch the Marketplace to "MagicEden" and the target Blockchain to "BTC Ordinals":
Choose a name for your task and copy & past the Ordinals collection link from Magic Eden to the field on the right. Using NodeMonkey as an example here: https://magiceden.io/ordinals/marketplace/nodemonkes
Use "Fetch Data" on top to make Butler double check if the collection exists and to fetch the collection stats such as floor price, which will help to calculate relative bid prices later on.
Now choose your Wallet(s) which will be used for bidding.
Remember each wallet can only have a maximum of 20 active bids on Ordinals. So this depends a lot on how many active bids you're planning to keep on this collection.
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 Expiration Time 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 60 mins but it depends on how many bids you are processing and how often you want to loop your task.
By default a task will loop / repeat it's bids when the first bid of the task expires.
Minimum Expiration Time is 5min on Magic Eden
With the Add Trait Filter toggle button you can enable filtering for a selected trait. It requires to fetch Ordinals Collection Data first and it will then provide Dropdowns to choose the Trait Type and Trait Value filter for your Bidding Task:
The toggle button Maximum # bids can be used if you want to control the maximum number of bids.
By default the task will just process as many bids as possible depending on how many wallets you selected (20 Bids per wallet).
The toggle button Bidding Target Offset can be used if you want to set an offset of assets from floor to start bidding, you can do this here. So for example if you want to skip the first 20 assets for bidding you would set this option to 20.
By default the task will just process as many bids as possible starting with the cheapest listing.
The Floor price cap is an important safety feature. 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 following switch can be enabled to ignore collection bids when outbidding.
This feature was requested by the community. Due to the poor UI of Magic Eden Users sometimes accept token bids below the general collection bidding level.
Therefore we add an option to ignore collection bids when outbidding. Only other token bids will be evaluated.
The looping feature is a very core component of NFT Butler. It basically defines how the task should be reprocessed after it finishes it's bidding jobs.
By Default it's set to "Forever" and "Auto" which means the task will repeat forever and automatically restart when the first bid expires. Basically refreshing your bids based on it's validity time.
There are also other options available:
Limited looping: You can set a fixed number here to make the task loop X times (Example: 5) before it ends
Custom time: This setting defines a fixed countdown when the task should restart after it ended. Example 1 min: Will make it start again after 1 minute when it finished)
Offset time: This option is a relative offset to the first bid expiring in the previous cycle. If you set to 5 min it would start 5 minutes before the first bid expires
The looping settings can be used to make your most important bidding tasks loop more often and therefore outbid your competition more frequently on competitive collections.
Keep in mind it will also occupy your Ordinals Task slot more often which takes room from other tasks to be running. And you might run into max active bids per wallet issues if using this very aggresive.
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 Bidding task make sure to Enable your Token Engine and play your Ordinals task. It will use a dedicated Task slot just for Bitcoin based MagicEden Tasks and once it finishes it will automatically pull the next Ordinals task from the "Queued" section
If you're not running Magic Edene Token Bidding Tasks on ETH Collections you can exchange it's dedicated Task slot to run an other Ordinals Bidding Task to double your speed. The setting can be activated in Settings:
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
