Ordinals Token Bidding
Last updated
Last updated
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
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
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":
Now choose your Wallet(s) which will be used for bidding.
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.
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.
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.
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.
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.
The following switch can be enabled to ignore collection bids when outbidding.
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 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.
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.
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.
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
In order to create and run Ordinal Bidding task each User will need the Base Access () as well as the on top.
In Order to run Ordinal Bidding Tasks you'll first have to to your Butler which will be used to run your bids.
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:
The max BTC Fees will always be taken into Account for Token Bidding and on Ordinals.
