If You Want in On the Ordinals Craze, An Ordinals Marketplace Is a Solid Choice

Ordinals are much like NFTs on other blockchains and are created by inscribing Satoshis with data (image, text, video, and any other type of arbitrary data). These digital artifacts don’t store data off-chain and don’t use smart contracts, although they’re perfectly compatible. The widespread recognition and the novelty of NFTs stored on the Bitcoin blockchain led to a surge in Bitcoin transactions and Ordinals inscriptions. Trades tend to be higher value. Runestone is the most significant venture to have ever joined the ecosystem. In case you didn’t know, the creators of the popular Bitcoin Ordinals project sent the original inscription to the Satoshi wallet to prevent any changes to the collection. 

Investing in Ordinals is a novel opportunity if you’re interested in interacting with the Bitcoin ecosystem. Still, as with any investment, it’s essential to do your homework. To start buying and selling Ordinals, you must set up an account on an Ordinals marketplace. Next, connect your cryptocurrency wallet to store the funds for payment purchases. An Ordinals marketplace facilitates the exchange of various digital assets, creating a dedicated space for creators and collectors. Attention must be paid to the fact that not all marketplaces are created equally. Only a select few stand out for their exceptional service. 

First Decide What Type of Ordinal You’re Interested in Buying, Selling, Creating

Before looking at different marketplaces (and wallets), it would be best to make up your mind about what type of Ordinal you’d like to buy, sell, or create. NFTs on the Bitcoin blockchain have different levels of rarity, namely super rare, rare, and ordinary. As you can imagine, super rare Ordinals are the most valuable ones, as their distribution is the lowest. Rare Ordinals signal uniqueness and scarcity and can be determined based on block height, inscription time, and overall demand, to name a few. What represents rare features in demand changes all the time, so you must keep up with the NFT community. As the name clearly suggests, ordinary Ordinals are very common, so their distribution is above the average. 

The Ordinals protocol serves as a one-of-a-kind foundation for digital assets on the Bitcoin blockchain. Satoshis can be filled with arbitrary content like text, images, videos, and so forth. The outcome is a digital artifact that can’t be sold without paying a royalty. Some marketplaces support various tokens, while others use a specific proprietary token (NFTs minted by the marketplace itself). You can buy and sell Ordinals that have already been created and sold before on a secondary marketplace. The Ordinals Magic Eden marketplace is by far the most preferred for Bitcoin-based projects because it makes available a unified and user-friendly platform. 

When Selecting an Ordinals Marketplace, Consider the Buying and Selling Process 

Ordinals represent an evolution in the cryptocurrency space and a significant step forward in the resuscitation of modern finance. Since they’re commonly referred to as “investment as a status”, acquiring Bitcoin NFTs is an excellent way to maximize social capital and for more connections within the cryptocurrency space. Once you’ve inscribed your digital artifacts onto the Bitcoin blockchain, you’re ready to list and sell them. If you’re lucky enough, you can create an airdrop for the newly minted tokens, which will add a certain level of awareness. Equally, you can sell an Ordinal that a collector has already bought and is willing to part with. 

The Ordinals marketplace should make it very simple to create listings and locate customers or sellers. As far as valuation is concerned, the marketplace’s worth is dependent on its user base, traffic, features, and other factors. As mentioned earlier, not all platforms operate in the same way or provide the exact same functionality. Magic Eden, for instance, supports Ethereum and Polygon, besides Bitcoin Ordinals, and offers exciting features, such as a non-custodial wallet, developer resources, and a launchpad for NFTs and Web3 projects. The online platform makes it possible to trade or store Ordinals without difficulty. Should you have questions or require support, you can contact the support team. 

Be Sure the Ordinals Marketplace Has Strong Controls in Place to Fend Off Hacks 

As with any burgeoning industry, the Ordinals marketplace isn’t immune to hacks. As a matter of fact, threat actors are actively targeting Bitcoin hot wallets using malicious clones. According to a Dune Analytics report, more than 64 million inscriptions have been minted on the Bitcoin blockchain until now, so it doesn’t come as a surprise Bitcoin NFTs are a tempting target for cyberpunks. Some NFT marketplaces lack the necessary security measures, which is why you must interact only with reputable platforms and avoid offers that seem too good to be true. As the Ordinals technology is continually developing and becoming increasingly popular, malicious actors will search for new ways to exploit the system. 

Last But Important, What Wallet Is the Best Choice for Bitcoin Ordinals? 

To buy and sell Ordinals on a dedicated marketplace, you need a wallet that supports the Bitcoin blockchain. It’s the same as using other blockchain applications. Some of the most commonly used wallets for the ecosystem are UniSat, Leather, and XVerse. When using an Ordinals wallet, you’ll have two separate Bitcoin addresses – one for holding Bitcoin and one dedicated to Ordinals inscriptions and digital artifacts. You have complete control over your private keys, not to mention that you can mint Ordinals without running a full Bitcoin node. Nevertheless, you must be patient because Bitcoin transactions can take time to process. 

Concluding Thoughts

In conclusion, it’s critical to understand that Ordinals marketplaces don’t resemble NFT marketplaces with regard to management, signing, and confirmation of transactions. Ordinals marketplaces often include multiple parties and demand additional security, so they’re suitable for more complex scenarios. Your wallet may have to go through different steps, like creating unsigned transactions and obtaining signatures from authorized parties. Bitcoin NFTs have a fixed order, so a marketplace will focus on relative rankings. Many platforms offer educational materials and guides to help you navigate the landscape, so stay informed and equipped with knowledge.