Magic Eden has unveiled an exciting enhancement that empowers users to place bid offers on their favorite Digital Artifacts. In this guide, we will provide you with step-by-step instructions to navigate the process of creating bid offers on Magic Eden's Bitcoin Ordinals platform.
Navigating to the Collection Page
To initiate the bid offer creation process, the first step is to access the specific Ordinal collection page where you intend to place an offer. Once on the collection page, locate the desired Ordinal on which you wish to make an offer. Click on the three dots icon to initiate the offer-making process.
Verifying Bitcoin balance
Before proceeding with the offer creation, it is crucial to ensure that your wallet contains an adequate amount of Bitcoin (BTC). In the event of insufficient funds, a message reading "Not enough balance available to make the offer" will be displayed.
Upon confirming that your wallet holds the required BTC, the "Make Offer" button will become active, signaling your readiness to proceed with the offer creation process.
Creating your bid offer
With sufficient BTC in your wallet and the "Make Offer" button now enabled, click on it to commence the offer-making process. Follow the standard procedure for creating an offer, which involves specifying essential details such as:
Price: Indicate the proposed price for the Ordinal.
Duration and Expiration: Determine the duration for which your offer will remain valid, along with its expiration time.
Terms and Conditions: Define any specific terms and conditions that apply to the offer.
It's important to note that the price must be at least 50% of the listed price.
Managing your offers
You can conveniently manage your offers at any time from your profile page. This feature grants you the flexibility to modify or withdraw your bids as needed.
Bitcoin escrow for bids
One crucial aspect to clarify is the handling of Bitcoin funds during the bid process. On Magic Eden, Bitcoin is only deducted from the bidder's wallet when a bid is accepted by the seller. This means that if a buyer spends the Bitcoin they had allocated for a bid before the offer is accepted, the bid will automatically become invalid.
There's no provision to reactivate a bid by depositing more Bitcoin; instead, a new offer must be created if the initial bid becomes invalidated. This unique approach ensures that users have full control over their Bitcoin until they secure the desired Ordinal, streamlining the bidding process and enhancing flexibility for collectors.
Additional points to consider
Here are a few noteworthy details about Bid Offers:
No transaction fees required: When making offers, transaction fees are included in the approved amount at the rate applicable at the time the offer is made; however, no fees are charged initially. Transaction fees are only incurred if the seller accepts the offer, at which point they are deducted from the buyer's wallet, along with the purchase (Bid) price plus any applicable Maker Fees.
Limited to listed items: Currently, bid offers can only be placed on items that are listed for sale.
Please note that the offered price must be at least 50% of the listed price. The system will automatically populate the minimum bid at 50% of the listed price, and you can adjust it as preferred.
If you attempt to place a bid while having a pending transaction in the mempool, you may receive an error message. Please try again once that transaction is confirmed.
Ownership requirement
Accepting offers is possible only if you own both the payment and Ordinal addresses involved in the offer.
Streamlined process
Unlike traditional transactions, buyers are not required to provide a dummy UTXO or go through a preparatory wallet step to create an offer.
Embrace the future of collection interactions by utilizing Magic Eden's innovative bid offer feature. Elevate your Bitcoin Ordinal experience and engage in seamless offer creation like never before!