Collection offers for Bitcoin Ordinals have arrived! While trait offers are not supported, you can still make offers on all Ordinal collections using Bitcoin (BTC) on our platform. This guide will walk you through the process of making and managing collection offers on Magic Eden's platform.
Making collection offers
Accessing the collection page
To initiate an offer, navigate to the collection page of the desired NFT on Magic Eden's platform.
Initiating the offer
Locate the 'Make Offer' button on the right-hand side of the screen and click on it to open the offer modal.
Adding offer details
Within the modal, enter the desired price in Bitcoin (BTC) for your offer and specify an expiry period for your offer. The minimum bid amount for a valid collection offer must be within 33% of the current floor price.
Due to limitations with the UTXO model, only one collection offer can be made per collection. Learn more about UTXOs and offers here.
Submitting the offer
Once all details are entered, click on the 'Submit Collection Offer' button. This action will prompt you to sign a transaction using your wallet.
Collection offer prices are typically lower than regular listing prices because the offer acceptor pays the gas fees. With standard listings, buyers cover these fees, leading to a higher total cost. This can influence whether you choose to make a collection offer or list normally.
Note:
Collection offers are made with your main payment wallet balance, not your auction wallet balance.
Unisat wallet users may see this warning when signing the collection offer transactions. Type "CONFIRM" and proceed.
This is just a small fee needs to be paid for your collection offer transaction to get accepted by mempool.
How do Collection Offers work on Magic Eden?
Upon the acceptance of a collection offer, Magic Eden broadcasts two transactions to mempool.
1. The first transaction deposits the bidder's BTC into a multisig wallet.
This multisig wallet serves as a medium for ME to push the bidder's funds to the seller upon transaction confirmation.
2. The second transaction completes the rest of the collection offer.
Sending the bidder's funds to the seller.
Sending the ordinal from the seller to the bidder.
Speeding up your Collection Offers
At times, fee rate spikes may occur while your collection offer is still unconfirmed on mempool. In these scenarios, your collection offer may be "stuck" on mempool for an extended period of time, as miners prioritize processing transactions with higher fee rates first.
Transactions on Bitcoin take some time to confirm due to lengthier and varying block times, so speed matters most when it comes to securing your ordinal.
Various 3rd party tools are available for users (like Xverse Acclerate) to speed up their transactions. If you intend to use one of these tools, do remember to speed up the second transaction.
On-chain offer cancellations
Magic Eden employs the use of on-chain cancellations to provide a smoother trading experience for users. This would however require users to sign two transactions at the time of placing a collection offer.
Note:
On-chain cancellations only apply to offers above 0.005 BTC.
What does the first transaction do?
The first transaction is to allow the use of your UTXO to create the actual collection offer.
Why do I have to sign the second transaction?
The second transaction is to authorize the on-chain offer cancellation to trigger - 30 days after your offer expiry. This ensures that the offer is permanently canceled, and sends the unspent UTXO back to your payment wallet.
Navigating the world of NFTs has never been easier with Magic Eden's intuitive platform. Start exploring and collecting with confidence today!
If you have any questions or need assistance, feel free to reach out to our support team via the chat widget on help.magiceden.io.