Non-Fungible Tokens (NFTs) and Bitcoin are two of the most significant innovations in the world of digital assets. As the popularity of these assets continues to grow, understanding how to buy NFTs with Bitcoin has become increasingly important. This article provides a comprehensive guide to help you navigate this process, specifically focusing on the Magic Eden platform and Bitcoin Ordinals.
Creating a Wallet
Before you can buy NFTs with Bitcoin, you’ll need a wallet. Currently, Magic Eden supports three wallets for Ordinals: Xverse, Unisat, and Hiro. When you set up your wallet, you’ll have two Bitcoin addresses. One is for storing your Bitcoin for purchases, and the other is exclusively for Ordinals inscriptions/NFTs, known as a Taproot address.
Funding Your Wallet with Bitcoin
Once you’ve set up your wallet, the next step is to fund it with Bitcoin. You can purchase Bitcoin from most cryptocurrency exchanges. When you’re ready to transfer Bitcoin to your wallet, make sure to use the Bitcoin receive wallet address from the previous step. Once the transaction goes through, your wallet should be funded and ready to use.
Minting on Magic Eden Ordinals Launchpad
Magic Eden’s Launchpad is where you can mint new NFTs. If you haven’t transacted previously on Ordinals with your wallet, you’ll need to prepare your wallet first. A popup will appear asking you to confirm this in your wallet. Once your wallet is prepared, you’re ready to mint. Click the mint button once, and after your mint is submitted and approved in your wallet, you’ll see a confirmation that the transaction was submitted. Remember, Bitcoin transactions may take some time to confirm, so be patient.
Trading on Ordinals Secondary
After you’ve minted your NFT, you can trade it on the Ordinals secondary market. To do this, simply connect your wallet to Magic Eden and click on your wallet in the top right corner. You’ll see your Bitcoin Payments Wallet and your Ordinals Wallet. Click on ‘My items’ to view your items, where you can then list them for sale. Buying inscriptions on Magic Eden is just as simple. Head over to your favorite collection and buy the Digital Artifacts you like.
Buying NFTs with Bitcoin involves several steps, including setting up a wallet, funding your wallet with Bitcoin, minting NFTs on Magic Eden’s Launchpad, and trading on the Ordinals secondary market. While the process may seem complex, it becomes straightforward once you understand each step. As the world of digital assets continues to evolve, the ability to buy NFTs with Bitcoin is likely to become an increasingly important skill for participants in the crypto space. By following the steps outlined in this guide, you’ll be well on your way to adding NFTs to your digital asset portfolio using Bitcoin.