Magic Eden is revolutionizing the world of cryptocurrency by introducing the ability to buy and sell rare sats (satoshis) on our platform. Dive into this comprehensive guide to understand the entire process and the features Magic Eden's Rare Sat Marketplace has to offer.
Getting started
The rare sats collection page
Begin your journey by heading to the rare sats collection page ((Please note that US users will be redirected to https://magiceden.us/ordinals/marketplace/rare-sats), the central hub showcasing all available sats on the market.
The power of filters
Begin your exploration with specificity. Use filters, akin to the well known process with digital artifacts, to narrow down your desired sats.
To implement this, click the filter icon and explore the list of supported rare sat types (satributes).
Magic Eden also makes filtering for particular rare sat types easy by displaying the trending rare sats directly on our homepage. By clicking on these, it will automatically open up the rare sat collection page with the appropriate satribute filter applied.
For a deeper understanding of rare sats and their historical significance, turn to Magic Eden’s Guide to Rare Sats.
Decoding the display columns
Understanding each column on the collection page will help you make informed decisions. Specifically you will see:
Type/Amount: Know the type and breakdown of sats in the UTXO on sale.
UTXO size: Gauge the diversity of sats within a UTXO, e.g., a mix of pizza and common sats in one UTXO.
Unit and listing prices: Grasp the cost per sat and the cumulative UTXO cost.
Listed time: Trace back to when the sat was listed.
Exploring individual sats
You can further explore the intricacies of each UTXO by clicking on the magnifying glass.
Sats breakdown
Upon clicking on the magnifying glass you will see more details about the UTXO which is for sale. From the UTXO Details modal you can:
View the sats range (only the ranges containing rare sats will be displayed).
Delve into UTXO details like sats types, and their respective unit and total prices.
Transaction fees
You have the option to purchase the UTXO directly from the UTXO details modal.
Before finalizing, choose a fee rate that suits your needs: Low, Medium, or High. This is similar to the Bitcoin Network Fees you pay when purchasing digital artifacts.
Purchasing rare sats
Embark on a seamless purchasing journey with these steps:
Initiating the purchase
To complete the purchase click on 'Buy Now' after you have selected your fee rate from the UTXO details modal. This will lead you to your connected wallet.
Alternatively, clicking on 'Buy Now' directly from the collection page will display similar details and have a similar flow to clicking on the magnifying glass.
Transaction confirmation
After clicking ‘Buy Now’ and approving the transaction in your connected wallet, a notification will let you know your transaction has been submitted to the mempool.
You can opt to monitor the transaction status or revert back to the rare sats collection page.
Safety protocols
Magic Eden prioritizes your sat’s security by transferring purchased sats directly to your Ordinals Wallet, segregating them from typical Bitcoin transactions.
You can view your sats under the Rare Sats tab in your profile after the transaction has been confirmed.
Listing rare sats
Head to your profile page from Magic Eden Bitcoin by clicking on your address at the top right of the screen and selecting ‘My items’. Click on the ‘Rare Sats’ tab as mentioned above.
Preparation
Locate the desired UTXO you wish to sell, in the ‘Rare Sats’ tab in profile and click 'List/Details'.
Pricing your sats
Assign a unit price for the sats you are selling.
If you have a diverse range of sats in one UTXO you can price them individually from within the modal.
The total UTXO price auto-populates based on your set unit price/s.
Listing and finalizing
On selecting your unit price you will see a breakdown of the associated costs involved. Review these details and if happy click 'List Now'.
You will be directed to your connected wallet to complete the transaction, and your listing will become visible on the collection page.
Important note:
Always transfer rare sats to your Ordinals Wallet prior to listing to safeguard them from inadvertent spends.
Navigating the world of rare sats on Magic Eden Bitcoin is both exciting and rewarding. By understanding the buying and selling process, you can fully immerse yourself in this new innovative marketplace. So, why wait? Dive in, explore, and let the magic of rare sats unfold!
If you have any questions or want to leave feedback feel free to contact our support team via the chat widget on our website.