Ordswap is the first trustless ordinal NFT marketplace offering an all-in-one solution for everything Ordinals. It allows collectors and creators to buy, sell, and inscribe Bitcoin Ordinal NFTs using PSBT, making it the least expensive marketplace for buying and inscribing Ordinals.
What Is Ordswap?
The Ordswap marketplace was created by a team of anonymous developers and launched in February 2023. While the team may eventually reveal their identities, their current focus is on showcasing Bitcoin’s emphasis on proof of work over social influence.
We may not know much about who’s behind Ordswap, but we do know the founder’s favorite quote is “I always played like this, unpredictable” — Manu Ginobili. Given how fast and inventive Ordswap has been, it’s easy to see why.
Oh, and if you’re wondering about Ordswap’s logo, it’s not a bird. It’s actually a T-Rex footprint that symbolizes marking their place on the Bitcoin blockchain.
Ordswap has achieved a significant milestone by launching the first-ever trustless marketplace that facilitates swaps between Ordinals and BTC using PSBT (Partially Signed Bitcoin Transaction). They have set the benchmark in the market by providing the best user interface and user experience of any Ordinals marketplace.
It’s undeniable that Ordwap is paving the way in the race to be the first and most user-friendly Ordinals marketplace.
How Does Ordswap Work?
The Ordswap Marketplace provides four user-friendly features including an inscription service, collection listings, an open market, and recent activity.
If you want to create your own Ordinals NFT, Ordswap’s inscription feature enables you to do this easily. Not only is the process super simple, but it’s also the cheapest inscription service available.
You can inscribe a single Ordinal or an entire collection by uploading your files to Ordswap, then paying the inscription fee. If you don’t have an Ordinals address to receive your inscription, Ordswap will hold it for you until you set up a wallet and get an address.
The Collections page allows you to view specific Ordinal NFT collections. Additionally, you can view an entire collection or filter by Ordinals for sale within a specific collection.
This makes finding collections a breeze, and locating Ordinals that are for sale quickly so you can make a move before someone else does.
If you want to list your own collections of Ordinals on Ordswap, you’ll need to fill out their airtable form.
The Market tab is used to view all Ordinals that are listed on Ordswap. You can filter by recent additions, inscription number, and lowest or highest price. Notably, Ordinals listed on the market may not be part of a collection, so you have to do your own research and transact at your own risk.
The Activity tab allows you to quickly view the most recent trades on Ordswap. You can see which Ordinal was sold and for how much.
What Wallet Do I Need For Ordswap?
The Ordswap Wallet is the most compatible wallet to use with Ordswap. If you don’t have that, you can also use MetaMask. Other wallets like OrdinalsWallet and Xverse will likely become compatible in the near future.
The implementation of MetaMask into the Ordinals ecosystem was a huge step for the space. MetaMask currently has over 30 million users, and now all of those users can easily access Ordinals via the Ordswap marketplace.
To use your current MetaMask wallet on Ordswap, follow the steps below:
- Go to Ordswap.io/import and connect your Metamask wallet.
- Sign the message to generate your BTC Taproot Key.
- Send BTC to your new address and start trading.
What Are Ordswap’s Fees?
Ordswap offers a competitive pricing structure for buying and inscribing Ordinals. When purchasing an Ordinal, there is a 3% fee added on top of the listing price. For inscriptions, there is a fee of 0.00025 BTC plus a 5% fee. However, Ordswap provides a 10% discount on all collection inscriptions.
With its affordable pricing, Ordswap is currently the most cost-effective marketplace for both buying and inscribing Ordinals.
It’s important to note that you have several inscribing fees to choose from, each with varying rates and inscription speeds.
- Economy: The cheapest and slowest (2 sats/vB) inscription time (about 24 hr).
- General. More expensive and quicker (7 sats/vB) inscription time (about 1 hr).
- Fastest. The most expensive and quickest (11 sats/vB) inscription time (10-20 min).
- Custom. Custom enables users to set their own speed and fee.
The transaction fee is always displayed in sats/vB, so I think it’s important to highlight what that means so you can better understand how fees are calculated.
When you send Bitcoin to someone, you need to pay a fee to the network to process your transaction. This fee is measured in something called “Sats/vB” which stands for “Satoshi per byte”.
A Satoshi is the smallest unit of Bitcoin. So when you see “2 Sats/vB”, that means you would be paying 2 Satoshis for each byte of data in your transaction.
To calculate the total fee for your transaction, you would need to know how many bytes your transaction is. Let’s say it’s 85,000 bytes (the average size of an image). To calculate the fee, you would multiply the number of bytes (85,000) by the fee rate (2 Sats/vB):
85,000 bytes * 2 Sats/vB = 170,000 Satoshis (0.00170000 BTC)
Hopefully, this helps you understand how transactions are calculated.
Is Ordswap Safe?
Ordswap is a safe platform because it eliminates the need for a third party to initiate and complete a transaction. However, one potential concern is that users are required to input their private key directly on the site, which goes against security practices crypto users have been taught.
It’s important to note that the need to input your private key directly on the Ordswap site is only a temporary concern. The Ordswap team is actively working towards a solution to eliminate this requirement, ensuring even greater security and peace of mind for users.
How to Inscribe Ordinals On Ordswap
Inscribing an Ordinal NFT has never been easier thanks to Ordswap’s inscription service. So, how do you inscribe an Ordinal using Ordswap? Follow the steps below.
1. Go to Ordswap.io and Tap “Inscribe”
To begin, simply head to Ordswap.io and click the “Inscribe” tab.
2. Upload the File You Want to Inscribe
If you want to inscribe more than one Ordinal NFT (a collection), click the “Collection Mint” button. Otherwise, just upload your desired file. You can upload various file types including:
Upon selecting your file, make sure the “optimize images” box is checked. This will decrease the file size without sacrificing quality, meaning you pay less for your inscription.
3. Choose Your Fee, then Click Pay & Inscribe
Upon uploading the file you want to be inscribed, you’ll need to choose your preferred transaction speed and fee before selecting “Pay & Subscribe”.
After tapping the “Pay & Subscribe” button, you will receive your order ID and the corresponding address to which you need to send the payment.
4. Pay the Quoted Price
After clicking “Pay & Subscribe”, you have 60 minutes to submit your payment before the order is closed.
Once you submit the payment, your inscription will then be minted! If you provided an Ordinals address, your inscription will automatically be sent to you. Otherwise, Ordswap will store it for you until you get an address.
Once you get an address, all you have to do is enter your Order ID into the Order Status and Ordswap will send your inscription to your wallet.
How to Buy Ordinals On Ordswap
Buying an Ordinal NFT has never been easier thanks to Ordswap. Just follow the steps below.
1. Tap the Ordinal NFT You Want to Buy
First, use the “Market” or “Collections” tab to find an Ordinal you want to buy.
2. Tap “Buy”
Once you’ve found your Ordinal, tap the “Buy” button to begin the purchase process.
3. Choose Your Fee, then Click Pay
Finally, choose your preferred transaction fee and send the payment. Be sure to enter your Ordinal address to receive your Ordinals NFT.
What Is the Future Of Ordswap?
Ordswap is set to be the leading Ordinal NFT marketplace. Their user interface is clean and the experience is as user-friendly as it gets. Future plans include more wallet integrations, increased security, and additional purchase options including trustless auctions.
To stay up-to-date with everything Ordswap has planned, make sure to follow the team on Twitter and jump into their Discord. If you’re hungry to learn more about Bitcoin Ordinal NFTs, our guide breaks it all down for you.