What is Ordswap and how does it work? - CoinNav.io

Ordswap is your one-stop NFT marketplace, offering a range of features for a seamless experience. Buy and sell ordinal NFTs with ease, or create your own at an affordable cost using the inscription platform. Browse specific collections, and stay updated with the latest trades through the 'activity' tab. Use Ordswap with a compatible wallet like Ordswap Wallet or MetaMask.

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What Is Ordswap?

Emerging from the collaborative efforts of a group of enigmatic developers, Ordswap made its debut in the landscape of digital platforms in February 2023. As the veil of anonymity veils the development team, the prevailing focus remains fixed on underscoring Bitcoin's foundation built upon proof of work rather than the sway of social dynamics.

While the shroud of anonymity cloaks the creators of Ordswap, one aspect is clear – the founder's cherished adage, "I always played like this, unpredictable," attributed to none other than Manu Ginóbili. The rapid and ingenious strides undertaken by Ordswap serve as a testament to the inspiration drawn from this maxim.

And in case you've ever pondered the symbolism behind Ordswap's logo, it's not an avian emblem. Rather, it takes the form of a Tyrannosaurus rex footprint, emblematic of their indelible mark upon the Bitcoin blockchain.

A momentous feat has been accomplished by Ordswap, having introduced the inaugural trustless marketplace that orchestrates seamless exchanges between Ordinals and BTC, employing the innovative mechanism of PSBT (Partially Signed Bitcoin Transaction). Their endeavors have not only raised the bar but have also set a new standard within the domain, presenting an unparalleled user interface and experience, distinguishing themselves as the pinnacle of Ordinals marketplaces.

Unarguably, Ordswap stands at the forefront, charting a new trajectory in the pursuit to become the foremost and user-centric Ordinals marketplace.

 

How Does Ordswap's Functionality Operate?

The Ordswap platform offers a suite of user-friendly features that encompass inscription services, collection listings, an open market, and real-time activity tracking.

Inscription Service

For those aiming to fashion their own Ordinals NFT, the inscription feature within Ordswap presents an effortless solution. The inscription process is not only remarkably straightforward but also notably cost-effective.

Individuals can choose to inscribe a singular Ordinal or an entire collection by uploading their relevant files onto the Ordswap platform and remitting the corresponding inscription fee. In instances where an Ordinals address is absent, Ordswap is equipped to securely hold the inscription until users establish a wallet and procure an address.

Collections

The Collections section grants users access to distinct Ordinal NFT collections. This interface facilitates the exploration of complete collections or the application of filters to isolate Ordinals available for purchase within specific collections.

This streamlined approach expedites the process of locating desired collections and swiftly identifying Ordinals marked for sale, empowering potential buyers to act promptly to secure their desired pieces.

For those inclined to list their exclusive Ordinals collections on the Ordswap platform, the completion of the designated airtable form is a prerequisite.

Marketplace

The Marketplace tab serves as the nexus for surveying all Ordinals available for listing on Ordswap. Utilizing filters, users can narrow down their search criteria based on recent additions, inscription numbers, and price ranges (both highest and lowest). Notably, it should be acknowledged that Ordinals featured on the marketplace might exist independently, detached from any specific collection. Consequently, users are advised to undertake their due diligence and conduct transactions at their own discretion.

Recent Activity

The Activity section furnishes users with a succinct overview of the most recent transactions conducted on the Ordswap platform. This segment offers insights into the Ordinals that have changed hands, accompanied by the corresponding transaction amounts.

In essence, Ordswap's array of features combines to create a comprehensive ecosystem that enables users to engage seamlessly with the realm of Ordinals NFTs, encompassing creation, exploration, purchase, and real-time monitoring of trading activities.

 

Which Wallet is Suitable for Ordswap?

To seamlessly engage with Ordswap, the Ordswap Wallet is the optimal choice. Alternatively, you can also employ MetaMask if the Ordswap Wallet is not accessible. The compatibility of wallets like OrdinalsWallet and Xverse is anticipated to be introduced in the imminent future.

The integration of MetaMask into the Ordinals ecosystem marked a significant milestone for the realm. With a user base exceeding 30 million, MetaMask facilitates effortless access for all these users to the Ordinals platform through the Ordswap marketplace.

To employ your existing MetaMask wallet on Ordswap, adhere to the ensuing instructions:

1. Navigate to Ordswap.io/import and establish a connection with your MetaMask wallet.
2. Affix your signature to the message, thereby initiating the creation of your BTC Taproot Key.
3. Initiate the transfer of BTC to the newly provided address and initiate your trading activities.

 

Ordswap Fee Structure Explained

Ordswap presents an attractive and competitive fee framework for the acquisition and engraving of Ordinals, ensuring a cost-effective approach for users. Here's a breakdown of the fees associated with different transactions on the platform:

1. Ordinal Purchase Fee: When procuring an Ordinal, a nominal 3% fee is applied on top of the listing price. This transparent fee ensures a seamless buying experience.
2. Inscription Fees: For inscribing Ordinals, there is a standard inscription fee of 0.00025 BTC. Additionally, a 5% fee is levied on the transaction amount. It's important to highlight that Ordswap extends a generous 10% discount on all collection inscriptions, promoting engagement and participation.

Incorporating this economical fee structure, Ordswap has emerged as the most budget-friendly marketplace, catering to both the acquisition and inscription of Ordinals.

It's worth noting that Ordswap provides various inscription fee options, each characterized by distinct rates and inscription processing speeds:

• Economy Inscription: The most economical option entails a slower inscription time (2 sats/vB) of approximately 24 hours.
• General Inscription: A slightly higher-cost option offers a faster inscription time (7 sats/vB) of around 1 hour.
• Fastest Inscription: The swiftest but relatively costlier choice boasts the quickest inscription time (11 sats/vB) ranging from 10 to 20 minutes.
• Custom Inscription: Ordswap accommodates individual preferences by enabling users to define their own speed and fee for inscription processing.

To comprehend the calculation of fees, it's vital to understand the concept of "Sats/vB" (Satoshi per byte). Satoshi represents the smallest unit of Bitcoin, and when you encounter a figure like "2 Sats/vB," it signifies a payment of 2 Satoshis for each byte of transaction data.

When determining the total fee for a transaction, knowledge of the transaction's byte count is imperative. For instance, if the transaction consists of 85,000 bytes (the average size of an image), the fee can be calculated as follows:

85,000 bytes * 2 Sats/vB = 170,000 Satoshis (0.00170000 BTC)

This understanding elucidates how transaction fees are computed and empowers users to make informed decisions within the Ordswap ecosystem.

 

How to Inscribe Ordinals On Ordswap

The process of engraving an Ordinal NFT has been simplified through the intuitive inscription service offered by Ordswap. Curious about how to engrave an Ordinal using Ordswap? Abide by the subsequent instructions:

1. Access Ordswap.io and Navigate to "Engrave"

Commence by visiting Ordswap.io and accessing the "Engrave" section by clicking on the designated tab.

 

2. Upload the Desired File for Engraving

If your intention is to engrave multiple Ordinal NFTs as a collection, you can initiate the process by selecting the "Collection Mint" option. In case you're focused on engraving a singular item, directly upload the desired file. A range of file formats is supported.

• Apng
• Asc
• Flac
• Gif
• Glb
• Html
• Jpeg
• Jpg
• Json
• Mp3
• Mp4
• Pdf
• Png
• Stl
• Svg
• Txt
• Wav
• Webm
• Webp
• Yaml

As you finalize your file selection, ensure that the "Optimize Images" checkbox is ticked. This optimization minimizes the file size without compromising quality, effectively leading to reduced inscription costs.

 

3. Determine the Fee and Proceed with Payment & Engraving

Subsequent to uploading your chosen file for inscription, you'll need to specify your preferred transaction speed and associated fee. Following this, select the "Pay & Engrave" button.

Upon triggering the "Pay & Engrave" command, you'll be furnished with an order ID alongside the relevant payment address where you need to remit the payment.