As a CryptoPunks imitation, the Bitcoin NFT collection Ordinal Punks is beginning to gain popularity.
PROOF Collective noticed an increase in the price of Ordinal Punks NFTs.
The bytes of Ethereum CryptoPunks are uploaded to the Bitcoin chain using Ordinals for the first time with Bitcoin Punks, a non-fungible token. Investors do OTC transactions through the community, and the current floor price ranges from 0.4 to 0.8 ETH.
The tweet noted how the recent sale of #27 for 1.93 BTC (about $43,800) was mentioned. Another sale for 2.06 BTC ($46,800) was reported to have occurred shortly after, however it wasn’t specified for whom the deal was made.
An Ordinal Punk with the number 620 scrawled on it was sold for 9.5 Bitcoins ($215,800) early on February 9, according to a Reddit thread. This agitator is #94. Some critics claimed that the high sale price was an attempt to “wash trade” or launder money in order to establish a pricing floor under their control.
Ordinal Punks vs. Larva Lab’s CryptoPunk
There are several similarities between Ordinal Punks and Larva Lab’s CryptoPunks on Ethereum. Both are examples of algorithmically created pixel art. However, compared to 10,000 NFTs for CryptoPunks, there are only 100 NFTs for Ordinal Punks.
It is expensive to create Ordinal Punks and get them listed on the Bitcoin blockchain, according to the Director of Research for PROOF Collective. There are only 100 NFTs because of this.
Additionally, in a procedure that involves the project’s founder, tech-savvy Bitcoin node operators trade Ordinal Punks. A dedicated marketplace like OpenSea, Magic Eden, or JPG Store allows anyone with money to explore and make purchases, in contrast to conventional NFT sales.
To purchase one or transfer one from one wallet to another, a complete node is required to be running. People so utilize services like Escrow. Most deals are made by sending the funds to the project’s originator, who subsequently receives the Ordinal.
The tooling process, according to @dota, was “awful,” but because of how crude and constrained it was, it made him think of “early days alpha.”
Alpha tastes precisely like uncomfortably dealing Ordinals with dependable OTC in small Discord chats.
Despite the poor tools, you have a bunch of enthusiastic people who can still perceive something unique.
The process is probably going to improve, especially with the decentralization of the sales process, according to PROOF Collective’s director of research. He said at the conclusion:
“The outcome of this will be intriguing to watch. Even though it’s a little pretentious and fits like a square peg in a round hole, there is a lot of curiosity. There is a long history behind Bitcoin.”
The Bitcoin controversy
NFTs are frequently unrelated to Bitcoin.
Ordinal Punks are made possible by the Taproot soft fork, which allowed block sizes to be raised over the conventional 1 MB threshold. JPEGs and other “Inscriptions” (digital artifacts) are thus acceptable.
Different opinions exist regarding the best way to use the Bitcoin blockchain for non-monetary transactions. According to critics, transaction costs will increase with time, and the blockchain will enlarge. Supporters claim that Ordinals is about freedom and contrast it with Bitcoin’s goal of defying censorship.
Cover Image Source: cryptoslate.com