Ordinal Punks emerge as leading Bitcoin NFT collection

Ordinal Punks Becomes Leading Bitcoin NFT Collection Ordinal Punks Becomes Leading Bitcoin NFT Collection
Ordinal Punks Becomes Leading Bitcoin NFT Collection

Cover/illustration via Cryptooshala

EVIDENCE Collective noted that NFT Ordinal Punks are growing in price.

The tweet mentions a recent sale #27 for 1.93 BTC ($43,800). It also states that another sale of 2.06 BTC ($46,800) took place shortly after, but does not reveal which punk the sale refers to.

Ordinals Punk #27

A reddit poster said, “The ordinal punk labeled #620 was sold for 9.5 bitcoins ($215,800)” in the early hours of Feb. 9. It’s about punk number 94. Some commentators have attributed the high selling price to money laundering or fictitious trading in order to create a manipulated floor price.

Ordinal Punks #94

What happened to Ordinal Punks?

The parallels between Ordinal Punks and CryptoPunks from Larva Lab on Ethereum are obvious. Both were algorithmically generated and have a retro pixel art style. However, in the case of Ordinal Punks, there are only 100 NFTs versus 10,000 CryptoPunk.

Research Director of the PROOF team said Ordinal Punks is expensive to create and host on the Bitcoin blockchain, which is only 100 NFTs.

Also, unlike traditional NFT sales, where anyone with funds can browse and buy from dedicated marketplaces like OpenSea, Magic Eden, or the JPG Store, Ordinal Punk is traded between tech-savvy bitcoin node operators in the process. in which the founder of the project participates.

“It requires running a full node to transfer one from one wallet to another and buy it. So people use escrow services. Basically, sending money to the founder of the project, who then receives a serial number, making deals in this way.

@doc described the instrumental process as “incredibly bad“, but given the rawness and exclusivity, an experience that goes back to the “alpha version of the early days.”

“It’s like the fun of the early days of alpha testing.

Clumsy exchange of ordinals in small Discord channels via trusted OTC is exactly what alpha tastes like.

You have a passionate group of people who see something special, even though the instruments are incredibly bad.”

The director of research at PROOF Collective said the process is expected to improve, especially in terms of decentralizing the sales process. He concluded by saying:

“It’s interesting to see how it goes; it’s a little arrogant, it seems a little square pin, round hole, but you still see a lot of interest; Obviously, Bitcoin has a huge origin.”

Bitcoin controversy

NFTs are not usually associated with Bitcoin.

Ordinal punks are possible thanks to a software fork of Taproot that includes a feature to expand block sizes beyond the standard 1MB limit, thus accommodating jpegs and other similar digital artifacts, also known as “labels”.

The use of the bitcoin blockchain for non-monetary transactions has divided community opinion. Critics argue that transaction fees will rise and the blockchain will bloat over time. Proponents say Ordinals is the freedom that characterizes Bitcoin’s idea of ​​censorship resistance.

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