Ordinal Punks emerge as leading Bitcoin NFT collection

Proof Collective We noticed that Ordinal Punks’ NFT prices have increased.

This tweet refers to the recent sale of #27 which sold for 1.93 BTC ($43,800). It also said another sale for a total of 2.06 BTC ($46,800) took place shortly after, but did not disclose which punk the sale was related to.

a reddit poster The Ordinal Punk, stamped number 620, appears to have sold for 9.5 bitcoins ($215,800) in the early hours of February 9, it said. The puncture in question is #94. Some commentators described the high selling price as money laundering or wash trading to create a manipulated price floor.

What is your relationship with Ordinal Punks?

The similarities between Ordinal Punks and Larva Lab’s CryptoPunks on Ethereum are obvious.was both algorithmically generated Features a retro pixel art style. However, Ordinal Punk only has 100 NFTs for 10,000 CryptoPunks.

Research Director, PROOF Collective Ordinal Punks said it would be expensive to create and acquire a Bitcoin blockchain which explains the low execution of just 100 NFTs.

And unlike traditional NFT sales, where anyone with the funds can browse and purchase dedicated marketplaces such as OpenSea, Magic Eden, or JPG stores, Ordinal Punk is a process that involves the founder of the project. and traded between tech-savvy Bitcoin node operators.

You have to run a full node to transfer and buy from one wallet to another. That’s why people use escrow services. send, and its originator will receive the Ordinal, and so transact.”

@Dotta The tooling process is called “incredibly bad, but given its rawness and exclusivity, its an experience reminiscent of early alphas.

“Feel like a fun early alpha

Trading Ordinals awkwardly on small Discord channels via trusted OTC is exactly what Alpha likes.

There is a passionate group of people looking for something special even though the tools are incredibly bad. “

A research director at PROOF Collective said process improvements are expected, especially in decentralizing the sales process. In closing, he said:

It will be interesting to see how this turns out. It looks a little taller, a little squared pegs, round holes, but it still gets a lot of interest. Obviously, Bitcoin has many origins. “

bitcoin controversy

NFTs are not typically associated with Bitcoin.

Ordinal Punk is made possible by the Taproot soft fork, which includes the ability to extend block sizes beyond the standard 1 MB limit, to accommodate jpegs and other digital artifacts (a.k.a. “inscriptions”).

Using the Bitcoin blockchain for non-monetary transactions has split community opinion. Critics argue that transaction fees will increase and blockchain will become bloated over time. Proponents say Ordinals is about freedom and characterizes Bitcoin’s censorship-resistant mindset.