Ordinals Launches on Bitcoin Blockchain
The Ordinals project has recently introduced a new way of “minting” media and assets on the layer-1 blockchain, and the talk of the Web3 world is all about Bitcoin NFTs. The Ordinals launch on the Bitcoin blockchain in late January has already attracted multiple CryptoPunks-inspired projects.
CryptoPunks: A Seminal NFT Project
CryptoPunks, created by Larva Labs in 2017, was one of the first NFT projects that set the trend for modern profile picture (PFP). The 10,000 Ethereum assets were initially offered for free, and since then, they have generated almost $2.5 billion worth of trading volume.
Ordinal Punks: A Derivative of CryptoPunks
The most popular project so far is Ordinal Punks, which offers 100-pixel avatars inscribed on Bitcoin via the Ordinals project. Unlike past Punks clones, Ordinal Punks is not a direct copy of CryptoPunks but appears to be based on a derivative Ethereum collection called Mutant Punks.
Pricing of Ordinal Punks
One Ordinal Punk was recently sold for 15.2 BTC, which is equivalent to $349,000, and this particular Punk is based on a very rare alien CryptoPunk, which has sold for as much as $24 million worth of ETH in the past.
Infrastructure for Trading Ordinal Punks
However, the lack of infrastructure means that the current trading model for Ordinal Punks is susceptible to scams. Trades are currently taking place over the counter (OTC) directly between users or through escrow services, and they are being facilitated through Twitter and Discord.
Bitcoin Punks: Another Project on Ordinals
Another project on the Ordinals platform is Bitcoin Punks, which offers replicas of all 10,000 original CryptoPunks on Bitcoin. It is billed as the first 10,000-piece NFT project launched through Ordinals and has already been minted for free by collectors.
Rise in Ordinals Use
Ordinals use has risen in the recent days, with more than 39,000 assets inscribed as Ordinals. However, the project has proven controversial among some Bitcoin maximalists and enthusiasts, who argue that it goes against Bitcoin’s original focus on financial assets.
Conclusion
CryptoPunks clones are common on NFT protocols that have emerged after Ethereum, and they can be found on various platforms, including Solana, Polygon, Cardano, Algorand, and Stacks. The Ordinals launch on the Bitcoin blockchain has led to the rise of new NFT projects and increased use of the Ordinals platform, but it has also sparked controversy among some members of the Bitcoin community.