Ordinal Punks become platform’s most popular NFT project
Ordinal Punks – Since the late January launch of the Ordinals project, Bitcoin NFTs have become the hottest topic in the Web3 space.
In the past NFT network launches, CryptoPunks was one of Ethereum’s pioneering and memorable NFTs.
Now, cloned versions of the influential tokens are becoming a hot topic in association with Ordinals.
Larva Labs developed CryptoPunks in 2017, a seminal NFT project that laid the foundations for the modern NFT trend of being used as PFPs.
With a collection of 10,000 Ethereum assets, they were initially launched at a free mint before the NFT market started gaining momentum.
Since then, CryptoPunks have generated nearly $2.5 billion worth of trading volume.
A different kind of clone
In late January, the Bitcoin blockchain welcomed the arrival of Ordinals.
Although fairly new, there are already multiple CryptoPunks-inspired projects gaining traction on the platform.
Amid the multiple rising projects, Ordinal Punks have been the most prominent of the fray.
Ordinal Punks are 100-pixel avatars “inscribed” on Bitcoin via the Ordinals project.
They can also be traded.
Compared to other CryptoPunks clones seen in the last few years, Ordinal Punks aren’t direct clones of the original collection.
The project has Crypto Twitter stirring as some believe the project takes more after a different derivative Ethereum collection: Mutant Punks.
However, one user linked to Ordinal Punks clarified that the project used an open-source algorithm, utilizing CCo Punk sprite sheet to come up with new Punks.
On Wednesday, an Ordinal Punk for 9.5 BTC, almost $215,000 worth.
The price is around double the entry level for a legitimate CryptoPunk (64 ETH or nearly $106,000).
One particular Ordinal Punk is based on a rare alien CryptoPunks, which previously sold for almost $24 million worth of ETH.
Read also: Ordinals project continues to divide the Bitcoin community
Price & difference
One NFT collector and investor shared that he bought a bundle of seven Ordinal Punks for 15.2 BTC on Wednesday, translating to a worth of around $349,000 at the time.
However, due to Ordinal’s fresh introduction, they function in a unique way compared to other normal NFTs on platforms like Ethereum and Solana.
Currently, there’s a lack of infrastructure to support buying and selling NFTs once they’re described.
For lack of better terms, Ordinals don’t have Bitcoin NFT marketplaces at the moment.
Trades are occurring over the counter (OTC) between users or escrow services at the moment.
Asking prices and bids are tracked through online spreadsheets.
The trades are facilitated via Twitter and Discord as collectors are keeping tabs on the Ordinal Punks.
Some collectors anticipate that the early Bitcoin “inscriptions” will become more valuable over time.
dingaling, the pseudonymous NFT collector who bought the Ordinal Punks bundle, tweeted about the potential the platform has.
“There’s [a] real moment behind Ordinals and things are still very very early,” they wrote.
“There are opportunities everywhere.”
“Orderbooks are currently updated on shared spreadsheets and sales are only done via OTC/escrow. But there’s lots of building being done behind the scenes.”
While Ordinals is a promising platform, it also has its downsides.
For example, it lacks infrastructure, which means the current trading model is prone to scams and hacks.
Crypto Twitter users have already raised the issue online.
Pseudonymous NFT collector, TheNorwegian, wrote a viral Twitter thread calling out possible issues with the collection, asking if it’s the “biggest NFT scam of all time.”
Apart from Ordinal Punks, the platform also has another notable project called Bitcoin Punks.
The project holds replicas of the original 10,000 CryptoPunks on Bitcoin.
Bitcoin Punks is dubbed as the first 10,000-piece NFT project launched through Ordinals.
The assets have already been minted by collectors at zero cost.
However, it’s unclear how much trading demand there is for the Bitcoin Punks collection at the moment.
A project moderator warned holders on the official Discord server to be careful when trading before they complete a code audit.
Image source: LinkedIn