PROOF COLLECTIVE Note that Ordinal Punks NFTs are going up in price.
The tweet mentioned the recent sale of #27, which sold for 1.93 BTC ($43,800). It also mentioned that another sale occurred shortly after, for 2.06 BTC ($46,800) but did not disclose any sale related to the sale.
The Reddit poster said, “Looks like Ordinal Punk with the hashtag #620 sold for 9.5 BTC ($215,800)” during the early hours of February. 9. The villain in question is No. 94. Some commentators have explained the selling price hike as money laundering or trade laundering to create a manipulated price floor.
What’s the deal with Ordinal Punks?
The similarities between Ordinal Punks and CryptoPunks from Larva Lab on Ethereum are stark. Both are algorithmically generated and feature a retro pixel art style. However, in the case of Ordinal Punks, there are only 100 NFTs for 10,000 CryptoPunks.
The PROOF Collective’s research director said Ordinal Punks is expensive to create and obtain the Bitcoin blockchain for, which is the low run of just 100 NFTs.
Also, unlike traditional NFT sales, where anyone with the funds can browse and buy through dedicated marketplaces like OpenSea, Magic Eden, or JPG Store, Ordinal Punks are traded between tech-savvy Bitcoin contract operators in a process that includes the founder of the project.
“It takes a full node to run to move one from one wallet to another and buy one. So people use escrow services. Basically, they send money to the founder of the project, who then gets Ordinal, and makes deals that way.”
@employee Describe the tooling process as “Incredibly bad,” but for its roughness and exclusivity, the experience harkens back to the “early days of Alpha.”
“It’s a fun feeling in the early days of Alpha
Shifting ordinal elements in small Discord channels over trusted OTC in an awkward way is exactly what Alpha likes.
You have a passionate group of people who see something special even though the tools are really bad.”
The PROOF Collective’s research director said improvements to the process are expected, particularly in decentralizing the selling process. He said rounding up:
“It’s interesting to see how that goes; it’s a bit loud, it looks a bit square, a round hole, but you still see a lot of interest; clearly Bitcoin has a lot of assets.”
NFTs are not generally associated with bitcoin.
Ordinal bugs are possible due to the Taproot soft fork, which included a function to expand block sizes above the standard 1MB limit, thus accommodating jpegs and other digital artifacts, known as “patterns”.
The use of the Bitcoin blockchain for cashless transactions has divided community opinion. Critics argue that transaction fees will increase and the blockchain will swell over time. Ordinals is about freedom, proponents say, and describes Bitcoin’s idea of censorship resistance.