Bitcoin’s version of CryptoPunks NFTs, among other collections, are on the up as the new Ordinals protocol is coming into the blockchain.
- A derivative version of CryptoPunks is amongst the collections on the rise on Bitcoin.
- Thanks to the ‘Ordinals’ protocol, NFTs have made their way onto the blockchain.
- Many are now investing in NFTs in this way for the first time.
Bitcoin NFTs: A Background
In January 2023, a new protocol was confirmed to be made available for users on the Bitcoin blockchain, titled ‘Ordinals’. Simply put, it allows for NFTs to be added to Bitcoin transactions. This now means that technically, NFTs have just now made their way to the largest crypto network, based on market capitalization.
Unlike blockchains like Ethereum and Solana, NFTs on Bitcoin cannot have their metadata altered. Thus, all tokens produced in the new protocol are referred to as “digital artefacts”. In the past month since launch, over 50,000 (and counting) ordinals have been minted.
Some within the Bitcoin community are unhappy with the launch of Ordinals. A few have claimed that NFTs are simply “bloating” the blockchain and are simply “spam”. However, as with everything, there are two sides to the story, with many also supporting the move, mentioning that the moves will be beneficial moving forward.
A variety of CryptoPunk derivatives have seen mixed success. Many new creators hope to jump on the hype train that was properly boosted in the bull market of 2021. Although, the initial collection was launched by Larva Labs in 2017.
Although it’s not the millions that ‘OG’ CryptoPunks have previously sold for, the ‘Bitcoin Punks’ are garnering some attention and selling for fair amounts. Last week, one of the tokens, ‘Punk 94’, sold for a whopping 9.5 ETH, equivalent to over $200,000.
Similarly to the now Yuga Labs’ owned collection, Bitcoin Punks are going to be classed as one of the ‘OGs’ in the Bitcoin NFT space. In the scenario that the blockchain skyrockets in a similar fashion to Ethereum. Notably, they were the first 650 inscriptions of NFTs on the blockchain.