Ordinal Punks – Since the debut of the Ordinals project in late January, Bitcoin NFTs have gained a lot of attention in the Web3 community.
CryptoPunks was one of Ethereum’s first and persistent NFTs in earlier network releases.
Cloned copies of the potent tokens are now a hot issue in relation to Ordinals.
Origins
In 2017, Larva Labs created CryptoPunks, a groundbreaking NFT project that paved the way for the current PFP movement.
They were first released at a free mint with a collection of 10,000 Ethereum assets before the NFT market gained traction.
Since then, trade volume on CryptoPunks has reached around $2.5 billion.
A different kind of clone
The Bitcoin network welcomed the advent of Ordinals in late January.
Despite being relatively new, the platform already has a number of projects that are using the CryptoPunks aesthetic.
The most well-known project among the many up-and-coming ones has been Ordinal Punks.
The Ordinals initiative created Ordinal Punks, 100-pixel avatars that are “inscribed” on Bitcoin.
Moreover, they are tradeable.
Ordinal Punks aren’t exact replicas of the original collection, unlike other CryptoPunks clones that have been observed in recent years.
Ordinal Punks
The project is generating up discussion on Crypto Twitter since some people think it is more closely modeled on the Mutant Punks collection of knockoff Ethereum games.
The project employed an open-source algorithm and the CCo Punk sprite sheet to generate new Punks, according to a user who connected to Ordinal Punks and provided more information.
An Ordinal Punk was purchased 9.5 BTC on Wednesday for over $215,000.
The cost is roughly two times what it would be to become a legitimate CryptoPunk (64 ETH, or around $106,000).
One specific Ordinal Punk is based on a rare alien CryptoPunk that was once auctioned for about $24 million in ETH.
Read also: Ordinals still divisive topic in Bitcoin community
Price & difference
One NFT investor and collector revealed that he paid 15.2 BTC on Wednesday for a package of seven Ordinal Punks, which at the time was equivalent to almost $349,000 in value.
However, as a result of Ordinal’s recent debut, they operate differently from other typical NFTs on platforms like Ethereum and Solana.
As of now, there isn’t enough infrastructure to facilitate the purchase and sale of NFTs after they have been characterized.
For want of a better phrase, Ordinals currently lacks Bitcoin NFT markets.
Trades
Currently, transactions between users or escrow services take place over the counter (OTC).
Online spreadsheets are used to keep track of asking and winning bids.
Collectors who follow the Ordinal Punks use Twitter and Discord to coordinate the exchanges.
The early Bitcoin “inscriptions,” according to some collectors, are expected to appreciate in value over time.
The pseudonymous NFT collector who purchased the Ordinal Punks bundle, dingaling, tweeted about the platform’s potential.
“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.”
Potential dangers
Although a promising platform, Ordinals also has certain drawbacks.
For instance, the existing trading paradigm is vulnerable to frauds and hackers due to a lack of infrastructure.
Online, the matter has already been brought up by crypto Twitter users.
TheNorwegian, a pseudonymous NFT collector, pointed out potential problems with the collection in a widely shared Twitter thread and questioned whether it was the “biggest NFT scam of all time.”
Other projects
A significant project on the platform in addition to Ordinal Punks is Bitcoin Punks.
10,000 original CryptoPunks are held in duplicate by the project on Bitcoin.
The first 10,000-piece NFT project to be released through Ordinals is referred to as Bitcoin Punks.
The assets have previously been produced at no cost by collectors.
It’s unclear at this time, though, how much trading interest there is in the Bitcoin Punks collection.
On the official Discord server, a project administrator cautioned holders to exercise caution while trading until they have finished a code audit.
Image source: Cryptoknowmics
