A Detailed Overview of Ordinal Punks on Bitcoin - A Must-Read Guide from Metaverse Post

When Ordinal Punks debuted in January, the algorithmically generated NFT series of 100 derivative PFPs sparked a lively debate within the Bitcoin community regarding the necessity of JPEGs existing on the Bitcoin blockchain. CryptoPunk Some critics argue that introducing NFTs contradicts Bitcoin's foundational role in financial transactions and could lead to increased transaction fees, while others are embracing this new application within the blockchain. Notably, the collection gained headlines recently with the sale of Punk 94 for a remarkable price.

Some Bitcoin maxis questioned While Ordinal Punks may appear to be a typical NFT collection at first glance, the procedure for how they are created entails complexities not usually encountered by Ethereum users or those familiar with other layer-2 blockchains. 9.5 BTC .

The collection is generated via the initial 650 inscriptions recorded on the Bitcoin blockchain utilizing the Ordinals protocol. So, what exactly are these inscriptions? According to the creator of the protocol, they refer to any content—whether an image, text, SVG, or HTML—crafted through the protocol, known as a 'digital artifact' or 'inscription.' These inscriptions are embedded in a transaction on the Bitcoin blockchain, which typically includes signatures and supplementary data that authenticate the transaction. The transaction also designates a content type that specifies how the content should be inscribed.

How Ordinal Punks were created

The advent of Ordinal Punks owes its feasibility to Bitcoin's upgrades like Segregated Witness (SegWit) and Taproot, which enabled storage of NFT data on-chain, allowing unlimited transaction sizes. To mint, sell, transfer, or trade an Ordinal, users must maintain a full node on the Bitcoin blockchain. Consequently, anyone looking to acquire an Ordinal Punk needs to have a solid grasp of cryptocurrencies or the tech behind them. Casey Rodarmor The creator mentioned that 'Inscriptions are digital artifacts, and while digital artifacts can be considered NFTs, not every NFT qualifies as a digital artifact. The latter type holds a higher standard, aligning closer to their intended ideal.' Nevertheless, enthusiasts in the NFT space have differing opinions.

One commentator on Twitter remarked that Ordinal Punks are 'not truly NFTs' due to the absence of programmability within the project, which significantly limits potential use cases. The trading of this collection is equally intricate; in contrast to many NFT collections, there aren't infrastructures or marketplaces available to facilitate Ordinal Punks transactions, as Bitcoin NFTs are still in their early developmental stage. Instead, users engage in peer-to-peer OTC purchases of these 'digital artifacts' through the Ordinal Punks Discord, where bids and offers are documented.

Are Ordinal Punks NFTs or not?

Rodarmor wrote in a blog post It's quite astounding to see BTC purists making bids on subpar punk derivatives using tools like Google Docs. Unreal, right? Honestly, Bitcoin has seen better days.

NFT influencer @ OGDfarmer To receive inscriptions, individuals need to establish a Bitcoin wallet on Google Sheet and through escrow.

Besides Ordinal Punks, there are other collections on the Bitcoin blockchain, collectively termed 'Ordinals.' Compared to the established trading venues on various other chains, the marketplace for Ordinals might come across as comical; nevertheless, the creation of inscriptions continues unabated. As highlighted by Dune Analytics, over 75,000 inscriptions have been recorded on the Bitcoin blockchain, all transacted via OTC methods.

— JAKE (@jakethedegen) February 11, 2023

Lacking a transparent trading platform for Ordinal Punks, several NFT enthusiasts on Twitter expressed concerns over the project’s legitimacy. An enthusiast named The Norwegian even suggested that it might be 'the biggest NFT scam in history' and cautioned individuals to tread carefully. He highlighted issues like rampant scams, low transparency, and significant information disparities as factors contributing to the perception that Ordinal Punks are 'shady.'

As dotta, Noochie, and OGDfarmer indicated earlier, The Norwegian asserted that 'the first-mover advantage is monumental,' suggesting that influencers might be inflating the prices of Ordinal Punks to later sell off their holdings to buyers caught in the FOMO hype. He expressed his refusal to serve as 'exit liquidity' for those manipulating the market but acknowledged the potential for Bitcoin NFTs to draw new participants into the cryptocurrency ecosystem.

— Udi Wertheimer (@udiWertheimer) February 11, 2023

Artist and proponent of NFTs Sean Bonner cautioned against acquiring Ordinal Punks or any digital items formed on the Bitcoin chain.

'There’s no established market, which means you depend on trust, and scammers lurk everywhere. FOMO is rampant, and sellers are asking ridiculous prices. Moreover, acquiring and transferring NFTs is much more complicated than it is on Ethereum,' he offered.

He concluded with essential advice for avoiding scams when purchasing Ordinal Punks: 'Trust your instincts and apply your own judgment.' said With the rising demand for Ordinal Punks and related Ordinals, several Bitcoin NFT marketplaces have begun to materialize over the weekend. These include

'bitColl, billed as the 'first automated NFT marketplace on BTC,' founded by the creators behind the NFT community social network Meta Fabric;

As the Bitcoin market begins to find its feet post-crypto winter, these emerging marketplaces could introduce the fresh energy needed for Bitcoin-based projects. tweeted .

On the other hand, Dotta offered Kindly be aware that the information provided here is for informational purposes only and should not be construed as legal, tax, investment, or financial advice. It’s crucial to only invest what you can afford to lose and to seek independent financial counsel should you have any uncertainty. For further details, we recommend reviewing the issuer’s terms and conditions as well as their help and support resources. MetaversePost aims for accurate, impartial reporting, but keep in mind that market conditions can change without notice.

Ordinals marketplaces popping up

Cindy serves as a journalist at Metaverse Post, covering web3, NFT, metaverse, and AI topics, emphasizing interviews with key players in the Web3 industry. She's engaged with over 30 C-suite executives, delivering their invaluable insights to her readers. Originally hailing from Singapore, she currently resides in Tbilisi, Georgia. She possesses a Bachelor’s degree in Communications & Media Studies from the University of South Australia and brings with her a decade of experience in journalism and writing. generative.xyz Engaged with press pitches, announcements, and interview possibilities. Gamma ; and Ordinali . 

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