Bitcoin Punks NFTs Are On The Rise

Share This Post

Bitcoin’s version of CryptoPunks NFTs, among other collections, are on the up as the new Ordinals protocol is coming into the blockchain.

Quick Take:

  • 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.

Bitcoin Punks

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.


Related Posts

Magic Eden Adopts Solana’s Compressed NFTs

Magin Eden, the distinguished NFT marketplace, recently announced its... Returns With Surging NFT Trading Volumes, the decentralized social media app, has shown an...

CoinMarketCap and HELLO Labs to Premiere TV Series, Killer Whales

An official trailer for the Web3 television series 'Killer...

Machi Proposes 11M $APE Sends NFTs to Museums Worldwide

An intriguing week-long vote surrounding OG NFTs kick-started today! Machi Big Brother,...

Italian Luxury Watch Brand Panerai Introduces Digital Passports Generated with NFT

Italian luxury watch manufacturer Panerai has revealed plans to include an...

Related Posts

Hot Wheels Introduces New NFT Collection: Garage Series 6

Hot Wheels, the beloved toy car brand, has launched...

Otherside Announces the Beta Launch of Legends of Mara 

Yuga Labs recently announced that they will launch a...

Hip-Hop Icons Tune into Gala Music to Drop Rare NFT Album

In the Web3 domain where hip-hop's roots are settled...

Coinscribble Review: Top Platform for Crypto Press Releases?

In the rapidly evolving world of cryptocurrency and blockchain,...

Snoop Dogg’s Bored Ape NFT Inspires New Skechers Line

Snoop Dogg and Skechers have collaborated again to release...