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When the buzz turns to Bitcoin NFT, what projects are worth watching?

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After PFP, it will be the leading battle of the NFT trading market.

原文标题：《当风口转向比特币 NFT，有哪些项目值得关注？》

Original article by Andrew Hayward

Moni, Odaily Planet

More recently, Bitcoin. NFT Become a hot topic in the Web3 world.

At the end of January, the NFT protocol "Ordinals" was officially launched on the main Bitcoin network. This protocol allows users to create Bitcoin versions of NFTS, described on the Bitcoin network as "digital artifacts," Support JPEG image, PDF, video or audio format content. As with the early release of the NFT project on the Ethereum chain, Ordinals Protocol helps many project parties cast NFT on the Bitcoin blockchain.

Dune Analytics As of February 10, the data show. The cumulative Ordinals NFT has reached 47,772, and the growth rate is very rapid.

So, what bitcoin NFT projects are worth watching right now? Odaily Planet takes a look.

1. Ordinal Punks

Ordinals Punks was launched on the bitcoin blockchain in late January 2023 and is probably one of the most closely watched NFT projects on the bitcoin chain at the moment, consisting of 100 pixel avatars, These avatars have been "inscribed" on the Bitcoin blockchain through the Ordinals protocol and can be transacted. However, unlike some Punks clones seen in the past, Ordinals Punks is not a direct copy of the original CryptoPunks series.

The crypto community believes Ordinal Punks is based on a derivative Ethereum collection called Mutant Punks -- in other words, it's kind of a derivative of a derivative -- but sources connected to the project say, The open source algorithm used by Ordinal Punks is actually similar to that used by the "CCo Punk wizard" to generate the new Punks.

当风口转向比特币 NFT，有哪些项目值得关注？

On Wednesday (February 8), a Ordinal Punk finished 9.5 BTC For $215,000, twice the price of the CryptoPunk floor. (The current CryptoPunks floor is 64. ETH, about $106,000). The same day, anonymous. Investor dingaling said on social media that it had bought seven Ordinals Punks at 15.2 BTC for around $349,000.

Of course, Original Punk is a far cry from the industry's top dog, CryptoPunk #5822. The astronomical price of ETH 10, 000 ($23.7 million).

2. Bitcoin Punks

NFT project, based on the Ordinals protocol on Bitcoin's main network, on February 9th. Bitcoin Punks have been minted, total 1 Ten thousand. Bitcoin Punks is the first project to successfully upload the original Ethereum CryptoPunks to the bitcoin blockchain using Ordinals, and all assets have been minted for free by collectors, according to officials. According to its development team, which is checking the hash value of every image uploaded to Ordinals and comparing it to the original 10,000 Crypto Punk images, the link to Bitcoin Punks must be a first time inscription, which must also contain. Ordinals The corresponding hash value on the protocol.

Bitcoin Punks Casting cost is about $25, but not yet available off-site. OTC Transaction, sources say the casting transaction after the completion of the NFT secondary market price reached. 1 That's more than a hundred times its cost.

However, it is unclear how much demand there is for the Bitcoin Punks series, or if it will be expanded in the future, and a moderator on the project's official Discord server warned holders to "trade with caution" until the code audit is complete.

3. OnChainMonkey

当风口转向比特币 NFT，有哪些项目值得关注？

The NFT project OnChainMonkey also joined Ordinals protocol and started the "inscription" casting on the Bitcoin blockchain. Currently, all 10,000 of its NFT collection has been connected. In addition, 10,000 CryptoPunks "copies" Bitcoin Punks have also been cast on the bitcoin blockchain, promoting the single-day Ordinals protocol NFT foundry on February 9 to exceed 20,000.

OnChainMonkey is The NFT collection, launched by NFT startup Metagood, aims to give community members the opportunity to learn more about the company. DAO Promotes and funds social good projects. In December, the company raised a $5 million Pre seed round from Animoca Brands, Morgan Creek Capital Founder and CEO Mark Yusko and Freddie Andrewes, investment manager at Virgin Group, are among the participants.

summarize

It should be noted that since the Ordinals protocol has just been launched, its capabilities are similar to those of other platforms (such as Ethereum and The "traditional" NFT on Solana is not the same, so at this stage there is not much infrastructure to support the trading of NFT assets on the Bitcoin blockchain. In other words, there is no Bitcoin NFT market for Ordinals right now. (Note to the Odaily Planet, in fact, a few trickled in this week. Market exploration attempt, we will observe a period of time after the introduction.

In fact, such transactions are now traded directly between users or over the counter (OTC) through escrow services, with asking prices and bids tracked via online spreadsheets. It's all been facilitated via Twitter and Discord, as collectors scramble for these Punks clones, as some expect these early bitcoin "inscriptions" to prove increasingly valuable over time.

当风口转向比特币 NFT，有哪些项目值得关注？

However, a lack of infrastructure means the current trading model is vulnerable to fraud. Some crypto Twitter users have sounded the alarm, such as anonymous NFT collector TheNorwegian, who suggested that the series of NFTS on the Bitcoin chain could lead to scams. In the case of CryptoPunks, clones of the NFT series are common and you can find them anywhere -- Solana, Polygon, Cardano, Algorand, even Stacks (an " Layer 1.5 network" built on top of bitcoin).

To be honest, the emergence of Bitcoin NFT does create some competitive pressure on Ethereum, especially after Bitcoin's 2017 launch of SegWit. To be launched in 2021 Taproot, these infrastructure upgrades have fully supported NFT use cases, and the future NFT market may not be dominated by Ethereum alone.