NFT
“Byte-perfect uploads” of the 10,000 CryptoPunk non-fungible tokens (NFTs) are on the Bitcoin network now. The question, which collection is next?
Since late Jan., Inscriptions on the Bitcoin network, powered by Ordinal technology, have been the center of attention. Casey Rodarmor, the Bitcoin developer, introduced the Ordinals protocol. It works by inscribing Satoshis with the content for digital artifacts.
The Ordinals’ minting has skyrocketed since the introduction of Bitcoin Punks. According to the official website, they are the “byte-perfect uploads of the original Ethereum CryptoPunks onto the Bitcoin Blockchain.”
Ordinals Mint at an All-Time-High
Bitcoin enthusiasts minted 10,000 Punks within 24 hours of the launch. Now, the project is in the process of final verification. According to data from Dune, the number of mints on Ordinals is at its peak as the community rushed to mint their free Bitcoin Punks.
Source: Dune
But trading Bitcoin Punks comes with its own complexity. Currently, there is no marketplace for the secure transfer of NFTs between individuals. Interested community members need to engage among themselves for Over-the-Counter (OTC) trading using the Sparrow wallet.
Of course, there are chances of scammers tricking the not-so-tech-savvy people into stealing their Bitcoin. Also, the project is not an official collection from Yuga Labs. The NFT expert warns against the Bitcoin NFTs, calling it a “hype that will die quietly.”
It is worth noting the Discord moderator of Bitcoin Punks has announced the launch of a marketplace channel, verified escrow help, and more facilities to support trading.
The Discord community is enthusiastic about the latest collection and waiting for the launch of the Bored Ape Yacht Club (BAYC) copy on Bitcoin.