This article comes fromDecrypt, Original Author: Andrew Hayward
Odaily Translator |
Odaily Translator |
Recently, Bitcoin NFTs have been a hot topic in the Web3 world.
At the end of January, the NFT protocol "Ordinals" was officially launched on the Bitcoin mainnet. The protocol allows users to create Bitcoin versions of NFTs. These NFTs are described on the Bitcoin network as "digital artifacts (digital artifacts)" and support JPEG images. , PDF, video or audio format content. Just like the early release of NFT projects on the Ethereum chain, Ordinals Protocol can help many project parties mint NFTs on the Bitcoin blockchain.
So, what are the current Bitcoin NFT projects worth paying attention to? Now let Odaily take you to understand.
1、Ordinal Punks
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Launched on the Bitcoin blockchain in late January 2023, Ordinals Punks is probably one of the most talked about on-chain NFT projects currently on the Bitcoin chain, consisting of 100 pixel avatars that have been signed by the Ordinals protocol under the "Inscription ” way to complete the minting on the Bitcoin blockchain and make transactions possible. 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 that Ordinal Punks is based on a derivative Ethereum set called Mutant Punks — in other words, it counts as derivatives of derivatives, but sources connected to the project revealed that the open-source algorithm used by Ordinal Punks In fact, it is similar to "CCo Punk Elf", and new Punks are also generated based on this algorithm.
Of course, there is still a big gap between Original Punk and the top-tier CryptoPunk in the industry. After all, CryptoPunk #5822 once set a sky-high price of 8,000 ETH (about 23.7 million US dollars).
2、Bitcoin Punks
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On February 9, the NFT project Bitcoin Punks based on the Bitcoin mainnet Ordinals protocol was minted, with a total of 10,000. According to the official introduction, 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 by collectors for free. According to its development team, they are checking the hash value of each image uploaded to Ordinals and comparing it to the original 10,000 Crypto Punk images. The link to Bitcoin Punks must be the first occurrence of the inscription, which must also Contains the corresponding hash on the Ordinals protocol.
However, it is unclear how much trading demand the Bitcoin Punks series has, nor whether minting will be expanded in the future, and moderators on the project's official Discord server have also warned holders to "trade cautiously" until the code audit is complete.
3、OnChainMonkey
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Summarize
SummarizeIt is important to note that since the Ordinals protocol has just been launched, its functionality is not the same as "traditional" NFTs on other platforms (such as Ethereum and Solana), so there is too much infrastructure at this stage to support trading Bitcoin blocks NFT assets on the chain. In other words, there is currently no Bitcoin NFT marketplace for Ordinals.
(Odaily note, in fact, there have been some attempts to explore the BTC NFT market this week, and we will introduce them after observing for a while.)
In fact, such trades are currently traded over-the-counter (OTC) directly between users or through escrow services, with asks and bids tracked via an online spreadsheet. It's all being facilitated via Twitter and Discord as collectors vie for these Punks clones, as some expect these early Bitcoin "inscriptions" to prove more and more valuable over time.However, a lack of infrastructure means the current trading model is vulnerable to scams.
Some encrypted Twitter users have sounded the alarm, such as anonymous NFT collector TheNorwegian, who suggested that the NFT series on the Bitcoin chain may cause some scams. In the case of CryptoPunks, for example, clone NFT series are very common, and you can find them everywhere - such as Solana, Polygon, Cardano, Algorand, and even Stacks (a "1.5-layer network" built on top of Bitcoin) .
