As of Friday, February 10, 2023, the Bitcoin blockchain had seen the addition of over 50,000 ordinal signups as the trend continues to rise on a daily basis. People are signing up text, images, video, audio, and software applications on the blockchain, with some signing up fetching high prices through over-the-counter (OTC) transactions. A clone of the popular NFT Cryptopunks collection, called Ordinal Punks, sells for similar values to the original NFTs minted on Ethereum.
Ordinal Entries become the latest sensation in the NFT market and sell for high prices in over-the-counter transactions
ordinal inscriptions they are gaining popularity in 2023, and the number will rise to over 50,000. Just five days earlier, there were only 7,000 registrations. As of 12:20 p.m. ET on February 11, 2023, there are 57,179 registrations hosted on the Bitcoin blockchain. Additionally, several ordinal inscriptions sold for substantial amounts in the past week, including a clone from the Cryptopunks NFT collection, known as Ordinal Punks.
ordinal punks they are a collection of 100 generative punks that were minted within the first 650 signups on the Bitcoin blockchain. Many new Bitcoin-based NFTs are sold through over-the-counter (OTC) transactions, using a rudimentary price spreadsheet. Recently, Ordinal Punk #41 sold for 11.5 BTC, or $249,052. On Friday, the ordinal punks overcome the minimum values of Cryptopunks. While the trend of ordinal signups is still new, there is limited infrastructure in terms of markets and up-to-date price metrics.
I just bought these 7 @OrdinalPunks for a total of 15.2 BTC (211 ETH)
Punk 27 (entry #444)
Punk 48 (at #483)
Punk 73 (at #599)
Punk 80 (at #606)
Punk 88 (at #614)
Punk 91 (at #617)
Punk 92 (at #618)If you haven’t researched ordinal NFTs in BTC however you should, now pic.twitter.com/MhD1WKjPfA
—dingaling (@dingalingts) February 8, 2023
However, the project called Emblem Vault has created Vaults for ordinal signups, similar to the vaults created for Rare Pepe NFTs made with Counterparty and Bitcoin. Powered by Emblem Vault, ordinal inscriptions can be added to the Opensea NFT marketplace and sold for ethereum (ETH). emblem vault suggests using a community tool to verify punks created with Bitcoin to avoid scams. emblem vault tweeted on Saturday, “Remember to check before you buy any saved assets.”
Data shows that people not only add images to the Bitcoin blockchain through ordinal signups, but also text, video, apps, and audio. Although images are the most common attachments, text and video captions remain in popularity. Ethereum proponents are also using ordinal signups, as many ETH-based NFTs are signing up to the Bitcoin blockchain. For example, “Onchain Monkeys” (OCM), an Ethereum-based NFT project from 2021, coined his collection of 10,000 pieces using Bitcoin.
“We enroll OCM into Bitcoin in a highly efficient manner in a single enrollment,” the team tweeted. “This is a historic precedent reflecting the first of all 10K Genesis OCMs to be created on-chain on Ethereum in a single transaction.”
What do you think about the growing popularity of ordinal entries on the Bitcoin blockchain? Share your thoughts in the comments section below.
image credits: Shutterstock, Pixabay, Wiki Commons
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