The excitement surrounding Bitcoin NFTs continues to build, so much so that one enthusiast has swapped an original CryptoPunk for an Ordinal Punk. This trade has caught the attention of many in the NFT space, with some questioning whether this was the right move. So, let’s take a closer look at NFT trading!
First of all, let’s recap what Bitcoin NFTs are. Casey Rodarmor, a software engineer, introduced the Ordinals protocol to the Bitcoin blockchain on January 21. The protocol allows users and developers to record data, known as Ordinals. This is inscribed in each of the 100,000,000 units that make up a Bitcoin (commonly known as ‘sats’). This data can include smart contracts, allowing for the creation of NFTs on the blockchain. Essentially, the Ordinals protocol provides a means for builders to develop NFTs on the Bitcoin blockchain.
Ordinal punks are a collection of Bitcoin NFTs. The collection comprises 100 PFPs that are minted within the first 650 signups and are fully on-chain on the Bitcoin blockchain. By comparison, CryptoPunks is an OG NFT collection on the ETH blockchain, often called the first NFT project ever. Now, in what appears to be the first major trade of its kind, a CryptoPunk has been traded for an Ordinal Punk.
The ordinal trade of CryptoPunk Punk
On February 20, a Twitter account by the name of ‘Ordinary Punk Sales’ sent the news. The tweet read: Confirmed trade: Ordinal Punk 16 for CryptoPunk 4155′. The CryptoPunk in question is a male punk, complete with front cap, earring, and goatee. On the other hand, the Punk Ordinal has glasses and has no hair.
This exchange has caused a stir in the community, with many wondering if the owner of CryptoPunk has made the right decision. Owning a CryptoPunk is owning a piece of history. However, Ordinal Punks have become one of the most sought after assets in the NFT space. Also, both collections have recent sales of around $100k, so the monetary value appears to be the same at the time of this writing.
Finally, it is evident that the demand for Bitcoin NFTs continues. Through this exchange, Ordinal Punks have cemented their status in the NFT arena. As a result, STX, the native cryptocurrency of the Stack Network, saw a 50% increase in the 24 hours following this trade. As the excitement around Ordinals continues to build, Bitcoin NFTs are certainly something to watch out for.
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