anonymous twitter account Norwegian I expressed my concerns about Ordinal Punks’ NFTs and asked:[is this] tIs he the biggest NFT scam ever?”
February 9th, crypto slate It reports on the growing popularity of Ordinal Punks and covers the sale of three NFTs, including #94, which reportedly sold for 9.5 Bitcoins ($215,800), according to a social media post.
The novelty of NFTs on the Bitcoin chain and the provenance of the chain seems to have increased the demand for these NFTs. However, some question the legitimacy of the collection.
What are Ordinal Punks’ concerns?
Given that the Bitcoin chain was not originally designed to accommodate NFT functionality, there is no infrastructure in place to validate information such as sales or accommodate sales in the click-to-buy process. .
Details about Ordinal Punks are limited to people’s descriptions of what happened, rather than openly accessible data derived from on-chain information.
To quote the head of research at the PROOF Collective who got this information from the “Google doc”: Norweghan Ordinal Punks current lowest price is 55.4 ETH ($85,500). He added that this is an approximation of his NFT collection in good standing, but questioned whether Ordinal Punks deserve to be classified as good.
In support of this point, The Norweigan pointed out:
- Everything Happens OTC
- lots of scams
- low or no transparency
- Bitcoin node must be running to mint
- extreme information asymmetry
Bitcoin NFT demand is crazy
@Sean Bonner I tweeted that Bitcoin Punks, a clone of Ethereum’s CryptoPunks, is now taking off.
bitcoin punks It suffers from the same shortcomings as Ordinal Punks as it uses the same inadequate and underdeveloped NFT infrastructure in Bitcoin.
Nevertheless, according to @seanbonner, despite the lack of smart contracts and the “square peg, round hole” approach, people are going crazy on Discord and trying to get Bitcoin Punk. He advised against falling into FOMO for the following reasons.
“A. There is no market so you have to rely on trust and scammers are everywhere B. Fomo is insane and people ask ridiculous prices C. Hard to receive and hard to send Difficult. Again, this is different from eth in the way we are used to“
Bonner also pointed out that Bitcoin Punk is not “official” and is merely a copy of any chain’s Crypto Punk. The same can be said for Ordinal Punks. Norwegian What is pointed out is almost identical to MutantPunks on Ethereum.
“I think Bitcoin NFTs are great for this space and can bring new people into it. What I find bearish, however, is the organized hype and influencers selling rocks disguised as gold.“
What’s Happening on the Ordinal Punks Discord?
access to Ordinal Punks Discord, trading activity is not as “crazy” as Bonner described on the Bitcoin Punks Discord. Probably because the former is 100 vs the latter he is 10,000.
However, the general channel is very active and seems to be the place to discuss Bitcoin NFTs, not just Ordinal Punks. When browsing Google Docs Found in Bitcoin NFTs. It showed 43 of his NFT projects, with Discord links and information like supplies and notes for potential buyers.
As of the evening of February 9, 17 Ordinal Punks were still available for purchase, according to administrator FlowStay.
Also, according to sales reviews, Ordinal Punks traded for much less in their early days. The first sale he took place on February 2nd, with #69 sold for his 0.07 BTC. Scrolling down to the present shows steady price increases over time.
#94’s sale was confirmed at 9.5 BTC, making it the most expensive spot on the channel.