Bitcoin Punks

Recently, as the minting and issuance of NFTs on the Bitcoin network have become increasingly visible to the public, the community’s attitude has shifted from indifference to ignorance to active engagement. The Dune data panel reports that there are currently 33,517 NFT collections in circulation on the Bitcoin network, and 12,102 of those were created on February 9 alone.
On February 9 at 15:30, 10,000 of the NFT project Bitcoin Punks, based on the Bitcoin mainnet Ordinals protocol, were created. As of right now, the official Bitcoin Punks is finishing up the collecting, interpreting the already-existing inscriptions, and confirming the first upload node of each Punk. The 10,000 collection collections’ final JSON mapping will be

The first project to successfully upload original Ethereum CryptoPunks utilizing Ordinals to the Bitcoin blockchain is Bitcoin Punks, according to official information. The team, which was officially tasked with creating the website, is comparing the hash of each image posted to Ordinals to the initial 10,000 Punk images. The first inscription (lowest ID) with the associated hash on the Ordinals protocol is the link to Bitcoin Punks.

Downloading the sparrow wallet, creating a Native Segwit (P2WPKH) wallet, and finally creating a Taproot (P2TR) wallet in order to receive Bitcoin Punks collections are the precise processes for Bitcoin Punks casting. Go to the Bitcoin Punks official website to obtain the unminted Punks number, and then open the cryptopunks.app to download the Punks image that corresponds to that number.

Next, visit the full-node Bot of the Ordinals protocol’s official website to upload the images that were downloaded in the previous stage. Pay the full-node Bot in Bitcoin using the newly formed Native Segwit (P2WPKH) wallet and receive the collection using the Taproot (P2TR) wallet. Both Lightning Network and standard Bitcoin network transfers are accepted as payment options. Transfers across the Lightning Network are often quicker.

Bitcoin Punks cost roughly $25 to cast, and there aren’t any OTC transactions happening right now. Additionally, because Bitcoin payments are made in the form of a single order and the Bitcoin network’s payment time is slow, many users on the entire network—who are not in communication with one another—can successfully make payments when they mint Punks with the same number.

Punks are awarded to the user whose block is confirmed first. Due to this, many individuals paid for the bot but ultimately were unable to access the Punks collection.

What progress have NFTs made on the Bitcoin network?

Version 0.4.0 of the NFT protocol for the Bitcoin network, Ordinals, was made available on January 21, 2023 by software developer Casey Rodarmor, integrating NFT into the Bitcoin mainnet.

The system effectively enables NFTs, which are referred to as “digital artifacts” on the Bitcoin network and include formats like jpegs for images, PDFs, videos, and audio. More and more NFT projects have been created and minted since the introduction of the Ordinals protocol. Ordinals NFT has had substantial growth since February, with the majority of this growth being picture content, according to Dune statistics.

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Bitcoin Rock

The first Bitcoin network NFT project released based on the Ordinals protocol is the Bitcoin Rock collection, which has a circulation of 100. On February 1, Dotta, the head of the NFT project Forgotten Runes Wizard’s Cult, bought 1 Rock for 0.2 Bitcoin. Its current transaction price has increased to 1 Bitcoin, according to information provided by the official Twitter account. In addition, the team has given the Ordinals team members 10 BTC in appreciation for their efforts.

Ordinal Punks

Ordinal Punks are PFP collections with a circulation of 100 that were printed in the first 650 inscriptions of Bitcoin. According to a person affiliated with the project, Ordinal Punks “generates new Punks using open-source algorithms using CC0 Punk sprites.” On January 31, Ordinal Punks published the first tweet in full, and on February 1, at four in the morning, casting began. The casting process took a day to finish, and it cost 0.01 bitcoin.

The robot Ordinal Punk Sales said on Twitter that the first transaction price for Ordinal Punks was 0.07 BTC and that the highest transaction price to yet was 9.5 BTC, worth $240,000. More than 30 transactions were completed altogether.

There is a real moment behind each inscription serial number because well-known NFT community user dingaling purchased Punk 27 (inscription #444), Punk 48 (ins #483), Punk 73 (ins #599), and Punk 80 on February 9 with 15.2 bitcoins (equivalent to 211 Ethereum) (ins #606), Punk 88 (ins #614), Punk 91 (ins #617), and Punk 92 (ins #618)

At the same time, other projects like Shadow Hats, Bitcoin Shrooms, and others have created official Twitter accounts and websites but have not yet gone live. These projects claim to be the last remaining examples of human-made digital art before the advent of artificial intelligence. cast.

In addition, the NFT project On the Edge of Oblivion, whose inscription order is based on the ID of the holder’s ERC-721 collection and which is issued on the Ethereum network and pledges to cross-chain to the Bitcoin network, has climbed from 0 to 2.4 ETH, with a circulation of 555. 1000 ETH are being traded right now. This demonstrates the FOMO that the NFT initiatives are currently experiencing on the Bitcoin network.

Status of Bitcoin network NFT infrastructure

The fundamental configurations for the Bitcoin network’s NFT are now in a very early stage. The Ethereum network’s ease of use and convenience cannot be matched by the casting. To participate, one must become familiar with creating various wallet types, differentiating various payment methods, and synchronizing all Bitcoin network nodes. generate NFTs using the Ordinals protocol.

When trading, there is no peer-to-peer trading solution more practical and secure than Opensea. Instead, the order book is updated via a shared spreadsheet, and sales can only be finalized via escrow or off-exchange transactions. There will inevitably be deception.

The situation where community members are synchronizing every node of the Bitcoin network is depicted in the figure below. Users cannot now determine whether a specific sequence number has been successfully uploaded to the chain because the minting mechanism is the order number mode. Because user fees are levied concurrently while utilizing the full-node Bot even if minting is unsuccessful, some users choose to use the threshold.

The daily average block size of Bitcoin increased to 2,021,079.56 after the implementation of the Ordinal protocol, setting a new record for the past three years. Inscriptions (inscriptions) of the Bitcoin network’s NFT protocol Ordinal are using 50% of the network’s block space, according to a tweet from Riot Platforms vice president of research Pierre Rochard on February 7. The block space usage rate is 100%, which is lower than the industry average.

As a result, opinions among Bitcoin users on the issue of NFTs on the network based on the Ordinal protocol are mixed. Some people think it will expand the financial applications for Bitcoin, increasing demand for block space and subsequently fees.

For instance, according to Bitcoin expert Dan Held, miners will depend more and more on transaction fees as block rewards get smaller and smaller. Higher transaction fees might make it possible for miners to keep protecting the Bitcoin network if Ordinals do increase competition for block space.

These NFT-like structures now occupy block space on the Bitcoin network, which might increase transaction fees even though some people think it departs from Satoshi Nakamoto’s original intention for Bitcoin to function as a peer-to-peer currency system. The expansion of the Bitcoin system, for instance, was denied by Satoshi Nakamoto in 2010 because “it is impossible to grow every proof-of-work arbitration system in the world in one data set,” he claimed.

In this respect, we think that many people today enter the blockchain and Web3 for reasons unrelated to Bitcoin, therefore they are not well-versed in the Bitcoin system. Many users have never used Bitcoin wallets, never made a Bitcoin transfer, and I’m not sure what a full Bitcoin node, lightning network, etc., are either.

The Nostr social protocol or the release of the Ordinals protocol have both expanded the application scenarios on the Bitcoin network and helped more users learn about the Bitcoin ecosphere, making it possible for more people to start using Bitcoin. As a result, it is okay for the Bitcoin network to expand and grow in different directions. It is up to the market’s discretion and free play to determine how it develops, whether it is positive or negative.

With the wealth impact, the rise in user numbers, and the ongoing rivalry among ecological products, the infrastructure supporting the NFT of the Bitcoin network will gradually be created and upgraded.

We can now focus more of our efforts on the ecological growth of the Bitcoin network. In addition, it should be highlighted that the majority of the existing NFT projects on the Bitcoin network are start-up projects that are involved in the pursuit of gold in the sand and are currently in a state of turmoil. To prevent asset losses, users must carefully adapt their search for business prospects.