The ongoing deployment of NFTs on the bitcoin blockchain sparks heated debate. It appears that Cryptopunks has landed on the network under the Ordinal Punks banner. There is a lot of value in these assets, although none of them are putting much money in the pockets of miners.
Opinion on ordinals will always be divided. Some people enjoy the concept of on-chain NFTs on the most secure blockchain. Others consider it spam and bloat, fearing that it will crowd out regular transactions. It’s hard to judge which side is right, but the impact is minimal now.
recent statistics Confirm to have a lower average transaction fee rate for scrip transactions. It has increased somewhat in the last week, going from 1 sat/vbyte to about 3. However, it still pales in comparison to regular transaction fee rates. They stay close to 15 sats/vbyte.
As such, ordinals and NFT minting have no immediate effect on transaction costs. Unfortunately, miners are not making much additional cash from these transactions.
This situation may change as more collections come onto the bitcoin network, however. The recent addition of Ordinal Punks is interesting. Unlike Cryptopunks, this collection spans 100 assets, making it more rare. Plus, they are on-chain assets, subjecting them to true digital ownership. Dingling bought 7 of these simple fins this week for 15.2 BTC, and expects the price to move much higher.
However, it appears that some people have other intentions. Ordinal Punks Collection is a “clone” version of Cryptopunks on Ethereum. It’s a flagship pick, though it has yet to hit a significant price point.
Still, some people have figured out a way to get Ordinal Punks back into Ethereum to sell them on OpenSea. A curious development, although there is not yet a major market for on-chain bitcoin inscriptions.
In addition, there are already several copycat collections on OpenSea. There are bitcoin punks, bitcoin punks, etc. It will be difficult to determine which of these is the real deal, although interested users are better off buying on-chain on the bitcoin network.
One takeaway is there is a significant first-mover advantage for the Ordinals NFT marketplace to be the first to market. The demand for these assets may be short term, but there is real demand for them today. Furthermore, there are no negative network effects, even if these scrips are not everyone’s cup of tea.
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Source: cryptomode.com
