Bitcoin NFT’s “Ordinal NFT” price rises | coindesk JAPAN

Bitcoin NFTs are gaining popularity and prices for projects similar to CryptoPunks are skyrocketing. “Ordinal Punks.”

Late on February 8, one of the Ordinal Punks, “Punk 94,” traded for 9.5 Bitcoins (BTC), about $214,000, according to a tweet.

Ordinal Punks are also called “Bitcoin Punks” because they are issued on the Ordinals Protocol, which uses the Bitcoin blockchain.

The collection, which sold out earlier this month, consists of 100 NFT images in a composition similar to Cryptopunks by NFT industry leader Yuga Labs. Cryptopunks uses the Ethereum blockchain.

Left: Ordinal Punks, minted this week on BTC
Right: Mutant Punks, minted last year on ETH

lol pic.twitter.com/5LwDYoDelj

— Sean Bonner (@seanbonner) February 7, 2023

Intense discussion in the community

The Ordinals Protocol uses Bitcoin’s “Taproot”. Taproot is an update to make the network more secure and make transactions more efficient, and Ordinals converts NFTs to Bitcoin by recording data in sats, which represent 1/100 millionth of a Bitcoin. stored in the blockchain.

The idea of ​​Bitcoin NFTs has sparked a heated debate in the community. Some purists believe that the Bitcoin blockchain should be limited to financial transactions, while others point to the popularity of the Ordinals Protocol as a positive catalyst for further development of the Bitcoin blockchain.

Sam Callahan, bitcoin analyst at financial services firm Swan Bitcoin, said Ordinal Punks’ popularity will drive blockspace demand, miner revenue, and taproot adoption. said it was not without risks.

“If demand[for Bitcoin NFTs]proves to be long-lasting in the long term, it risks distorting the Bitcoin fee market and impacting other use cases, such as payments via the Lightning Network.” (Mr. Callaghan)

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: Ordinals.com
｜Original: Bitcoin Punks: Ordinal NFT Collection Soars in Value