Ordinal Inscription Collections on Bitcoin Blockchain Grow as Creators Monetize Art
With more than 150,000 Ordinal inscriptions on the Bitcoin blockchain, there are now numerous collections as creators and artists have found a new way to monetize their artworks via blockchain technology. In the past month, people have launched collections such as Ordinal Punks, Ordinal Penguins, Bitcoin Shrooms, Inscribed Pepe, Planetary Ordinals, Based Apes, Satoshi Punks, Ordinals Eggs, Block Munchers, and more. Although the inscription trend is still young, several collections are attempting to establish themselves in this emerging market, and some are selling for significant value.
Collections on Bitcoin Blockchain Hope to Become ‘Blue-Chip’ Digital Collectibles
These days, there are numerous Ordinal inscriptions on the Bitcoin blockchain as demand for the technology has greatly increased. For years, blockchains like Ethereum have established collections such as the Bored Ape Yacht Club (BAYC), Cryptopunks, Azuki, Moon Birds, Doodles, Mutant Ape Yacht Club (MAYC), and others.
Some of these non-fungible tokens (NFTs) have become known as “blue-chip” NFTs, as they have maintained significant value and have been selling on the open market for several years. For instance, BAYC and Cryptopunks currently hold the highest floor values among all the collections.
Confirmed trade: Ordinal Punk 16 for Cryptopunk 4155 by <@276695493441224705> <@900032291533881344> https://t.co/28If0WxlM5
— Ordinal Punk Sales (@OrdinalPunkSale) February 19, 2023
Many newly minted Ordinal inscription collections are similar to ideas stemming from popular Ethereum collections, such as the Ordinal Punks collection. The collection features different versions of pixelated punk characters, with only 100 of them available, in contrast to the 10,000 available Cryptopunks.
For those interested in pixelated punk characters, there are other collections like Punks on Bitcoin, Satoshi Punks, DOS Punk 256, and Yeti Bit Club. Similar to the Rare Pepe NFT collection made with Counterparty, there are numerous collections dedicated to Pepe the frog, including Inscribed Pepes and Immortal Pepes.
Other well-known collections include Ordinal Rocks, Block Munchers, Ordinal Penguins, Bitcoin Toadz, XC Pinata, Ordinal Eggs, Planetary Ordinals, Ordinal Smokes, and Based Apes. Ordinal Punks have been selling for considerable value and just recently someone traded Cryptopunk #4155 for Ordinal Punk 16.
Most Ordinal Punks are selling for prices between 3.7 BTC and 5.4 BTC, and three days ago Ordinal Eggs said it saw 4 BTC in over-the-counter (OTC) volume. Bitcoin Toadz recently sold #4913 for 2.5 ether, and another sold for 2.8 ether.
The creator behind Ordinal Shards, a collection of 100 shards inscribed to the Bitcoin blockchain, said sales have been in both ETH and BTC. Besides the collections talked about on social media, there’s a great number of Ordinal inscriptions on the chain, that could be collections in the future or have some unknown meaning.
There’s also text, numbers, odd writings, 1kb gold bars, quotes, videos, animations, and audio messages. There have been some critics of the Ordinals trend who have called it “spam” in comparison to older generation Counterparty-issued assets. Some have also questioned the veracity of OTC sales tied to Ordinal inscriptions.
What do you think about all the Ordinal inscriptions and collections on the Bitcoin blockchain? Let us know what you think about this subject in the comments section below.
