As of February 10th, 2023, the Bitcoin blockchain has welcomed the addition of over 50,000 Ordinal inscriptions. With this trend showing no signs of slowing down, daily inscriptions of text, videos, images, software programs, and audio are becoming more frequent.
Ordinal Inscriptions are The Latest Craze in The NFT Market, Fetching Premium Prices Through Private OTC Deals
Just five days before, the count was a mere 7,000. As of February 11th, 2023, at 12:20 p.m. ET, the Bitcoin blockchain is hosting an impressive 57,179 inscriptions. Some of these engravings are sold at exorbitant prices through private OTC deals. A copycat version of the well-known NFT collection, Cryptopunks, named Ordinal Punks, is also making waves and commanding similar prices as the original NFTs minted on Ethereum.
Ordinal Punks are a set of 100 uniquely generated punks, part of the pioneering 650 inscriptions on the Bitcoin blockchain. The latest NFTs built on the Bitcoin platform are making their way into the market through private OTC deals, utilizing basic pricing spreadsheets.
Ordinal Punk #41 was recently snapped up for a whopping 11.5 BTC, equivalent to $249,052. On Friday, Ordinal Punks made history by surpassing the values of the much-coveted Cryptopunks collection. While the trend of Ordinal inscriptions is still in its infancy, robust markets and up-to-date pricing information are scarce.
Will Bitcoin NFTs Flip ETH NFTs?
The introduction of Emblem Vault has brought a solution, creating secure storage for Ordinal inscriptions, akin to the vaults designed for Rare Pepe NFTs using Counterparty and Bitcoin. With Emblem Vault's cutting-edge technology, Ordinal inscriptions can now be showcased on the Opensea NFT marketplace and traded through Ethereum (ETH). To avoid fraudulent activity and guarantee legitimacy, Emblem Vault suggests utilizing a community tool to verify Bitcoin-made punks before acquisition. On Saturday, the Emblem Vault team kindly tweeted, reminding the public to "Verify before buying any vaulted treasure." To flip ETH NFTs, Ordinals still require more cutting-edge technology to help the space thrive. If Bitcoin NFTs continue on the current trajectory, it's only a matter of time before Ordinals flips Ethereum-based NFTs.
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