NiftyNoon: Are Bitcoin Ordinals the future of NFTs?

Bitcoin ordinals re-define the concept of a Bitcoin NFT (February 9, 2023)

Nifty Thought

• Bitcoin NFTs are not new. In fact, they have existed in some form for almost 10 years. Nonetheless, ordinals have breathed new life into Bitcoin NFTs in a way we have not seen previously. Ordinals are a numbering scheme for satoshis (1/100 million of a Bitcoin). Once the satoshis are numbered, they can be tracked and transferred. They can then have NFTs inscribed so the inscribed NFT is sent whenever the satoshi is transferred. However, the NFT data is fully on-chain (not just linked to IPFS) so every full Bitcoin node must download all NFTs to properly sync.

• While this technology is exciting and interesting, many of the ordinal collections minted today will be worthless in the long run. When people talk about historical significance with collectibles and art, they are really referring to cultural relevance historically. Being the first at something does not matter if people do not care about that thing. In this sense, it is unlikely future buyers will value projects like Bitcoin Punks highly. The cultural impact of having a clone of an Ethereum project on Bitcoin is very small in the long run. However, low token IDs could become highly coveted if ordinals persist as a vehicle for Bitcoin NFTs.

Project News

• Bored Ape Yacht Club announces Dookey Dash game has been closed as the leaderboard locks for score validation:

  Bored Ape Yacht Club @BoredApeYC

  Dookey Dashers, the sewer has been closed and the leaderboard is now locked! We are validating the scores and will share the final leaderboard once we complete our review.

  

• Pudgy Penguins introduce “Midnight in Paris” private event in partnership with DeGods:

  Pudgy Penguins @pudgypenguins

  Introducing “Midnight in Paris” with @pudgypenguins and @DeGodsNFT. Join us on February 24th in Paris, France for our official private event with @DeGodsNFT. RSVP details for holders to be announced in the next week!

  

• Hermes defeats MetaBirkins in first NFT trademark trial:

  Isaiah Poritz @IsaiahPoritz

  BREAKING: Luxury brand Hermes wins jury trial against digital artist Mason Rothschild over MetaBirkins NFTs. The First Amendment doesn't protect his conduct, the 9-person jury found.

  

  news.bloomberglaw.comHermès Defeats MetaBirkins in the First NFT Trademark Trial (1)Luxury brand Hermès International SA won its lawsuit against the digital artist behind “MetaBirkin” nonfungible tokens after convincing a Manhattan federal jury that Mason Rothschild’s sale of the NFTs violated Hermès’ rights to the “Birkin” trademark.

• Homa Games present a new character in a hint at an upcoming Homa Valentine airdrop:

  homa @HomaGames

  Meet [Redacted], a rising star of the upcoming Homa Tales. Don’t mess with him

  

Community News

• Gamma launches no-code Bitcoin ordinal inscription tool:

  Gamma.io @trygamma

  So you want a Bitcoin ordinal? Start with a Bitcoin full node, then install……no, no. For the past year, we’ve focused on making the best creator tools possible. Today, we’re launching no-code ordinal inscriptions to anyone with a BTC address. 🔗 gamma.io/ordinals

  

  gamma.ioOrdinals | GammaNFTs on Bitcoin

• Dingaling acquires 7 Ordinal Punks for a total of 15.2 BTC:

dingaling @dingalingts

Just acquired these 7 @OrdinalPunks for a total of 15.2 BTC (211 ETH) Punk 27 (inscription #444) Punk 48 (ins #483) Punk 73 (ins #599) Punk 80 (ins #606) Punk 88 (ins #614) Punk 91 (ins #617) Punk 92 (ins #618) If you haven't looked into Ordinal NFTs on BTC yet, you should, now

• 1337 teases upcoming Bitcoin ordinal drop:

  1337 @1337skulls

  1337 1n5c21p710n 532v1c3 1n171473d ⑥⑨ p1x31 5ku115 ⟿⟿⟿ #Bitcoin 1337 #Ordinals.............500n. ✍️💀⛓️

  

• Community discusses Dookey Dash botting claims:

  ClearHat @xClearHat

  It appears that #DookeyDash was widely botted and unfortunately @BoredApeYC/@yugalabs is to blame. (1/43)

  cygaar @0xCygaar

  DookeyDash from @BoredApeYC is now over, which means it's time for my post-mortem report. I'll go over the exploits I found, how the anti-cheat system worked, the botting accusations from earlier, and what can be improved upon for next time. Buckle up 🧵:

Quick Stats:

• OpenSea ETH Daily Volume: 9,127 ETH (▲ 21.11%)

• Blur ETH Daily Volume: 11,144 ETH (▲ 22.27%)

• BTC: $22,668.45 (▼ 2.2%)

• ETH: $1,631.59 (▼ 2.56%)

• Solana: $22.71 (▼ 4.59%)

• Polygon: $1.32 (▲ 1.09%)

NFT Daily Winners:

• 🧝🏼‍♀️ DigiDaigaku: 10.78 ETH (▲ 5.69%)

• 🧟 Mutant Ape Yacht Club: 14.49 ETH (▲ 2.77%)

• 🏳️‍🌈 Chromie Squiggles: 14.25 ETH (▲ 1.79%)

• 🚬 CryptoPunks: 63.95 ETH (► 0.00%)

• ⛩️ Azuki: 13.39 ETH (► 0.00%)

NFT Daily Losers:

• 🦉 Moonbirds: 7.17 ETH (▼ 0.09%)

• 🧬 Clone X: 5.05 ETH (▼ 1.19%)

• 🐧 Pudgy Penguins: 5.41 ETH (▼ 1.49%)

• 🌈 Doodles: 6.04 ETH (▼ 2.0%)

• 🦧 Bored Ape Yacht Club: 73.96 ETH (▼ 2.23%)

• 🐈‍⬛ VeeFriends: 4.35 ETH (▼ 3.33%)

• 🥃 Proof Collective: 17.87 ETH (▼ 7.72%)

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