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CryptoPunk 4155 traded for an Ordinal Punk!
The excitement surrounding Bitcoin NFTs continues to rise, so much so that one enthusiast has replaced an original CryptoPunk with an Ordinal Punk. This trade has drawn the attention of many in the NFT space, with some questioning whether this was the right move. So let’s take a closer look at the NFT exchange!
First, let’s summarize what Bitcoin NFTs are. Casey Rodarmor, a software engineer, introduced the Ordinals protocol to the Bitcoin blockchain on January 21. The protocol enables users and developers to enter data, known as Ordinals. This is written into each of the 100,000,000 units that make up one Bitcoin (commonly known as a ‘rate’). This data can include smart contracts, which enable the creation of NFTs on the blockchain. Essentially, the Ordinals protocol provides a means for developers to develop NFTs on the Bitcoin blockchain.
Ordinal Punks is a collection of Bitcoin NFTs. The collection consists of 100 PFPs minted within the first 650 inscriptions and completely on-chain on the Bitcoin blockchain. In comparison, CryptoPunks is an OG NFT collection on the ETH blockchain, often called the first NFT project in history. Now, in what appears to be the first significant switch of its kind, a CryptoPunk has been replaced by an Ordinal Punk.
CryptoPunk Ordinal Punk Trade
February 20, a Twitter account by name ‘Ordinal Punk Sales’ sent out the news. The tweet read: Confirmed trade: Ordinal Punk 16 for CryptoPunk 4155′. The CryptoPunk in question is a male punk, with a front cap, earring and goatee. On the other hand, Ordinal Punk has glasses and no hair.
This switch has created a buzz in the community, with many wondering if the CryptoPunk owner has made the right choice. To own a CryptoPunk is to own a piece of history. However, Ordinal Punks have emerged as one of the most sought after assets in the NFT space. Also, both collections have recent sales around $100k, so the monetary value seems similar at the time of writing.
Finally, it is clear to see that the demand for Bitcoin NFTs continues. Through this switch, Ordinal Punks have cemented their status in the NFT realm. As a result, STX – the original cryptocurrency of the Stack Network – experienced a 50% increase within 24 hours of this trade. As excitement around Ordinals continues to grow, Bitcoin NFTs are definitely one to watch.
