"Sketchy" $BTC & Ordinal PUNKS

Plus : Guide to Bitcoin NFT's | CoinBasics Special |

February 12, 2023

GM. It’s CoinBasics. The world of digital assets has a new shining star and its name is Ordinals, the new Bitcoin-based NFT protocol.

But In the world of Bitcoin NFTs, the buzz around Ordinal Punks has been generating a lot of attention.

However, concerns have been raised about the legitimacy of this NFT collection, with an anonymous Twitter account,

@TheNorwegian, calling it the "biggest NFT scam of all time."

What are the concerns with Ordinal Punks?

The Bitcoin chain was not designed to accommodate NFTs, so there is a lack of infrastructure to verify information such as sales, making it harder to know what is really happening.

Details about Ordinal Punks are based on people's accounts, not openly accessible data.

According to the Director of Research at PROOF Collective, the current price floor of Ordinal Punks is 55.4 ETH ($85,500), which is the ballpark figure for a blue chip NFT collection.

But, is it worthy of that classification?

A lot of red flags have been raised such as :

  • Everything happening OTC,

  • A lot of scams,

  • Low transparency,

  • The requirement to run a Bitcoin node to mint. Due to these factors, the demand for Bitcoin NFTs is going crazy, but not necessarily for the right reasons.

Another popular Bitcoin NFT, Bitcoin Punks, has also been raising concerns.

It's a clone of Ethereum's CryptoPunks, and suffers from the same drawbacks as Ordinal Punks, using the same undeveloped NFT infrastructure.

People are going crazy trying to snap one up, but it's not recommended due to the lack of a market, scams, and difficulty in transferring and receiving.

The Ordinal Punks Discord shows some buy and sell activity, but it's not as hectic as that described in the Bitcoin Punks Discord.

The general channel is active, and appears to be a place to discuss Bitcoin NFTs, not just Ordinal Punks.

A Google Doc on Bitcoin NFTs was discovered, showing 43 NFT projects with Discord links and information such as supply and notes for potential buyers.

According to the admin FlowStay, 17 Ordinal Punks were still available to buy as of the evening of Feb. 9.

As @seanbonner stated, “I think Bitcoin NFTs could be great for the space and bring new people into it. What I am bearish on, however, is orchestrated hypes and influencers selling you gold-disguised rocks.”

But If You like to be a Degen, They can be very rewarding if you get in early.

One popular example of Bitcoin NFTs is BTC Punks.

They were once minted for just 0.01 BTC,

but now they are being sold for 2.2 BTC each!

Every transaction on the Ordinals protocol is considered an Inscription, and there are currently around 17,000 of them.

Early Inscriptions below 10,000 are considered priceless.

But do you how to get in Bitcoin NFTs?

If Not, let us fill you in on how ape in the next big thing in crypto!

Here’s Your Guide to bitcoin NFT’s