CryptoPunks come to the Bitcoin blockchain via Ordinals
A well-known group of unique digital assets, known as Cryptopunks, which originally emerged on the Ethereum blockchain, has recently become available on the Bitcoin blockchain.
Cryptopunks come to Bitcoin, unofficially
Despite not being officially produced or sanctioned by Yuga Labs, the creators of Cryptopunks and Bored Apes, the concept has already caught the eye of prominent collectors. This is due to the Ordinals project, which has made it possible for the Cryptopunks collection to be stored on the Bitcoin blockchain.
The Ordinals project operates by attaching metadata to satoshis, the smallest unit of Bitcoin, thereby giving each one a unique identity, making them non-fungible and trackable, similar to NFTs. This became feasible following two updates to the Bitcoin network, Segwit in 2017 and Taproot in 2021.
To mint the full Cryptopunks collection, one must access the collection’s website, however, it is necessary to run a full node on the network to validate transactions. The project describes itself as “the first collection of 10,000 NFTs on Bitcoin.” Although the artwork has been pre-registered on the blockchain, the satoshis have yet to be linked to them.
As of now, 1,112 out of the 10,000 CryptoPunks have been minted, including by official holders of the Cryptopunks on the Ethereum network. This new collection on the Bitcoin network presents a rare opportunity for individuals who missed out on the original Cryptopunks on Ethereum to participate in the phenomenon.
No shortage of unusual “NFTs” coming from Ordinals
According to data from Dune, the growth of Ordinals inscriptions is undeniable. The protocol has been on a steady rise since the start of February. The latest NFT-like craze that has emerged from the release of the Ordinals protocol in January has not failed to provide funny, weird, and downright disturbing NFTs.
On the 1st of February, the Bitcoin network witnessed the creation of its largest block to date. The recent block, with a size of almost 4 MB, sparked controversy in the community as it contained an image of a crudely drawn wizard jpeg. The event was the cause of some uproar from some members of the crypto community.
While the “magic internet JPEG wizard” caused some controversy within the community, some more disturbing and lude imagery. Just days after launch, explicit imagery was inscribed on the BTC blockchain through the Ordinals protocol. Given the permissionless nature of Bitcoin, it was only a matter of time until something less than savory surfaced.
On a lighter note, someone took it upon themselves to inscribe a fully-functional version of the DOOM game that can be played on the Ordinals website.
Bitcoin NFTs have been around the block…chain
Contrary to popular belief, the use of non-fungible tokens on the Bitcoin blockchain is not a recent development. In fact, the integration of NFTs on the BTC has been in existence for several years, with a variety of blockchain-based games and collectible assets being produced on this network.
Established in 2014, Counterparty is a pioneer when it comes to offering a second-layer solution for digital assets built on top of the Bitcoin blockchain. The platform offers the necessary infrastructure for users to create unique tokens on the Bitcoin network. Mastercoin was also a trailblazer in what was then known as “colored coins.”
Although it has been overshadowed by Ethereum and other well-known NFT chains in recent times, Counterparty still boasts a committed group of followers. Its assets can also be connected to Ethereum, and it is particularly well-known as the birthplace of historical assets such as Rare Pepes, which continue to fetch high prices in secondary markets.