• Ordinal Punks NFTs are being called out as “sketchy” due to a lack of infrastructure and strong FOMO.
• These Bitcoin NFTs have no on-chain information and the collection is only accessible via OTC channels.
• Despite these drawbacks, demand for Bitcoin NFTs has been rising rapidly with the emergence of „Bitcoin Punks“, a clone of Ethereum’s CryptoPunks.
Ordinal Punks NFTs Called Out As ‚Sketchy‘
A Twitter account has expressed concerns about Ordinal Punks NFTs, asking whether it is „the biggest NFT scam of all time?“ On Feb. 9, CryptoSlate reported that three NFTs sold according to social media posts, including #94 which reportedly sold for 9.5 Bitcoins ($215,800).
Lack Of Infrastructure And Strong FOMO
The Bitcoin chain was not designed to accommodate NFT functionality so there is no infrastructure to verify sales or even facilitate them in a click-and-buy process. Furthermore, details about Ordinal Punks are restricted to people’s accounts rather than openly accessible data.
Price Floor Established For Blue Chip Collection?
According to the Director of Research at PROOF Collective, based on information from a „Google doc,“ Ordinal Punks have a current price floor of 55.4 ETH ($85,500). This amount is considered the ballpark figure for a blue chip collection but some are questioning its legitimacy.
Rising Popularity Of ‚Bitcoin Punks‘
„Bitcoin Punks,“ a clone of Ethereum’s CryptoPunks is also taking off according to @seanbonner who warned against falling for the FOMO due to: (1) No market (2) A lot of scams (3) Low/none transparency (4) Needing to run a Bitcoin node to mint (5) Extreme information asymmetry.
Conclusion
Despite the lack of infrastructure and strong FOMO surrounding Bitcoin NFTs such as Ordinal and Bitcoin Punks, their popularity continues to rise rapidly among crypto enthusiasts.