• Over 50,000 Ordinal inscriptions have been added to the Bitcoin blockchain as of Feb 10th, 2023.
• Ordinal Punks, a clone of Cryptopunks NFTs minted on Ethereum are selling for similar values and fetching high prices through OTC trades.
• Emblem Vault has created vaults for Ordinal inscriptions, allowing them to be sold for ethereum (ETH) on Opensea NFT marketplace and offering a community tool to verify Bitcoin-crafted punks.
Ordinal Inscriptions Take the NFT World by Storm
As of Friday, Feb. 10th 2023, the Bitcoin blockchain had seen the addition of more than 50,000 Ordinal inscriptions with the trend continuing to increase daily. People are inscribing text, images, videos, audio, and software applications onto the blockchain with some fetching high prices via over-the-counter (OTC) trades. A clone of Cryptopunks called Ordinal Punks is selling for similar values to those minted on Ethereum.
Ordinal Inscriptions Become Latest Sensation in NFT Market
The number of ordinal inscriptions has risen quickly since its debut five days ago when there were only 7,000 inscriptions; currently there are 57,179 hosted on the Bitcoin Blockchain. Over-the-counter transactions have seen several ordinals sell for substantial amounts such as Ordinal Punk #41 which sold for 11.5 BTC or $249052 USD at 12:20 PM ET on February 11th 2023. Additionally, this marked a surpassing in floor value from Cryptopunks.
Limited Infrastructure in Terms of Markets & Price Metrics
Despite its quick rise in popularity infrastructure surrounding ordinals is still new and limited in terms of markets and updated price metrics making it difficult to know if current prices are fair value or not especially with no easy way to track records like traditional markets do. There is also a lack of trust due to scams which could plague any market especially one so new without proper security measures put into place yet discouraging potential traders from investing their money into it due to risk factors involved with an unknown entity/asset class such as this one being relatively unexplored until now..
Emblem Vault Provides Technology Solutions
A project called Emblem Vault has provided technology solutions such as creating vaults similar to Rare Pepe’s Counterparty & Bitcoin also adding them onto Opensea NFT marketplace being able to be sold using ethereum (ETH). They also offer a community tool that can be used by traders in order to verify authenticity before purchasing any vaulted asset giving buyers peace of mind before investing their money into something they may not be familiar or comfortable with yet due its newness within this space overall but still desiring an opportunity that could potentially bring great returns long term down the line if all goes well..
Data Show People Investing Despite Risk Factors Involved
Despite risk factors involved data shows people investing regardless with recent examples such as @dingalingts who tweeted about acquiring 7 @OrdinalPunks “for a total of 15.2 BTC (211 ETH)” providing an example that people are willing take chances despite uncertainty associated with something brand new often times bringing great rewards although always comes along with risks too overall making it important prospective traders keep these things in mind while doing research before jumping head first into any unknown market/space without proper preparation beforehand knowing what they’re getting themselves into ahead time will go far better outcome versus otherwise down road potentially leading poor investments not made properly researched prior investment decisions made hastily without proper knowledge & understanding behind them causing losses instead profits wanted desired outcome after all..