You might think again if you thought Bitcoin was the only digital asset that could fetch high prices. Non-Fungible Tokens (NFTs), unique digital assets stored on a blockchain, have gained popularity and value over the past few years. Recently, the “Ordinal” collection of NFTs, inspired by the iconic “CryptoPunks” collection, has been making waves in the NFT world, with some pieces selling for millions of dollars.
As the popularity of non-fungible tokens grows, one project resembling CryptoPunks–a popular collection of digital art–is speedily growing in value (Bitcoin Punks).
According to a recent tweet, one Ordinal Punks NFT, Punk 94, sold for 9.5 BTC, or around $214,000 at the time. 100 NFTs in the style of the NFT colossus Yuga Labs’ CryptoPunks collection, Ethereum-based, are part of the NFT collection minted on the Bitcoin-native Ordinals Protocol, which also sold out earlier this month.
What is Ordinal Collection?
The Ordinal collection is a set of 8,888 unique 24×24 pixel art pieces, each featuring a distinct character with unique attributes, such as hairstyle, hat, glasses, and facial expression. Inspired by the original CryptoPunks collection, which featured 10,000 similar 8-bit style characters, the While most people focus on the price of bitcoin, a small community of tech-savvy users is excited about another aspect of the cryptocurrency: Ordinals, a new protocol developed by software engineer Casey Rodarmore in January, 2023 which has sparked a movement in the bitcoin movement.
The Next Generation of Digital Art
So, what is driving the value of these digital assets? Like many NFT collections, the value of the Ordinal collection is largely driven by its rarity and uniqueness. Each piece is distinctive and cannot be replicated, increasing its demand by both collectors and investors. Additionally, the original CryptoPunks collection’s popularity has likely helped fuel interest in the Ordinal collection.
Additionally, the value of the Ordinal collection is its community. Like the CryptoPunks before it, the Ordinal collection has developed a dedicated following of collectors and enthusiasts who are passionate about the art and the culture surrounding it. This community has created a secondary market for NFTs, where collectors can buy, sell, and trade their pieces with one another, further driving up their value.
Some purists believe blockchains should be limited to financial transactions. On the other hand, some see the popularity of the Ordinal Protocol as a positive indicator that more development will take place on the blockchain.
Bottom Line
The Ordinal NFT collection has taken the NFT world by storm, with some pieces selling for millions of dollars. While the value of these digital assets can be volatile, their rarity and uniqueness make them highly sought-after by collectors, let alone, investors. Whether you’re a fan of digital art or just interested in new investment opportunities, the Ordinal collection is worth keeping an eye on as it continues to soar in value.
Image Source: Adobe Stock
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
