Unless you've been living under a rock the last week, you've probably heard about Ordinals
Here's why you should be EXTREMELY careful about this, and why your favorite influencer might not have your best interest in mind 🧵👇
Bids and asks are happening on Google Docs for Ordinal Punks.
Ordinal Punks have a floor price of 55E, with bids as high as 40E
These numbers match those of ANY other blue chip collection, so obviously Ordinal Punks have to be a really big thing.
But are they really? Let's find out.
Ordinal Punks is 100 CryptoPunks minted within the first 650 inscriptions on Bitcoin. Basically new mints on Bitcoin. More info here: https://ordinalpunks.com
(I'm not going to cover what Ordinal NFTs are, you can find plenty of post on that already)
But why are these NFTs so sketchy?
Here's why:
- Everything is happening OTC
- There are a lot of scams
- There's low to none transparency
- You need to run a Bitcoin node to mint
- Extreme information asymmetry
And the first-mover advantage is enourmous
Your tech-savy friends or your favorite influencers are front running you, pumping the price, writing threads
...and selling it to you after you're struck with FOMO.
Pushing it as something extraordinary
While in reality, Ordinal Punks is a derivative.
It's a derivative of MutantPunksNFT, an Ethereum-based NFT project launched October 2021 (!)
See for yourself: here!
So what's going to happen next? 🤔
Well, your favorite influencer or front-running friend is going to say:
"Being a derivative doesn't matter, what matters is being first"
(When they say that, point them towards Solana Punks or any Historical NFT collection on Eth)
But they don't mean it though - a year ago they all said that derivative collections hold little to no significance
Know that they push a narrative that benefits themselves
They already have the technical know-how to buy, and the sufficient network to hype these things
"Intentionally", I say.
I refuse to be exit liquidity for hype orchestrators, or for front-runners.
I refuse to buy the emperor's new clothes.
You should consider that too.
Lastly, I am not bearish on new innovations, on Bitcoin NFTs, or on Ordinal NFTs.
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.