Original author: defioasis, Wu Shuo Blockchain

*Note: This article was written on November 19, and some data has changed. This article is for information sharing only and does not endorse the projects mentioned or make any investment recommendations.

As Binance launches ORDI and OKX Web3 Wallet provides a good Ordinals on-chain experience, more and more users are flocking to BRC-20 and the Bitcoin ecosystem, and the Bitcoin network transaction volume and fee capture are rising. The transaction volume on the Bitcoin NFT/Inscription chain exceeded US$30 million for the first time in history on November 17, pushing the number to US$35 million on the 18th, setting new highs for many consecutive days. In the process of continuous climbing, the inscription fever gradually transferred from BRC-20 to BTC NFT, and radiated to multi-chain and second-layer networks. On November 17, the trading volume of Bitcoin Frogs reached US$3.444 million, setting a record high; the floor price also increased from 0.06 BTC a week ago to 0.15 BTC, an increase of 150%, making it the undisputed leader in the current BTC NFT.

The Story of Bitcoin Frogs

The total number of Bitfrogs is 10,000, the current number of holders is 4.3k, the transaction volume exceeds 626 BTC, and the market value is approximately 1,500 BTC (approximately US$55 million).

As one of the earliest Bitcoin Ordinals NFT projects, the birth of Bitfrogs originated from an accidental connection between Vibegawd of Deezy Labs and the anonymous artist Frogtoshi, who created 10k art works for Frogs. Deezy Labs was one of the few launch platforms on the Bitcoin network that supported lightning payments at the time, and provided technical support for the birth of Frogs. Deezy Labs once successfully launched Astral Babes 3k NFT work and was able to earn the difference from inscription fees to allow the platform to generate revenue.

Therefore, based on the experience of Astral Babes and the considerations of artist Frogtoshi, it was decided to mint Frogs for free through Deezy Labs launch pad, that is, the minter only needs to pay the transaction fee of engraving 5 kb of Frogs PFP, and Deezy Labs will be able to earn from the inscription A difference of 0.5 BTC, and no Frogs are required to be allocated. However, almost no one has initiated the minting of 10k NFTs on Bitcoin like this before. (Later, Deezy Labs founder Danny stated that the reason why Frogs was not asked for allocation was because he was skeptical about new projects)

However, the accident happened. During the Frogs casting process, due to a problem with the image layering, all the cast Frogs were naked with all their clothes behind the Frogs. They were also jokingly called Only Frogs by community members."(The now misprinted Frogs are also called naked frogs). At that time approximately 2,000 Naked Frogs had been minted, with another 3,000 in the memory pool. In the end, the team decided to use Replace-by-Fee (RBF) to cancel pending Frogs in the memory pool and pause casting. RBF is a feature of the Bitcoin network that allows the sender to replace an existing but unconfirmed transaction before the transaction is confirmed by the blockchain.

In order to cancel those pending Frogs, Deezy Labs paid a fee of nearly 1 BTC to replace the transaction. After solving the delamination problem and re-minting, the correct Frogs were sent to the user who had previously minted them, and an additional 1 BTC inscription fee was spent. In the end, 10k Frogs were minted, but 3.4k Naked Frogs were also minted; after deducting the 0.5 BTC spread fee earned from Frogs, Deezy Labs still lost approximately 1.5 BTC in this incident.

After successfully completing the minting, Frogtoshi repaid Deezy Labs by gifting 1 Frog to the team. The Bitcoin Frogs community has not been affected by the Inscription incident and continues to move forward. Later, Danny, the founder of Deezy Labs, marveled at the amazing development of the Frogs community and also purchased some Frogs on the secondary market.

Other BTC NFTs Worth Watching

Casey launched the Ordinals protocol in December last year, which assigns a serial number to each satoshi. Any player can add types of data such as text, images, and videos to satoshis through Ordinals. At the earliest, Ordinals players added images to Satoshi, that is, created NFTs. Caseys own original vision is also more appropriate to use Bitcoin to store something that will never be changed, rather than tokenization hype, which is more in line with the NFT storage vision to a certain extent.

Of course, BRC-20 is not actually what we understand as FT: ERC-20 for transactions in smart contracts. Essentially, BRC-20 is used for transactions as a JSON file. The JSON file has a unique ordinal number. Each JSON file corresponds to a specific BRC-20. Instead, it is more like what we understand as non-homogeneous. ized NFT. This is why data websites such as CryptoSlam still list BRC-20 inscriptions as NFTs.

Whether it is BRC-20, BTC NFT, or others, they are essentially an important part of the Bitcoin ecosystem. When a narrative generates an upsurge of discussion and an influx of funds, it will also prompt users attention, especially the attention of empty users, to turn to other narratives in the ecosystem and become early users, thereby causing funds to spill over to more users. Branch coverage. From the current point of view, Ordinals or BRC-20 are still a niche market with more than one billion US dollars in the entire Crypto market, while BTC NFT is in the early stages, which may also mean that there will be more opportunities worth paying attention to.

Goosinals

On the day when Bitfrogs trading volume reached its peak, Goosinals trading volume also reached a record high of 500,000 US dollars, with cumulative trading volume approaching 50 BTC, and the floor price also increased by 187% in the past week to 0.034 BTC.

Why Goose? First of all, I have to mention Dmitri Cherniak’s famous generative art work Ringers. The current floor price exceeds 40 ETH. The most representative one is undoubtedly Ringers 879. Because of the “goose” element appearing in the stack of irregular graphics, it also Nicknamed Goose. Ringers 879 was purchased by the bankrupt 3AC for 1,800 ETH, but was later auctioned for $6 million in bankruptcy liquidation.

From the goose in the artwork itself, to the goose in the communitys nickname, to the goose that was featured in major media after being auctioned, goose seems to have surpassed Ringers work itself and has more narratives and meanings. . Dmitri Cherniak further created a unique cultural gene for Goose and launched the cc0 art generator of Goose. Any artist and user can freely create and generate their own geese. Subsequently, a series of derivative works appeared, and the Goosinals BTC NFT and community we now know as Ordinals were born.

MNCHRMS

MNCHRMS was born in August this year and was created by the Beyond Rockets team, a creative brand that uses voxels as the main medium. The team launched voxel art works inspired by the city on Cardano in 2021, including music albums, avatar collections, etc. The MNCHRMS image only comes in black and white, a monochromatic scheme similar to the binary nature of computer code that underlies cryptocurrencies like Bitcoin. In addition, the project team also used this classic black and white color scheme to emphasize the simple complexity, giving the black and white tone MNCHRMS an eternal, bold, and infinitely imaginative connotation of Bitcoin, which is in line with BTCs philosophy of simplicity and eternity.

MNCHRMS has also been favored by overflow funds. In recent days, the trading volume has continued to hit new highs, with the cumulative trading volume exceeding 8 BTC. The floor price has increased more than 15 times since the 17th to nearly 0.006 BTC. However, it was subsequently affected by the early withdrawal of its holders. It was sold at a profit and nearly cut in half.

Misprint Frogs ᵛ¹

Naked Frog is essentially an NFT that was abandoned due to stratification errors in the early days of Bitfrog. However, because the ordinal number is earlier than Bitfrog, when the floor price of Bitfrog is higher and the total number of Naked Frogs is smaller, it has been criticized. Some investors who are short of funds have a certain amount of room for speculation. The price of Naked Frog flooring has also risen in recent days, with an increase of more than 260% in the past week. However, an example worth referring to is CryptoPunk and V1 Punks. V1 Punks was forked due to loopholes and developed a unique fork culture. However, with a smaller total volume, the floor price is still far behind CryptoPunk. Far.

OrdiRats

OrdiRats is a collection of 2,000 randomly generated 29 × 29 pixel rat NFTs on the Bitcoin chain. It fits the recent hype of the BRC-20 animal sector, with the floor price rising more than 10 times in the past week.

Van Gogh's painting

Engrave Van Goghs paintings on Bitcoin and save them. In the past two weeks, this narrative hype has been very successful, with trading volume exceeding 105 BTC in the past 7 days, and the current floor price reaching 0.11 BTC.