• Ordinal Punks NFTs have been called out as „sketchy“ due to their inadequate infrastructure and strong FOMO.
• The lack of smart contracts and the „square peg, round hole“ approach with Bitcoin Punks has created a frenzy on Discord to snap one up.
• Concerns have been raised about the legitimacy of these collections given that there is no infrastructure to verify information such as sales or even to accommodate sales in a click-and-buy process.
Ordinal Punks NFTs Called Out As ‚Sketchy‘
A look into the world of Bitcoin NFTs reveals an inadequate infrastructure and strong FOMO, even for clone collections.
Concerns Over Legitimacy
Given that the Bitcoin chain was not originally designed to accommodate NFT functionality, there is no infrastructure to verify information such as sales or even to accommodate sales in a click-and-buy process.
Details about Ordinal Punks are restricted to people’s accounts of what happened rather than openly accessible data derived from on-chain information.
Citing the Director of Research at PROOF Collective, who got this information from a „Google doc,“ TheNorweigan said Ordinal Punks have a current price floor of 55.4 ETH ($85,500). He added that this is the ballpark figure for a blue chip NFT collection but then questioned whether Ordinal Punks are worthy of being classed as blue chip.
- „Everything is happening OTC“
- „There are a lot of scams.“
- „Low to none transparency.“
- „You need to run a Bitcoin node to mint.“
FOMO With Bitcoin Punks< p > Despite the lack of smart contracts and the „square peg, round hole“ approach, people are going crazy in Discord, trying to snap one up a Bitcoin Punk. @seanbonner tweeted that Bitcoin Punks ,a clone of Ethereum’s CryptoPunsk, is taking off right now . p >
< h2 >Advice Against Falling For The FOMO h 2 > < p > @seanbonner advised against falling for the FOMO due to: < ul >< li >< strong >< em >„There’s no market so you have to rely [on] someone else’s price discovery.“ em > strong >< / li >< li >< strong >< em > „You can’t mint it yourself because you don’t control your private key – you trust someone else with it .“ em > strong >< / li >< / ul >< / p>.