First Bitcoin Ordinals NFT collection launches on OKX
The first Bitcoin Ordinals NFT collection, Bitcoin Punks, is now available on the OKX NFT marketplace. Its first launch, announced on March 6 by OKX, details how it will allow trading of BTC NFT, which can be withdrawn to your bitcoin wallet.
OKX NFT marketplace just announced its launch of the first-ever Bitcoin Ordinals NFT that is now available on its platform. Bitcoin Punks has a collection of 10,000 items.
The collection is uploaded from CryptoPunks, an Ethereum-native platform, using the Bitcoin Ordinals protocol. BTC NFT can be purchased using ERC20 or ETH, allowing transparent trade of the newly listed Bitcoin NFT. Bitcoin Punks is currently trading at a 1.34 ETH floor price, valued at $2,093 at the time of writing. Its last NFT sale made was valued at 1.3911 ETH.
OKX confirmed that the BTC NFT is a real NFT that they can verify.
Moreover, withdrawals are possible to bitcoin wallets, specifically EmblemVault, even for BTC miners. EmblemVault allows the trading of NFTs across blockchains.
However, there is a catch to withdrawing the NFT: you need a minimum of 250 Coval tokens to withdraw via EmblemVault. According to a tweet from a crypto enthusiast, purchasing the Coval tokens right now is cheaper since they are currently valued at $0.017.
Bitcoin Ordinals protocol
Ordinals NFTs are blockchain platforms that store valuable information, including JPEG images, HTML, and short texts on-chain inventors can leverage for profit. Bitcoin Punks are 10,000 among the 34,400 listed Ordinals inscriptions. As such, it could make them more valuable to collectors and become viable investments.
Many bitcoin enthusiasts have expressed their opinions about the Ordinals protocol that was launched in January 2023. Despite its feature of inscribing data on satoshis, skepticism exists about their trustability on NFTs.
Regardless of their take on the Ordinals protocol, it has an upside, including using block space for long-term network sustainability.