CryptoPunks Clones Gain Momentum on Bitcoin

Reading Time: 2 minutes
  • CryptoPunks knockoffs are gaining momentum on the Bitcoin blockchain with one selling for $215,000
  • A popular clone is the Ordinal Punks collection which has over 100 avatars
  • Some argue these aren’t direct clones of the original Punks collection

CryptoPunks knockoffs like the Ordinal Punks are gaining momentum on the Bitcoin blockchain with one of the punks selling for $215,000. The clones feature pixelated avatars that have some resemblance to the popular CryptoPunks collection although some think it’s more of Mutant Punks than CryptoPunks. Ordinal Punks’ popularity comes two weeks after the Bitcoin community expressed varying views on the effect of NFT projects on the Bitcoin blockchain.

$215K for a Bitcoin NFT

The Ethereum-powered CryptoPunks has 10,000 collectibles and has generated close to $2.5 billion in trading volume since its launch in 2017. Ordinal Punks, on the other hand, is attracting collectors on the Bitcoin blockchain with one Punk changing hands for roughly $215,000 or 9.5 BTC on Wednesday. 

The price is double what an original CryptoPunk would fetch on the Ethereum blockchain. Details indicate that the costly Ordinal Punk shares some of the characteristics found on the rarest CryptoPunks that have changed hands for over $20 million.

A closer replica of CryptoPunks on the leading blockchain is Bitcoin Punks which has all the 10,000 CryptoPunks NFTs on Bitcoin. All Bitcoin Punks NFTs have already been minted by collectors at no cost.

NFT Trading Over OTC and P2P

However, due to NFTs being a new front on the Bitcoin blockchain, there’s no adequate infrastructure to facilitate trading forcing collectors to rely on over-the-counter and P2P avenues, which are prone to scams. The lack of trading infrastructure has also hindered the collection of data to evaluate the actual adoption of Bitcoin NFTs. 

Apart from finding their way into Bitcoin, CryptoPunks have also infiltrated, and caused a buzz, on the Ripple platform where they exist as XRPL Punks. With CryptoPunks making waves on Bitcoin it’s yet to be seen whether other popular NFT collections such as Bored Apes will take the leap.