- A Bitcoin Ordinals inscription has changed hands for $450,000
- The inscription was among the first to be inscribed on the Bitcoin blockchain
- The sale happened on the Solana NFT marketplace Magic Eden
A Bitcoin Ordinals inscription featuring a honey badger has changed hands for 10.5 BTC, roughly $450,000, on Magic Eden. The artwork was among the first inscriptions on the Bitcoin blockchain early this year during the hype around the Ordinals project. Magic Eden hailed the sale as a major milestone, with the sale coinciding with speculations of the start of a Bitcoin bull market.
Just Warming Up
The inscription was the first in the Honey Badger collection which has 10,000 inscriptions. According to Magic Eden, an X (formerly Twitter) user pseudonymously known as OG General is the new owner of the NFT.
We just witnessed the highest Ordinal sale of all time…
— Magic Eden on Bitcoin 🟧 (@MEonBTC) December 7, 2023
In an X post, OG General said that they’re “just warming up” adding that the inscription was imprinted on Bitcoin at a time when “almost no one” thought Bitcoin NFTs would become popular.
🪖 Inscription #8 was inscribed when almost no one cared about inscriptions, on Jan 15 at 1 sat/vB. ” Ordinals Can not be stopped !! ” Back to work , I am just warming up. LFG !! Thanks to the legends @mfigge and @huuep for providing an early insight to me months ago about… pic.twitter.com/V6cOmY3sLF
— OG General (@TheOG_General) December 8, 2023
Magic Eden’s Chris Akhavan told Decrypt that the sale brings new energy into the Ordinals ecosystem. Akhavan added that the energy proves that NFT collectors see value in Bitcoin inscriptions.
The sale comes nine months after the NFT exchange unveiled an Ordinals marketplace to popularize Bitcoin-powered collectibles. It also comes months after Magic Eden embraced the new Bitcoin Ordinals standard BRC-20 and announced a launchpad to support entities interacting with the Bitcoin Ordinals project.
Bitcoin Ordinals Exploiting a Vulnerability
The sale also comes a few hours after Bitcoin Core developer Luke Dashjr said that he’s developing ways to eliminate Ordinals from the network claiming the project thrives by “exploiting a vulnerability” on the blockchain.
Popular web3 platforms that have created NFTs on the Bitcoin blockchain include Bored Ape creator Yuga Labs while famed auction house Sotheby’s has announced its first sale of a Bitcoin Ordinals inscription.
With a Bitcoin inscription changing hands for over 10 BTC, it’s to be seen whether the interest will spread across the Bitcoin NFTs ecosystem.