What’s the Scoop? Bitcoin Miners & NFTs
In a remarkable twist of fate, Bitcoin miners have mined more than just cryptocurrency. Thanks to the Ordinals protocol, they’re also cashing in on over $5 million from creating nonfungible tokens (NFTs). Who knew mining for virtual bits could net you quirky JPEGs and other digital treasures?
Exploding Transaction Fees: Join the Party!
Transaction fees for these Ordinals absolutely skyrocketed, shooting up a staggering 240% from $1.5 million on March 10 to a whopping $5.2 million by April 12. It feels like your cousin’s Wi-Fi bill—fluctuating wildly for no apparent reason, except here, there’s some tangible digital art at the end of the tunnel!
The early days of the Ordinals protocol, which kicked off on January 21, had fees hovering around the $1 million mark, proving that the hype train can lead to some hefty financial gains.
Ordinals’ Stampede: A Record in Inscriptions
In the latest NFT rush, nearly 1.1 million Ordinals have made their mark on the Bitcoin network. Most are cheerful JPEGs and heartfelt texts, while others fancy themselves as PDFs, videos, or audio formats. With 100 to 500 inscriptions processed in each Bitcoin block, Block 783,758 has set itself apart by boasting a record 3,785 inscriptions. Talk about a packed party!
Record-Breaking Block:
“This block holds an astonishing 86.7% of its transactions as inscriptions. Do you think Bitcoin is grumbling about feeling underappreciated?”
Drama Unfolds at Reddit’s NFT Drop
When Reddit launched its third batch of Gen 3 NFTs on April 12, dubbed the “Futures Realities Collection,” the anticipation was palpable. However, the event was marred by claims of bots racing to snag these collectibles before any human could even tap the button. It turns out, no CAPTCHA meant chaos, and Reddit’s digital shop went up in smoke faster than you can say “bot prevention.”
In a User’s Words:
“Of course the site got overloaded. You didn’t think of stopping bots during this drop?”
Adidas and Dynamic NFTs: A Bold Move
If you thought NFTs were just for artistic folks, think again. Adidas has jumped on the dynamic NFT bandwagon with their “ALTs by Adidas” collection. According to their announcement, the NFTs will evolve based on owner actions. Each NFT comes with a hefty price tag of 0.666 Ether (around $1,275), reeling in a commendable 351 ETH in trading volume already!
Penned by the Pro:
Creators receive a 10% cut of sales, proving that even in the digital realm, everyone deserves a slice of the pie.
Remembering Bruce Lee: NFTs for the Martial Arts Legend
The world also got a slice of nostalgia as an NFT collection honoring the legendary Bruce Lee was launched by his estate. Priced at a delightful $15 apiece, 13,907 happened to mint in the first 24 hours. Let’s face it, Bruce Lee would be proud to see his essence captured in the digital world.
Key Facts:
- Mints started at just 0.008 ETH.
- Selected works featured artistic geniuses from both the past and present.
Nifty News Roundup: The NFT Rollercoaster
Oh, and don’t forget about OpenSea, which has introduced “OpenSea Pro,” a new marketplace just for those serious NFT traders. Plus, there’s the quirky tale of a trader accidentally spending 100 Ether on a free NFT. A classic case of ‘fat-fingering,’ but let’s hope that was all just a bid gone awry.
