🐸 BTC Frogs Leap Ahead As Most-Traded NFT Collection

Bitcoin Frogs, a recently launched non-fungible token (NFT) collection featuring unique frog collectibles on the Bitcoin Blockchain, has emerged as the most-traded collection in the past 24 hours.

Author

Ordinal Hive
June 15, 2023

Good morning:

  • NFT Market - Bitcoin Frogs are taking the NFT space by storm, even surpassing Bored Ape Yacht Club by volume traded this week. One to keep an eye out for.

  • Trending Collections

Today's edition:

  • 🐸 BTC Frogs Leap Ahead As Most-Traded NFT Collection

  • 📈 Bitcoin Hash Rate Hits Record High as Ordinals Inscriptions Soar

  • 💀 Ordinals Face Growing Scam Threat

  • 🔏 Ordinals’ Recursive Inscriptions Paint A Boundless Future

  • 🌍 New Ordinals Protocol Feature Could Revolutionize BTC NFTs (Kitco)

  • 🎮 Web3 Gaming Push W/ Ex-Facebook Exec Hire (Decrypt)

  • 💰 Crypto Funding $56M+ Week With Major Social Media Focus (Blockworks)

  • 🪄 Magic Looks To Take The Mystery Out Of Web3 (Axios)

  • 👱‍♂️ Guy Fieri And Sammy Hagar Launch Web3 Tequila Program (CoinDesk)

  • 📃 a16z Opening UK Office As Country Wants To Be Web3 Hub (TheBlock)

  • 🪨 BlackRock Close To Filing For BTC ETF Application (CoinDesk)

  • 💹 Blockchain Developer Platform Alchemy Releases AL-Powered Tools (CoinDesk)

  • 😶‍🌫️ Why DeGods NFTs Seem To Be Everywhere (Forbes)

BTC Frogs Leap Ahead As Most-Traded NFT Collection

Bitcoin Frogs, a recently launched non-fungible token (NFT) collection featuring unique frog collectibles on the Bitcoin Blockchain, has emerged as the most-traded collection in the past 24 hours. With a trading volume exceeding $2.2 million, Bitcoin Frogs outperformed prominent collections like Bored Apes.

Here are the quick facts:

  • Bitcoin Frogs, a collection of 10,000 unique frog-themed NFTs on the Bitcoin Blockchain, has seen significant trading activity, surpassing other well-known collections.

  • The trading volume for Bitcoin Frogs reached over $2.2 million, driven by 627 individual transactions.

  • Each Bitcoin Frog NFT is currently priced at 0.12 BTC (over $3,200), with trading fees ranging from $50 to over $1,200.

  • In comparison, Bored Apes recorded just over 11 transactions at a higher price point of over $83,000 per NFT.

  • The Ordinals Protocol, allowing the embedding of data onto the Bitcoin blockchain through inscriptions, has facilitated the rise of NFTs on the network.

The growing popularity of Bitcoin-based NFTs highlights the potential of the Ordinals Protocol and its impact on transaction fees and community discussions.

Bitcoin Hash Rate Hits Record High As Ordinals Inscriptions Soar

Bitcoin's hash rate has reached an all-time high of 439 exahashes per second (EH/s), showcasing the network's robustness and increased adoption. Simultaneously, the number of daily transactions on the Bitcoin blockchain has surged to over 682,000, driven by the popularity of Bitcoin Ordinals inscriptions.

Here are the quick facts:

  • The surge in Bitcoin's hash rate indicates growing confidence in the network's security and resilience.

  • The increase in mining infrastructure investments and the use of renewable energy have contributed to the decentralized nature of Bitcoin mining.

  • Bitcoin Ordinals, nonfungible tokens inscribed on the Bitcoin network, have gained popularity among collectors and investors, attracting new participants to the Bitcoin ecosystem.

  • The number of Ordinals inscriptions exceeded 350,000 in a 24-hour period, leading to a significant rise in daily Bitcoin transactions.

  • The increased transaction activity has resulted in a busy mempool and higher transaction fees. 

As Bitcoin mining and Ordinals inscriptions continue to flourish, the network's strength and transaction activity are poised for further growth.

Ordinals Face Growing Scam Threat

A recent scam targeting the Ordinals launchpad has left users drained after a knockoff website called "Luminux" deceived them into minting a meme token that turned out to be a fraudulent scheme. The incident highlights the importance of verifying URLs and exercising caution when participating in new projects.

Here are the quick facts:

  • The scam involved the launch of an alleged meme token project called ORNG via the fake Luminux website.

  • Users unknowingly signed transactions to mint the token, resulting in their Bitcoin wallets being drained.

  • The scam wallet received approximately 2.37 Bitcoin (worth about $63,000) primarily on the day of the launch.

  • The Twitter account associated with the scam rebranded and attempted to promote another potential scam.

  • Companies like Luminex and Xverse warned users about the scam and emphasized the need for vigilance and official announcements.

Stay alert and double-check URLs to avoid falling victim to similar scams in the future.

Ordinals’ Recursive Inscriptions Paint A Boundless Future

Ordinals' recursive inscriptions breathe life into the blockchain canvas, empowering artists, developers, and creators to paint a limitless future. By breaking through block size limitations and fostering collaboration, these inscriptions unlock boundless creativity.

Here are the quick facts: 

  • Ordinals introduces recursive inscriptions, transcending Bitcoin's 4 MB block size limitation and revolutionizing the world of NFTs.

  • Previously, inscriptions operated independently, but now they can reference and collaborate with other inscriptions, unlocking a new realm of creative possibilities.

  • Developers can now store traits and use code snippets to dynamically generate images, streamlining storage and reducing transaction fees.

  • Recursive inscriptions pave the way for collaborative coding, allowing users to share functioning computer code on Bitcoin.

  • The combined power of inscriptions enables not only complex 3D video games but also an internal internet within Bitcoin, transforming exploration and marketplaces.

Get ready to witness the artistic masterpieces and groundbreaking innovations that await in this technologically enchanted gallery.

Thank you for joining us in this week's Ordinal Hive Newsletter!

If you enjoyed the content and want to help us grow please copy and paste this link for others: https://ordinalhive.beehiiv.com/subscribe

See you next week!