One Person Spends 4 BTC on a Bitcoin NFT
A historic transaction has just been made in the Bitcoin Ordinals space. On September 14, 2023, Jason Fang, founder of Sora Ventures, revealed on X that he purchased the OCM Dimensions 300 #215 for 4 BTC, which is equivalent to approximately $106,000.
Just joined the @OnChainMonkey OCM Dimension club! This might be the highest purchase on ordinals thus far? @osura_com @huuep @amandaterry @BitcoinMagazine @btc_albert pic.twitter.com/6eG41WsO33
— Jason Fang (@JasonSoraVC) September 13, 2023
4 BTC for a Bitcoin NFT Sets Record
☠️ Ordinals are Dead ☠️
— danny huuep (@huuep) September 14, 2023
OCM Dimensions 300 are dead.
Let's !RISE from the dead 🟧 pic.twitter.com/5VVhHmUbs1
This transaction marks the highest price ever paid for a Bitcoin Ordinals NFT, excluding BRC-20 tokens. The OCM Dimensions 300 collection consists of 300 collectible NFTs issued by OnChainMonkey on the Bitcoin network. Currently, the floor price for NFTs in this collection is 0.39 BTC.
Bitcoin Ordinals, also known as Bitcoin NFTs, were one of the hottest narratives in Q1 2023. The introduction of Ordinals brought NFTs and smart contracts to the Bitcoin blockchain, which had previously been largely devoid of such features.
During the peak of their popularity, Bitcoin Ordinals saw a trading volume high of $452 million in May 2023. However, the hype quickly faded, and attention shifted to other trends. By June, trading volume had dropped 76.5% to $106 million, and by July, it had further decreased by 66.9%, down to $35 million.
Trading Volume and Sales of Bitcoin Ordinals. Source: DappRadar
Despite the downturn in interest, Bitcoin NFTs and Ordinals experienced a resurgence starting July 8, 2023, with a significant increase in daily inscriptions. This revival was driven by the introduction of the BRC-69 token standard by Ordinals Luminex, which aimed to reduce the cost of minting Ordinals by over 90%.
