Bitcoin NFT Full Narrative

Forward the Original Title：像素，格子，诅咒，比特币NFT的绝版叙事

Pixel NFT

The champions of Bitcoin NFTs, with avatars composed of small squares, seem to be saying: “Those who are classic will become eternal.”

On the recently booming BTC NFT hot list, pixel art NFTs occupy 5-6 of the top 10 spots, easily dominating half of the landscape.

ordinals.market exchange data

In June 2017, Larva Labs introduced CryptoPunks, the pioneers of pixel art NFTs and arguably the ancestors of the NFT movement. CryptoPunks issued a total of 10,000 NFTs, each representing a different “punk-style” pixel art avatar. Among them, Punk #3100 and Punk #7804 were both sold for 4200 ETH each on March 11, 2022. Based on the ETH price at that time, the selling price amounted to approximately $75.66 million USD. CryptoPunk #5822, in February, was sold on the market for a record-breaking price of 8,000 ETH at the time.

When buying pixel art NFTs, what are users actually purchasing? Is it the buyers’ recognition and fascination with the value of pixel art style in NFTs, or is it a high acknowledgment of the artistic aspect of the NFT market

That great era is called—The Pixel Era.

The pixel era I referred to is the first wave of electronic games that emerged in the 1980s. In technical terms, they are known as 8-bit and 16-bit games. These games lacked 3D graphics and true color, featuring only rough images with 64 or 256 colors. However, their advent was groundbreaking and revolutionary. Games like “Pac-Man,” “Super Mario Bros,” and “Contra” are representative examples of the pixel art style.

The memories of the pixel era are both beautiful and rough, lacking smooth skin and faded colors. Yet, they are indeed a part of our generation’s lives and memories. Although not perfect, they embody a more straightforward attitude towards life and principles of conduct.

In that pixelated era and world, there were no multiple storylines or endings; the only thing we had was a determined leap forward and an unwavering commitment to progress.

The global trend of nostalgia is growing, with more and more people longing for a collective memory and a sense of community emotion. In an era where social interactions are inseparable from Web3, NFTs in wallets serve as business cards to open the doors of communities, representing the aesthetic and taste of the holders. Pixel art undoubtedly carries the childhood memories of most holders, along with a group of passionate childhood companions. They would rejoice over a brilliant collaboration and briefly fall out over the order of gameplay.

Years later, you realize that such friendships are truly precious. They may still be as strong as ever or may have drifted apart over the years. Yet, that pure and joyful feeling remains buried deep within, serving as the top conversation topic during reunions and gatherings, amid the chaotic table filled with dishes.

The memories of the pixel era are a blend of nostalgia and simplicity, devoid of smooth skin tones and fading hues. Nevertheless, they remain an integral part of our lives and memories, embodying a simpler way of life and a set of values.

In the realm of Web3, owning pixel art NFTs adds multiple labels to one’s persona: nostalgia, cyberpunk, high value, scarcity, and more. This extreme allure of conversation creates a phenomenon in social circles, enticing more people to willingly participate.

In the early days of pixel art, color choices were limited by the RGB displays of electronic game screens, typically restricted to 256 colors. Game developers often opted for highly saturated primary colors, complemented by low-saturation transitional shades and shadows. The most common combinations were red-green and blue-yellow, creating a vivid visual impact for gamers and triggering the release of dopamine in the brain. The visual tension of pixel art NFTs can evoke feelings of excitement and curiosity in users, reminding them of the joy of playing games in their childhood.

By the late 1990s, pixel art was increasingly regarded in the gaming industry as “rough” and “stiff,” falling out of favor. However, pixel art did not fade away but instead evolved into a unique style and cultural symbol. Pixel art’s simplicity and clean visual effects effectively reduce visual overload, thereby enhancing the efficiency of information transmission.

Pixel art’s ability to evoke nostalgia and embrace trends makes it both retro and contemporary. In 2017, Larva Labs founders Matt Hall and John Watkinson developed a program capable of generating thousands of random characters, deviating from mainstream aesthetics at the time. This led to the creation of CryptoPunks, irregular pixel art images featuring not only human figures but also non-human entities such as green-skinned zombies, hairy apes, and blue-skinned aliens, each adorned with distinctive accessories.

The inspiration for CryptoPunks stemmed from the punk spirit of London: “They had to be a bunch of misfits and rebels, and the 1970s London punk movement felt like the right aesthetic, as did the dystopian cyberpunk spirit represented by the movie ‘Blade Runner’ and William Gibson’s novel ‘Neuromancer.’” For the founders, there was a disruptive anti-establishment spirit in the early days of the blockchain movement, which they sought to reflect in the punk aesthetic.

Some investors believe in the appreciation potential of pixel art NFTs, while others are captivated by the experiences they bring. The unique style of NFTs maximizes their social attributes, achieving the goal of word-of-mouth marketing. Vivaldi Partners, a marketing consultancy, categorized social currency into six dimensions: belonging, communication, identity, value, advocacy, and information/knowledge exchange.

The uniqueness of NFTs fosters a sense of identity and belonging among owners. Those with similar NFTs quickly form communities, seeking affirmation within the community, advocating for their favorite NFTs, finding common ground, and exchanging relevant knowledge and information. “I own an NFT and belong to the OG club in the NFT domain.”

“Grid-style” NFTs

Upgrading from pixel art to grid-style art, we can consider it as a clearer version of pixel art.

When we mention the starry sky, we think of Van Gogh, and when we mention dots, we think of Yayoi Kusama. There’s a kind of grid that you might not be able to name, but you’re certainly familiar with—Mondrian’s primary color grids.

In the minds of many Dutch people, Mondrian’s status is on par with Van Gogh’s.

In 1918, as World War I was coming to an end, Mondrian, along with six other artists, signed the first manifesto of the “De Stijl” movement, advocating against war, individualism, and promoting peace.

In Mondrian’s world, there are only dots, lines, and blocks of color. His paintings pioneered the abstract style, with vertical and horizontal lines dividing the canvas, revealing the musicality and rhythm of color blocks. Gaze upon them, and the universal laws of the world seem to make sense in these grids.

Despite their limited and abstract patterns, this “spellbinding” grid symbolizes the primal forces that make up nature, with pure forms and simple color blocks. The concept of abstract aesthetics, from the art world to the fashion world, is filled with philosophical contemplation. Different people can find different answers in these grids, which is why they are so popular.

These grids come from the artwork “Composition with Red, Yellow, and Blue” by Dutch painter Piet Cornelis Mondrian.

Just a painting with a few grids, it was auctioned for a sky-high price of $50.6 million USD? Not only that, these grids have also become the coveted objects of cooperation for major luxury brands? What exactly is the charm of these grids?

There is also the artwork “Broadway Boogie Woogie,” which is one of the last works completed in his lifetime. It clearly reflects the new urban vibe of modern cities. Still composed of straight lines, but not the stern and serious black lines, rather lively and colorful lines that jump around. They are formed by small, varying-length colored rectangles, dividing and controlling the composition. Still using primary colors, but no longer constrained by black lines, they are primarily bright yellow, mixed with red and blue to form a colorful tapestry. Among the colorful lines are scattered blocks of red, yellow, and blue, creating rhythm variations and frequency vibrations. It appears brighter and more vibrant than any of his previous works. It is both jazz music full of rhythm and the flickering lights of office buildings and streets at night.

The compositions of these two works are very simple because he believed that by simplifying shapes and colors, he could express a more pure and universal artistic language. Therefore, his style not only caused a significant shock in the world of painting but also had a huge impact on architecture, furniture, decorative arts, and printing at the time. Now, the grid style has entered the NFT field of Bitcoin, perhaps representing the nostalgia of the generation born in the 1970s, while the grid-style NFTs may represent the trend pursuit of the new generation of holders in the WEB3 industry.

The Success and Controversy of Grid-Style NFT NodeMonkes.

Almost all NFT players are also waiting for NodeMonkes to set a new historical high price in Bitcoin. As the first Bitcoin NFT series with a single unit price exceeding 1 Bitcoin, NodeMonkes is almost certain to achieve this milestone, as anticipated by everyone.

From its inception to becoming one of the top 3 NFT projects by total market value in the crypto world, NodeMonkes only took a little over two months. Currently, the floor price of NodeMonkes has reached 0.74 BTC, and its total market value has surpassed $500 million, surpassing Pudgy Penguins and trailing only behind CryptoPunks and Bored Ape Yacht Club (BAYC).

Born from Controversy

On December 23, 2023, after about 30 hours of Dutch auction, NodeMonkes was finally sold out when the price dropped to 0.04 Bitcoin, and the project team ultimately received approximately 240 Bitcoins in sales revenue.

NodeMonkes sparked significant discussion for the first time when it claimed to reject a $5 million investment from venture capitalists, insisting on being a Free Mint project. However, as the project’s popularity increased, the project team continuously changed its sales plans, reneging on its previous promises. From claiming to be Free Mint with no whitelist mechanism to announcing the adoption of a whitelist mechanism and paid minting, and then transitioning to a Dutch auction with no whitelist, the claimed $5 million investment was also questioned.

Many early Ordinals players were quite dissatisfied with NodeMonkes’ repeated changes during the sales phase - you can certainly make money, but the way it was done was rather unattractive. Moreover, early Ordinals players were obsessed with the concepts of “fairness,” “free,” and “sincerity” in the Bitcoin ecosystem.

Nevertheless, I believe that the creators of NodeMonkes drew inspiration from the works of Piet Cornelis Mondrian. They used grids composed of various colored blocks to create abstract “bored apes,” which are clearer than purely pixelated works. Limited by the characteristics of pixel art, pixel NFT characters have blurry facial details and only clear outlines. In contrast, the grid style’s highly saturated and vibrant colors give NFTs a futuristic punk aesthetic. The stereotypical impression of low-resolution pixel art has long been discarded, and players now see a more open interpretation space behind the visual impact. Artists depict scenes by limiting and simplifying them, conveying emotions and thoughts through grids to oppose works that overly emphasize visual quality but lack substance. Abstraction and symbolism are common points between pixel and grid-style NFTs, representing the attitude pursued by Web3 players.

In the artwork, the colored squares represent the body, earrings, eyes, hats, etc. For example, eyes can be represented by just two squares, with a larger square below representing the body. With this method, everything in the artwork can be represented within a rectangular frame, and you can always get your answer right away. The structure that constitutes reality is not the objects themselves but the relationships between them. This structural relationship is created by using abstract vertical and horizontal lines to form simplified geometric shapes. The pursuit of geometrically abstract structures by the style movement creates a new idealistic artistic form through the support and combination of lines and surfaces. Grid-style NFTs have pioneered another style of pixel NFTs.

What is a Cursed Inscription, and Why Is It Discontinued?

A cursed inscription refers to inscriptions that were not indexed by the Ordinals protocol. Initially, this occurred due to a BUG in the Ordinals protocol, where numbering starts from 0 and counted downwards, resulting in negative numbers being assigned, thus defining them as “cursed inscriptions.”

The rarity is the most significant feature of cursed inscriptions. Especially in Web3, NFTs are ranked based on their rarity, resulting in price discrepancies within the same collection. However, cursed inscriptions are more like an unintended anomaly. Therefore, the narrative angle of cursed inscriptions lies in their scarcity compared to other official inscriptions.

The discontinuation of cursed inscriptions is due to the Ordinals Jubilee upgrade. Casey, the founder of Ordinals, announced in a post that the Jubilee upgrade would take place at block height 824544. After the Jubilee, all inscriptions will be blessed, meaning that using features like batch inscriptions will no longer result in cursed inscriptions. However, cursed inscriptions existing before the Jubilee upgrade will still remain, which is also the reason for the community’s FOMO (Fear of Missing Out) regarding cursed inscriptions.

Before the arrival of block height 824544, cursed inscription projects in the process of minting are actively minting inscriptions, striving to be the last cursed inscriptions.

The discontinuation of cursed inscriptions may signify a new beginning for the Bitcoin ecosystem. UniSat announced that it would follow the Ordinals Jubilee upgrade to ensure that BRC-20 continues to operate on Ordinals rather than splitting into separate protocols.

According to the information I found, the last cursed inscription was INSCRIPTION-472,043, documenting the Yin and Yang inscription featuring Mickey Mouse.

The last image cursed inscription was the cursed goose on Satoshi’s Pizza , INSCRIPTION-472,040.

The last cursed inscription with the order of negative numbers (Yin) followed by positive numbers (Yang) in a double-sided engraving is INSCRIPTION-458,327. It belongs to the 10K collection BitMonkes and is the last one. It is simultaneously engraved on the Block 78 rare gemstone, featuring a cursed blue smoke frame design. BitMonkes only has 150 inscriptions with the cursed blue frame.

The cursed inscriptions are now officially discontinued, marking the end of an era for cursed inscriptions. After the fix, cursed inscriptions will become a special category, with a fixed quantity that will never increase. They will become a strong meme narrative in the history of Ordinals. Compared to most creations made by people, there is a greater consensus among individuals for the chosen ones who arrived in this world due to a bug.

One such creation is the BitMonkes collection, which pays tribute to NodeMonkes and exclusively uses rare gems and double-sided engravings, with 100% of them engraved on cursed inscriptions. If you’ve read this far, it shows that you care about art as a holder, rather than being just a speculator on the Web, which we refer to as “crypto bugs”. I hope you understand this great NFT work from both artistic and technical perspectives.

Now, let me introduce you to the 10K collection BitMonkes, which integrates elements of grid art and features 100% cursed inscriptions and rare gems, using the recursive protocol. Remember, this does not constitute any investment advice; the spirit of Web3 is about sharing.

Official website: https://bitmonkes.com/

BitMonkes consists of both Yin and Yang-sided engravings, with Yin representing negative numbers (cursed inscriptions) and Yang representing positive numbers inscriptions. The Yin side showcases NodeMonkes, with 150 rare editions featuring a frame design symbolizing cursed purple smoke, paying tribute to Bitcoin’s 15th anniversary. The Yang side’s PFP (Profile Picture) consists of original components using the recursive protocol. BitMonkes is the only collection with double-sided engravings in Yin and Yang order.

All engravings are 100% etched on block78 rare gems. Block78 was mined by Hal Finney and marks the first instance of someone other than Satoshi Nakamoto participating in mining. Additionally, Block 78 falls within the range of Vintage rare gems, embodying the concept of dual rarity. Rare gems are highly valuable, aside from the value of NFTs themselves, as their future sale value is significant. There are only about 800,000 rare gems in total, with BitMonkes accounting for 10,000 of them.

100% etched on cursed inscriptions, BitMonkes is the last collection of cursed inscriptions before the Jubilee upgrade, akin to misprinted stamps, and will no longer be added to. There are only about 500,000 cursed inscriptions in total, with BitMonkes occupying 10,000 of them.

The final piece of the BitMonkes collection, INSCRIPTION-458,327, was completed at UTC 2024-01-05 20:31, at block height 824,521. At this time, there were only 23 blocks left until the Jubilee upgrade at block height 824,544, approximately 250 minutes.

The Bitcoin network often experiences block congestion. For a collection of 10,000 pieces, and considering the need for double-sided engraving, this is a very lengthy process. If the engraving was not 100% completed by block height 824,521, it would be an imperfect piece, meaning that some NFTs would be engraved onto non-cursed inscriptions. Fortunately, they completed this great feat four hours before block height 824,521, becoming the final masterpiece.

Described in three words: First, Last, Only one.

First: The first double-sided engraving.

Last: The last 10,000 collection before the cursed edition.

Only one: Unique, all engraved on cursed inscriptions and double rare gems.

If you missed out on NodeMonkes at 0.04 BTC, which was certainly not cheap, BitMonkes’ whitelist sale price may not be expensive. Perhaps the value of these rare gems will exceed this amount in the future. I recommend not missing out, as so many highlights are integrated into one piece, and there won’t be another piece like this in the BTC ecosystem. It’s worth collecting.

What is an Inscription Number, Recursive Inscription, Cursed Inscription, and Rare Sats?

Inscription number:

As each inscription NFT is assigned an inscription number according to the order of inscription (starting from 0 and increasing sequentially), over time, the current inscription number has reached millions. This adds to the enjoyment of collecting and provides a basis for assessing value. Typically, inscription NFTs with lower inscription numbers are considered to have greater collectible value, such as those in the sub10k series (the first ten thousand inscribed inscriptions).

Recursive Inscription:

Due to the 4MB content limit imposed by Taproot segregated witness, this restricts the size of the inscription content. To overcome this limitation and introduce greater flexibility, the inscription protocol has designed a format called “recursive inscriptions.” This allows for richer and higher-resolution representations within the inscription, enabling features such as AR and high-definition. For example, ordibots 3D utilizes recursive inscriptions to achieve AR and high-definition, and the inscription cost for each NFT inscription is very low.

Cursed Inscription:

The curse inscriptions were originally a protocol bug, where some inscriptions were not “properly” included in the original numbering series. Therefore, these inscriptions, known as “cursed” inscriptions, were assigned negative numbers. These protocol bugs have now been fixed, and there will be no more cursed inscription NFTs with negative numbers added in the future. Similar to misprinted banknotes, they are highly collectible, and there are only about 500,000 cursed inscriptions in total.

Rare SATS:

Each NFT inscription is engraved on a satoshi, the smallest unit of Bitcoin. To increase interest, the Inscription Protocol defines some special satoshis called “rare satoshis,” such as the first satoshi mined in each block. NFTs engraved on these satoshis typically command higher prices, as rare satoshis are valued more than regular ones. There are only about 800,000 rare satoshis in total.

In fact, “satoshi” has existed as the smallest indivisible unit of Bitcoin for many years, where 1 Bitcoin equals 10^9 satoshis. However, due to its microscopic nature and lack of use cases, it hasn’t been in the mainstream players’ view. But in the past three months, with the explosion of the Bitcoin ecosystem, satoshis, serving as carriers for inscriptions, have naturally garnered significant attention. Moreover, due to their intuitiveness and resistance to volatility, satoshis have solidified their position as the primary pricing unit in the Bitcoin ecosystem, even surpassing USDT.

Aside from being inscription carriers and pricing units, satoshis themselves are naturally suitable for collection and speculation. Of course, to clarify this viewpoint, one must first understand the attributes of satoshis.

A careful observation of how satoshis are represented reveals some interesting facts. Satoshis named 0 and echo each other across time and space, connecting this grand epic of Bitcoin mining spanning over 21 trillion pieces and more than 130 years.

In these cyclical events, satoshis that play important roles, those with unique names, and those that have experienced historical events will have different levels of rarity and premiums.

Here’s a vivid example: satoshis are like 100 RMB bills in circulation. Their purchasing power doesn’t change due to printing batches or transactions. However, because of the appearance of serial numbers, a small portion of banknotes with special numbers have a premium. Satoshis operate similarly; based on certain consensus criteria, satoshis with special properties generate unbelievably high premiums in the market. In contrast, the mainstream consensus criteria for satoshis are much stricter than those for Chinese banknote serial numbers.

Based on the four fundamental events covered by decimal notation, we can clearly define six levels of rarity for satoshis: common, uncommon, rare, epic, legendary, and mythic.

On May 23, 2022, inscription number 8669069 emerged, causing a stir in both the Ordinals and rare satoshi communities. It garnered attention as the first inscription engraved on a rare-level satoshi. Considering there are only 370 rare-level satoshis among the current 19 trillion satoshis, this inscription has the potential to become the most valuable cryptographic artwork in history. Additionally, the inclusion of “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks” in the image, previously engraved by Satoshi Nakamoto in the genesis block, further adds to its unparalleled significance. In the world of art, the cumulative effect of rarity often exceeds the sum of its parts.

On the ord.io market, you can easily find explanations for these classifications:

Uncommon

The first satoshi of each block.

Rare

The first satoshi of each block.

Epic

The first satoshi of every halving.

Vintage

The first 1000 blocks mined.

Nakamoto

Satoshis mined by Satoshi Nakamoto, which has an interesting name.

First Transaction

On January 12, 2009, Satoshi Nakamoto sent 10 bitcoins to Hal Finney, marking the first-ever on-chain interaction.

Palindrome

Numbers read the same forwards and backwards, such as 12921.

Pizza

Satoshis was used in the transaction where 10,000 bitcoins were used to purchase pizza, marking the origin of the term “Bitcoin pizza” on May 22, 2010. This day is now celebrated as Pizza Day.

Block 9

The oldest satoshi is currently in circulation, unless an address belonging to Satoshi Nakamoto wakes up again.

Block 78

Satoshis is mined by Hal Finney, the first person other than Satoshi Nakamoto to participate in mining. Block 78 also falls within the range of Vintage rare satoshis, embodying the concept of double rarity.

At the end: Some excerpts in this article on the pixel NFT chapter were referenced from an article by AIO News, for which I express my gratitude. I entered the world of Bitcoin in 2013, and over the years, time has flown by, marking 11 years. I am fortunate to live in this great era and pay tribute to Satoshi Nakamoto.

Disclaimer：

1. This article is reprinted from [chaincatcher]. *Forward the Original Title‘像素，格子，诅咒，比特币NFT的绝版叙事’.All copyrights belong to the original author [Bug]. If there are objections to this reprint, please contact the Gate Learn team, and they will handle it promptly.
2. Liability Disclaimer: The views and opinions expressed in this article are solely those of the author and do not constitute any investment advice.
3. Translations of the article into other languages are done by the Gate Learn team. Unless mentioned, copying, distributing, or plagiarizing the translated articles is prohibited.