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ORDEX: The Ethereum Inscription Market with a 10-fold increase in projects

24-01-24 13:34

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When it comes to "Ether Inscriptions", people are more familiar with Ether Inscription Tokens such as ETHS and FACET. Compared to the popularity of Bitcoin's "small pictures", the "small pictures" of Ether Inscriptions are actually quite overlooked.

Recently, the performance of EVM chains has been quite poor, with many EVM chains having almost zero liquidity. However, in such a market environment, I discovered an NFT project called ORDEX in the Ethereum NFT market that has generated 10 times the returns. Although this market also offers trading of Ethereum tokens such as ETHS and FACET, the liquidity of the tokens is generally low, and it is mainly focused on "small pictures".

At first glance, you may feel very surprised - aren't these all imitations? Similar to the initial stage of Bitcoin NFT last year, what's the point?

However, in fact, the projects that can become popular on this platform all have relatively complete creation stories, with a taste of "small and beautiful". The creation story that emphasizes affordability, large quantity, and Fully on-chain as one of the core narratives is a common feature of the star projects on the ORDEX platform.

ittybits

This is the "10x increase project" we mentioned in the article title. There are a total of 10,000 ittybits, which were issued on January 6th at a Mint price of 0.007/0.009 ETH. Currently, the floor price of ittybits is 0.0795 ETH, which is still 10 times the issuance price, and the total transaction volume has exceeded 1.66 million US dollars. The floor price of ittybits once reached 0.12 ETH, which even now still surpasses the first NFT series Ethereum Punks on Ethereum's ORDEX, making it the undisputed star on the platform.

ittybits

The creator of ittybits, @posvar, is the owner of CryptoPunks #7741. Since 2021, he has spent a lot of effort on research and analysis related to CryptoPunks since owning CryptoPunks #7741. Inspired by 8x8 (a derivative work of CryptoPunks composed of 64 pixels), he believes that 8x8 is cute but cannot reshape all 10,000 CryptoPunks. In order to seek a balance between pixel compression and overall aesthetics of CryptoPunks, he ultimately chose 12x12 pixels to create new CryptoPunks art.

There are many details to consider when preserving the elements of CryptoPunks in a very limited pixel space, which reflects @posvar's ingenuity and deep understanding of CryptoPunks. For example, the gender differentiation of CryptoPunks is based on "body shape", where male Punks are one pixel wider and two pixels taller than female Punks. However, there is not enough space in 12x12 to differentiate the gender of Punks in this way. Therefore, in ittybits, male Punks have a mouth with 3 pixels, while female Punks have a mouth with 1 pixel. Another example is that the smile/frown expression of CryptoPunks is actually an additional pixel point on the upper left/lower left of the mouth with 3 pixels. However, there is not enough space in 12x12 to differentiate the expression of Punks in this way. Therefore, the smile expression is expressed by highlighting the middle pixel of the mouth to show "grinning", while the frown expression is conveyed by removing one pixel to give a feeling of "pouting".

Other than the pixel compression of the original CryptoPunks in 12x12, each ittybits ID number also matches the last four digits of its SHA-256 file hash for artistic expression.

@posvar refers to it as a "hash matching ID", enriching the artistic narrative of ittybits from a cryptographic perspective. SHA-256 is a one-way transformation of data into a string of 64 different characters, and even the slightest change to an image will fundamentally and unpredictably alter the hash output. Each time the pixel composition of ittybits is slightly altered, it must be "mined" an average of 65,000 times to achieve a "hash matching ID". In order for every ittybits in the 10K series to achieve a "hash matching ID", @posvar actually generated 648 million ittybits.

ittybits' official website also reflects @posvar's intentions, and you can view the entire collection in various ways. For example, I chose the "building block" mode:

With its fully on-chain narrative as an inscription, ittybits has quickly gained a lot of attention in the English-speaking community. For example, @HollanderAdam, who won the Shadow Hats auction with 2.5 BTC, purchased a batch of ittybits.

Jack Butcher also retweeted a tweet related to ittybits.

Ethereum Punks

The first NFT series on Ether Inscriptions, with inscriptions numbered between 11 and 10115. There's not much to say about this, it's similar to the "historical value" narrative of Sub 1K in Bitcoin, and it's not a project launched through ORDEX Launchpad. However, since we're talking about Ether Inscriptions NFTs, this project still deserves a mention.

The trading volume of Ethereum Punks on ORDEX has exceeded 1 million US dollars, and the current floor price is 0.079 ETH. Four days ago, Ethereum Punks #3100 with "alien" features set the record for the highest single sales amount in the series, selling for 8.24 ETH (20754 US dollars).

mfpurrs

This project looks like a copycat of mfers at first glance:

Founder @VirtualAlaska_ was candid that they did it because Ethereum's inscriptions were cool, and drew inspiration from different NFT series to create a cat series. The difference between imitation and artistic creation is not only reflected through the features of mfpurrs, but they also gained the support of the artists they wanted to pay tribute to.

For example, Chris Torres (@PRguitarman), the creator of "Nyan Cat" such as, talked about mfpurrs in the official Discord channel of Ethereum's inscription. @VirtualAlaska_ then asked him if he would also create some artwork for mfpurrs, resulting in this exclusive 1/1 mfpurrs by Chris Torres.

Not only that, Chris Torres also customized the "Rainbow Chaos" glasses feature for mfpurrs, as well as multiple background features including a rainbow background.

Founder of mfers, sartoshi, also expressed approval of mfpurrs in a tweet from @VirtualAlaska_.

However, mfpurrs is not a project of ORDEX Launchpad. The project formed its final complete 10K collection in August of last year.

EBURP

This thing costs 0.29 ETH? This may be your first reaction when you see the following picture:

EBURP, although not a project released by Larva Labs, has its origins in Larva Labs. Before Larva Labs released CryptoPunks in 2017, they had launched an 8-bit RPG game called "GURK" on Nokia phones in 2004.

「GURK」

In 2013, co-founder of Larva Labs, @pents90, open-sourced some of the artwork from the GURK game using the EBURP engine. Although the GURK game has a total of 216 unique game characters, only 92 game characters (including heroes, enemies, and NPCs) are open-sourced in the EBURP Github repository.

Open source 92 GURK game characters

Open source is a generous ideology and also the initial form of decentralization spirit embraced by Larva Labs when entering the decentralized world. The team behind EBURP not only brought all 216 game characters to Ethereum in the form of Ether Scrolls to pay tribute to Larva Labs' "baby era", but also burned 124 game characters that were not open source, keeping only 92 open source game characters to show respect for the creators' intentions.

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After ittybits attracted a lot of attention for ORDEX, EBURP also rose, with the highest floor price once exceeding 0.7 ETH.

ORDEX OG PASS

Finally, there is the only utility-based NFT project on ORDEX, which is also the first project on ORDEX Launchpad, their in-house OG PASS.

The utility of OG PASS includes a 50% reduction in transaction fees, whitelist access to all Launchpad projects, and API interface usage rights. Due to the emergence of the star project ittybits on Launchpad, OG PASS once skyrocketed to 0.75 ETH and has now fallen back to 0.47 ETH.