BTC NFT The Story of Bit Frog, and What Else Is Worth Paying Attention To

Discovering Bit Frog Uncovering the Fascinating World of BTC NFTs and Other Noteworthy Trends

Wu Shuo’s Author | defioasis

This Issue Editor | Colin Wu

Note: This article was written on November 19th; some data may have changed. This article is for informational purposes only and does not endorse any mentioned projects or provide any investment advice.

With the launch of ORDI on Binance and the excellent Ordinals on-chain experience provided by OKX Web3 Wallet, more and more users are flocking to BRC-20, flooding into the Bitcoin ecosystem. Bitcoin network transaction volume and fees are reaching new highs. On November 17th, the on-chain trading volume of Bitcoin NFT/Inscription exceeded 30 million USD for the first time in history, and on the 18th, it pushed the number to 35 million USD, setting new records for consecutive days. During this continuous rise, the inscription fever gradually shifted from BRC-20 to BTC NFT and radiated to multi-chain and Layer 2 networks. On November 17th, the trading volume of Bitcoin Frogs reached 3.444 million USD, setting a new historical high. The floor price also rose from 0.06 BTC per card a week ago to 0.15 BTC, a 150% increase, making it the undisputed leader among current BTC NFTs.

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Bitcoin Frogs Story

There are 10,000 Bitcoin Frogs in total, with 4.3k current holders, a trading volume of over 626 BTC, and a market value of about 1,500 BTC (approximately 55 million USD).

As one of the earliest Bitcoin Ordinals NFT projects, the birth of Bitcoin Frogs originated from a chance contact between Vibegawd of Deezy Labs and anonymous artist Frogtoshi. Frogtoshi created 10k art pieces for Frogs. Deezy Labs, as one of the few launch platforms on the Bitcoin network that supports lightning LianGuaiyments, provided technical support for the birth of Frogs. Deezy Labs had previously successfully launched 3k NFT works of Astral Babes and was able to earn the price difference from the inscription fees to generate income for the platform.

Therefore, based on the experience of Astral Babes and the artist Frogtoshi’s consideration, it was decided to use Deezy Labs’ launchpad to mint Frogs for free, where the minter only needed to pay the transaction fee for inscribing the 5kb Frogs PFP, and Deezy Labs would be able to earn a price difference of 0.5 BTC from the inscription without requiring any distribution of Frogs. However, hardly anyone had ever minted a 10k NFT like this on Bitcoin before. (Later, Danny, the founder of Deezy Labs, said that the reason for not requiring Frogs to be distributed was due to skepticism about new projects).

However, accidents happened. During the minting process of Frogs, due to issues with image layering, all minted Frogs turned out to be “naked,” with their clothes behind the Frogs, and the community jokingly called them “Only Frogs” (now also referred to as “Naked Frogs” for misprints). At that time, about 2,000 Naked Frogs had already been minted, and there were still 3,000 in the memory pool. Eventually, the team decided to use Replace-by-Fee (RBF) to cancel the pending Frogs in the memory pool and temporarily suspended minting. RBF is a feature of the Bitcoin network that allows senders to replace an existing but unconfirmed transaction before it is confirmed on the blockchain.

In order to cancel the pending Frogs, Deezy Labs paid a fee of nearly 1 BTC to replace the transaction. After resolving the layering issue and recasting, the correct Frogs were sent to the previously cast users, costing an additional 1 BTC for engraving. In the end, 10k Frogs were successfully cast, but there were also 3.4k naked Frogs cast. After deducting the 0.5 BTC price difference earned from the Frogs, Deezy Labs still suffered a loss of around 1.5 BTC in this incident.

After successfully casting the Frogs, Frogtoshi, in gratitude to Deezy Labs, gifted them 1 Frog. The Bitcoin Frogs community was unaffected by the engraving incident and continues to evolve. Later, Deezy Labs founder danny was amazed by the remarkable development of the Frogs community and purchased some Frogs on the secondary market.

Other notable BTC NFT

Casey launched the Ordinals protocol in December last year, giving each Satoshi a number. Any player can use Ordinals to add data types such as text, images, and videos to their Satoshi. Initially, players of Ordinals added images to their Sats, creating NFTs. Casey’s original vision was more about storing things on Bitcoin that would never change, rather than engaging in “tokenized” speculation, which to some extent aligns more with the vision of storing NFTs.

Of course, BRC-20 is not actually an FT like ERC-20 that we understand to be traded in smart contracts. Essentially, BRC-20 is used as a JSON file for transactions, and each JSON file corresponds to a specific BRC-20 with a unique ordinal number, making it more similar to the non-fungible nature of NFTs as we understand them. That’s also why data websites like CryptoSlam still count BRC-20 engravings as NFTs.

Whether it’s BRC-20, BTC NFTs, or others, they are essentially important components of the Bitcoin ecosystem. When a narrative sparks discussion and capital flow, it also shifts users’ attention, especially those who missed out, to other narratives within the ecosystem, becoming early users and spilling funds into more branches. Currently, Ordinals or BRC-20 is still a niche market worth over a billion dollars in the entire Crypto space, while BTC NFTs are even earlier in the early stage, which may mean there are more opportunities worth paying attention to.

Goosinals

On the day when Bitcoin Frog trading volume reached its peak, Goosinals also reached a record trading volume of $500,000, with a cumulative trading volume of nearly 50 BTC, and the floor price increased by 187% in the past week to reach 0.034 BTC.

Why geese? Here, we have to mention Dmitri Cherniak’s famous generative artwork Ringers, with a current floor price of over 40 ETH. The most iconic one is Ringers 879, which features elements of “goose” in the stack of irregular shapes and is nicknamed “Goose.” Ringers 879 was purchased by 3AC, which has since gone bankrupt, for 1,800 ETH, but it was later auctioned off for $6 million in the bankruptcy liquidation process.

From the “goose” of the artwork itself, to the “goose” community nickname, to the “goose” that has made headlines in major media outlets, the “goose” has surpassed the Ringers’ work itself and has acquired more narratives and meanings. Dmitri Cherniak has further created a unique cultural gene for the “goose” and launched the “goose” cc0 art generator. Any artist and user can freely create and generate their own goose. This is followed by a series of derivative works and the birth of the well-known Goosinals BTC NFT and community on Ordinals.

MNCHRMS

MNCHRMS was born in August this year, created by the creative brand Beyond Rockets, with voxels as the main medium. The team has previously launched voxel-inspired artworks, including music albums and avatar collections, on Cardano in 2021. The MNCHRMS images are only in black and white, similar to the binary nature of computer code, which is the foundation of cryptocurrencies like Bitcoin. In addition, the project team also uses this classic black and white scheme to emphasize the simplicity of complexity, giving MNCHRMS a timeless, bold, and imaginatively infinite essence that resonates with the idea that BTC is simple and eternal.

MNCHRMS has also gained favor from overflow funds, with trading volume reaching new highs recently, accumulating over 8 BTC in trading volume. The floor price has increased more than 15 times since the 17th, reaching nearly 0.006 BTC, but then experienced a significant drop due to early holders selling for profit.

Misprint Frogs ᵛ¹ (Naked Frogs)

Misprint Frogs are NFTs that were abandoned due to layering errors from early Bitcoin frogs. However, because they have lower ordinal numbers than Bitcoin frogs and have a smaller total supply, they have attracted some speculative capital, leading to a certain amount of hype. The floor price of Misprint Frogs has also been rising recently, increasing by over 260% in the past week. However, a reference example is CryptoPunks and V1 Punks, where V1 Punks developed a unique fork culture due to a bug, but despite having a smaller total supply, the floor price still greatly differs from CryptoPunks.

OrdiRats

OrdiRats is a collection of 2,000 randomly generated 29×29 pixel rat NFTs on the Bitcoin blockchain, fitting into the recent hype in the BRC-20 animal sector. The floor price has increased more than 10 times in the past week.

Van Gogh’s LianGuaiinting

Save Van Gogh’s paintings on Bitcoin. In the past two weeks, this narrative has been very successful, with a trading volume of over 105 BTC in the last 7 days, and the current floor price is 0.11 BTC.

References:

https://x.com/dannydiekroeger/status/1723015658731082132?s=20

https://x.com/_0xSea_/status/1722875509569433656?s=20

https://x.com/singulardotart/status/1722654099152216173?s=20

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