Ordinals, a relatively new blockchain protocol that enables NFTs to be minted on the Bitcoin blockchain, is garnering attention from the Web3 world, with various NFT projects following in the footsteps of the Ethereum-based CryptoPunks.

One example is the project OnChain Monkey, a collection of 10,000 Ethereum PFP NFTs that have been inscribed on Bitcoin via the Ordinals protocol. Following the announcement, prices for the Ethereum-based NFTs have almost tripled, with the cheapest listed NFT for the project jumping from 0.79 ETH to a peak of 1.75 ETH, settling to about 1.5 ETH (approximately $2,500 USD), according to data first shared by Decrypt.

Metagood, the startup behind OnChainMonkey, plans to build a bridge between Ethereum and Bitcoin to allow NFT holders to switch between the two versions.

OnChainMonkey is the first 10K collection to be inscribed on Bitcoin via Ordinals!

Own an ETH OCM Genesis = Owning a BTC OCM Genesis

All on-chain on Bitcoin on Feb 8, 2023, and all on-chain on Ethereum on Sept 11, 2021! ?

?/8 pic.twitter.com/AMuUlERJZM

— OnChainMonkey (@OnChainMonkey) February 9, 2023

Ordinals were launched on the Bitcoin blockchain in late January and are already attracting multiple CryptoPunks-inspired projects, including Ordinal Punks. Unlike a majority of past Punk derivatives, Ordinal Punks is by technicality not a direct clone of the original CryptoPunks collection, due to being based on an open-source algorithm and a CC0 Punk sprite sheet used to generate new Punks — according to comments shared with Decrypt from a person “connected to the project.”

Ordinal Punks have already seen high-value sales, with one Ordinal Punk being sold for 9.5 BTC (nearly $215,000 USD), and a bundle of seven Ordinal Punks purchased for 15.2 BTC (about $349,000 USD).

However, as Ordinals is a new platform and functions differently from NFTs on other platforms, there is currently limited infrastructure to support buying and selling the assets, which means all trades are at the time of writing being made over the counter or in other words privately — which in many cases leaves them susceptible to scams.

While there does seem to be a great interest or at the very least hype around tokens moving to BTC, there is just as much disinterest. Some figures in the space, like DeGods founder Frank, made an awareness tweet about buying into fomo, others have criticized the project’s small diversity of ownership, and others still have said its collection is “five years late to the copy machine” and holds no “historical” value.

With the original CryptoPunks by Larva Labs having been launched in 2017 and since generating over $2.5 billion USD in trading volume — the Ethereum-based collection will without a doubt always be the most significant and “historical” project in the space. That being said, the concept Ordinals is pursuing is an exciting one but as it is now requires more development if it is ever to be adopted mainstream.

Read more about Ordinal Punks in our recent Twitter thread:

WTF is an Ordinal Punk, and why are these CryptoPunk derivatives nearly as expensive as the real thing? An overview in a ? pic.twitter.com/sI5HtOXdZh

— Hypemoon (@Hypemoon) February 9, 2023