Ordinal Resurgence? Bitcoin Rocks #75 Sold for Over $110k in BTC

Bitcoin Rocks, a collection of rock-themed digital artifacts, has just recorded its highest sale. According to data from NFT marketplace Magic Eden, a user purchased Rock #75 for about 3 BTCs worth over $110,000. The sale has sparked a series of comments from members of the crypto community on X (formerly Twitter).

gm

An @ordrocks just sold for 2.985 BTC on Magic Eden 👀 🪨 🔥

Are Ordinals dead or do collectors collect? 👇 pic.twitter.com/pbz4GwbLPE

— Magic Eden on Bitcoin 🟧 (@MEonBTC) November 10, 2023

The Bitcoin network is not originally structured to house digital art or perform extensive functionalities. However, the Ordinal theory, a concept introduced by software developer Casey Rodarmor, unlocked the gateway for crypto projects to deploy artwork collections on the Bitcoin blockchain.

This way, Bitcoin functioned like smart contract-enabled blockchains like Ethereum, Solana, and Polygon that house several non-fungible token (NFT) projects. Following Rodarmor’s Ordinal concept, projects like Yuga Labs, DeGods, and Magic Eden began building on Bitcoin.

Among the several projects that adopted the Ordinal theory is Bitcoin Rocks, a collection of 100 rock-themed digital artworks launched in early 2023.

Rock #75 Sold for Nearly 3 BTC

Bitcoin Rocks revealed in a tweet that the secondary sale, which occurred on Magic Eden, saw the sale of Rock #75 by a user with the X display name – Scobra. The digital artwork was bought by Grant Schneider, “a legendary collector in the ordinals community.”

According to the activity record, Scobra had listed the rock-themed asset for 4.5 BTC, 5 BTC, and 6 BTC over the past two months. The Rock #75 currently remains unlisted in Schneider’s portfolio.

Bitcoin Rocks’ current floor price is 5.8 BTC, a 23% increase from its value before the sale.

An Ordinal Resurgence?

The latest sale comes amid a reducing hype around the Ordinal business and the NFT market. While the sale surprised most users, several members of the crypto community on X do not see the trade as a step towards a resurgence of the Ordinal culture.

Expressing the sentiments shared by several users, one user stated that “ordinals are dead.”