Bitcoin ordinals volume jumps while ERC-404 experiment loses steam

Plus, Binance sees blowback for its perfume launch and Coachella gives NFTs a second chance

article-image

Adobe and Stock Catalog/"Bitcoin and cryptocurrency" (CC license) modified by Blockworks

share

Following bitcoin’s all-time high this week, ordinal inscriptions have entered a trading frenzy.

Ordinals were launched on Bitcoin in January last year. They allow NFTs to be directly created on Bitcoin’s blockchain by attaching images, videos, memes and other forms of artwork to individual satoshis — Bitcoin’s smallest divisible unit.

Sales volume on Bitcoin ordinals increased by 25.43% this past week, reaching almost $173 million in trading volume and a NodeMonke ordinal sold for over $1 million.

Read more: Bitcoin returned to all-time high faster than ever before (almost)

But not all have been benefiting from the renewed interest in NFTs. Pandora, the team behind the experimental ERC-404 token standard, has seen its token dramatically fall in popularity. 

Sales volume for Pandora tokens dropped by 44% over the past week, and the price of its token has also dipped by 7.6%. 

Binance sparks outcry with perfume marketing stunt

“There’s still not enough women in crypto.”

While Binance’s suggestion that there are not enough women in crypto rings true, its approach to supposed remediation has sparked an outcry.

In order to bridge the gender gap, the centralized exchange’s solution was to launch a new fragrance line named CRYPTO.

Read more: Crypto marketing shouldn’t be a circus

This, obviously, was met with women in the space, including the likes of Arianna Simpson, a General Partner at a16z, calling the marketing stunt “the dumbest thing I’ve ever seen.”

Loading Tweet..

One interesting stat:

  • With elections ahead, the President Biden-themed Jeo Boden token pumped 1,400% Wednesday after US voters hit the polls, according to CoinMarketCap. 

Also of note:


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.png

Research

Content Delivery Networks (CDNs) represent low-hanging fruit in a massive market ripe for Web3-driven disruption. The global CDN market was valued at ~$28B in 2024, and is projected to surpass $140B by 2034, (18.75% CAGR) underscoring the immense demand for efficient content delivery.

article-image

TAPEDRIVE says it can make Solana data storage 1,400x cheaper

article-image

Immigration changes are papering over a fragile labor market

article-image

BlueYard’s head of crypto research developed FreePay to make fee-free, tap-to-pay crypto payments a reality

article-image

Buzzwords include: succinct universal proofs, zkVM, incrementally verifiable computation, distributed supercomputer and agentic AI

article-image

US dollars might technically be worth less, but it’s still good news

article-image

Apps are doing well, as is casino gaming, says Tom Schmidt of Dragonfly