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

March 10, 2024 12:00 pm

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

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.

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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.

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.”

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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:

Popular music festival Coachella will be allowing fans to purchase NFTs for VIP areas following an initial FTX integration debacle.
An unknown buyer spent $16 million on a CryptoPunk, sparking excitement around the return of a bull market.

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