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Editor: @PhoenixxDown

FUD Won’t Save Ordinals. The Spirit of 2023 Can.

Note: None of the below necessarily reflects the official stance of ExtraOrdinals. This is an op-ed piece by PhoenixxDown.

In Issue #160 on Saturday, in the Ordinals market update, we briefly touched on Taproot Wizards’ performance since trading went live and the reaction from the Ordinals community, much of which has been taking delight in the poor performance.

To quote:

A lot of the criticism has centered on the $17,000 mint price and the lack of transparency around what’s being done with the mint funds. That’s a fair question, given the lack of information available. But at the same time, nobody was forced to participate, so if you didn’t mint, does it really matter to you?

Well, yes, if you consider that the $30M+ raised could have been distributed elsewhere in the ecosystem. But that’s a topic for another day, and somewhat subjective, so let’s leave it alone entirely.

FUDDERS Are In Control

The real issue here is the complete breakdown of goodwill in the Ordinals ecosystem between collectors of different projects.

You could argue that Udi and company started this when they FUD’d Runes for months on end, losing the goodwill of many in the process. Now, those same people are returning the favor and FUDing Taproot Wizards. Fair game.

But there was a time when the Ordinals community was united; a time when we were just having fun, minting, trading, and creating in our own little bubble while the rest of the crypto space told us “it will never catch on” or “Ordinals aren’t even real things anyway” (???).

Those were the days.

Back then, when a project launched, often at a moment’s notice and in the dead of night (leaving European traders with severe insomnia and a lasting PTSD that still hasn’t fully gone) we didn’t FUD it or hope for its failure. We just aped in and bullposted.

Say what you want about Solana, and there’s A LOT to be said there, but that’s one thing they have on us: minimal maximalism, very little tribalism.

They’ll believe in anything.

Just check out their memecoin raids. Even in this quiet period, they’re still pushing absolute garbage. Pure trash! Deformed-looking mascots that have absolutely zero redeeming qualities, but they still shill with conviction, even if only for a day.

That last part is just one of many negatives regarding Solana, of course. The vampire attacks of five identical coins launching at once, the cutthroat PvP meta where you can’t hold anything for more than a few hours. It’s all a very big mess.

But if you strip that away, there’s a lot more camaraderie on Solana. They focus on their bags rather than what others are holding.

If we all fall into the trap of being overly negative about things we don’t like, does it help? I can’t see how.

Unless something is a clear grift (which Taproot Wizards isn’t, and Runes isn’t), being overly negative on the timeline doesn’t help your brand at all. It’s more likely to negatively effect it, if anything.

And so, the main objective we all have is for our bags to go up.

How does price go up? We can’t just keep trading these things among ourselves forever, we need new money. We need influencers from other chains bringing their followers over.

If they look at Ordinals and see infighting, tribalism, and people screaming “my picture is better than your tokenized animal”, it’s not a tempting proposition to make the leap over. It’s almost certainly unrelated, but Cobie changed his Wizard PFP to something else shortly after mint concluded and the FUD went into hyperdrive.

When the market is down (not just down, but downright hellish currently) one of the only ways to attract new participants is good vibes.

If you can’t make money, at least you can have fun. Maybe the money follows.

But nobody wants to gamble in a casino where all the players are screaming at each other AND losing. They’d rather walk next door to the one where people are actually enjoying themselves at least.

The Taproot Wizards FUD is justified on many levels. Udi is reaping the whirlwind of what he sowed with the Runes FUD, but at this point, both sides would do well to move on after this latest episode and bring back the old vibes.

So I say: To the success of all assets on Bitcoin! Let people enjoy things! And may there once again be a time when we are dunking on the unbelievers instead of each other.

Return to the Spirit of 2023.

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Daily Bites: Today’s Top Articles

Todays Markets

Ordinals

Total carnage on the charts today. Taproot Wizards is down 21%, falling below the 0.2 BTC peg it held for days, and Quantum Cats is also down 21%. The latter’s price cascade is likely due to the "entangled" Cats, which were locked up for the Taproot Wizards mint, being unlocked in about two hours.

Holders of unlocked Cats are likely anticipating a flood of new listings, but as mentioned last week, those who locked up aren’t likely traders and more believers/holders.

Also, who would be listing at these prices hoping for lower? They’re down a lot already. (Ready to eat my words on this one.)

The undercutters might be making a mistake here. (Many such cases.)

Away from that, Bitmap has pushed up to 5th place with 878 sales.

Something about this feels like it could see a massive resurgence at some point. Will it return to its 2023 highs? Different question. But with rumors circulating that Bob Bodily is looking to integrate Bitmap into OdinFun, it’s safe to say Bitmap isn’t dead by a long stretch.

Runes (Bitcoin Memecoins)

The standout today is OdinDog, up 32% since yesterday. Meanwhile, longtime Runes leader $DOG is up 3%, but still struggling to hit 1 BTC in volume.

Once again, XO Wooper was on the ball yesterday, spotting a price discrepancy between OdinDog on OdinFun and Magic Eden; something you’d have caught if you had an Unchained, anon.

Momentum is all with OdinFun right now, as we’ll see in a moment. And while it’s still early, the big question is:

Now that OdinDog has been established as a legit Rune, can it eventually challenge $DOG?

It’s currently sitting at a 12x gap. Interesting odds.

The focus remains on OdinFun tokens over OG ones, and honestly, it’s hard to look anywhere else when you see these 24-hour changes.

If you’d bought 7 of the top 10 OdinFun tokens, you’d be in profit. Meanwhile, only 4 of the top 10 on Magic Eden are up, and one of them is an OdinFun Rune!

The biggest winner today is GhibliDog. Not the most imaginative name and about a week too late for the meta, but still up 161%.

Todays Opportunities

Giveaways

There are currently two raffles live, so join the Discord below and make sure you have notifications on so you don’t miss out!