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Editor: @PhoenixxDown

Should Ordinal Collections Follow Suit?

After the success of Pudgy Penguins' $PENGU airdrop, the ETH NFT ecosystem has received a boost in sales volume, and floors are once again not looking too bad, driven by wild speculation that every 2021/2022 project will now be releasing a token. Azuki has confirmed $ANIME, and Doodles has all but confirmed their token.

For all the stick ETH NFTs have received since Ordinals broke onto the scene with their on-chain provenance, maybe their communities deserve a reprieve after being labeled “testnet pictures” and enduring jibes like “let’s hope Bezos doesn’t stop paying the server hosting.”

After seeing that success on ETH, it was only a matter of time until the question was asked here in Ordinals:

“Should Ordinal collections start thinking about launching tokens too?”

At first, this seems like a knee-jerk reaction; the token launch meta on ETH appears to be very much just a flash in the pan—perhaps even a cash grab for some of the worst-suffering collections, dragging them out of the doldrums for one final hurrah of exit liquidity for down-bad 2022 buyers.

But maybe there’s merit to the idea. Udi amplified the tweet, which garnered a lot of responses you can peruse by clicking through below:

The obvious example to draw on here is PUPS. However, that was created in a very different environment where it was airdropped to holders of OPIUM (the precursor to Bitcoin Puppets) and was never intended as anything more than a gift of sorts from the deployer, Farmer Joe. Since then, it has evolved into a beast, but that’s been an organic progression.

Dropping a token is a great injection of liquidity into the pockets of loyal long-term hodlers and also a way to expand a community. For those priced out of high-value collections such as OMB or Quantum Cats, the token could open an avenue for fresh blood to be exposed to the ecosystem without a direct need for a use-case.

But for mid to low cap collections, if there’s no direct utility to the token—which is hard to pull off more often than not—and it’s just a memecoin, the collection should, in all likelihood, have a strong brand presence so that holders actually feel part of something rather than just a bagholder of a coin with a farmyard animal on it. There are hundreds—nay, hundreds of thousands—of those out there already on Solana.

While Ordinal collections dropping a token could be a great idea in the short term, long term, it puts a burden on founders that many just shouldn’t get themselves into—unless there’s a plan to do something meaningful with it.

That said, PUPS, GIZMO, and POOKA aside—as they are unofficial launches from community members—the first project that drops a token and makes a success of it could spark a litany of copycats, triggering a wave of bullishness not seen since airdrop season back in early 2023.

For that reason, we should all be praying that someone can make a success of it against the current wave of skepticism!

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Todays Markets

Ordinals

The volume among the top five collections is the closest we’ve seen in some time, with only half a Bitcoin separating 1st from 5th.

Typically, Bitcoin Puppets dominate volume, but a huge drop-off sees their floor price fall to 0.124 BTC. This now puts them back on par with NodeMonkes, who have at times languished in the shadow of their rivals. Could a NodeMonkes revival be on the cards?

Elsewhere, Pizza Pets continue to surge despite a drop on the day, holding an $85 price tag since the mass culling of pets who were, sadly, not taken care of.

OMB has climbed slightly above both the Puppets and NodeMonkes in terms of floor price, something we haven’t seen for a while.

OCM makes a reappearance back into the top 10, and a new face enters in Genesis Panz. Although they’ve only had 11 sales and 0.171 BTC in volume, this could be one to watch if the activity keeps up.

It seems there’s some speculation afoot surrounding a potential allocation to a token—quite fitting considering today’s headline story.

Here’s a bit about them:

Runes

$DOG still holding a $700M market cap in these dire conditions is something to applaud. With $31,336,950 in volume across all platforms according to CoinGecko, hopes of a T1 CEX listing soon are pinned on them.

Surely, it’s only a matter of time until something happens there, right? Binance and Coinbase are missing out on an extraordinary amount of fees as it stands.

$PUPS lifts itself a bit clearer of the $100M market cap it nearly breached over the weekend, while $GIZMO posts a lovely 21% increase on the day.

Meanwhile, it looks like something absolutely terrible has happened to $LOBO—down 71% since yesterday?! Do not be alarmed; it’s a fake! Remember that legitimate Runes will have the pink and white tick next to their logos, which this one does not.

All Runes in the bottom half of the top 10 are up on the day but are still down heavily from where they were two weeks ago, let alone their ATHs.

The entire market is down at the moment, across all chains. It’s quite possible there’s a lot of tax-loss harvesting happening in the U.S., which will likely continue until the end of the year. Additionally, among the more degenerate of us, selling to fund Christmas presents is likely occurring too.

As said over the weekend: tune out and wait for the recovery. Hold on!

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Giveaways

Currently, there are no active raffles ongoing. However, more giveaways are expected soon, so join the Discord below and make sure you have notifications on so you don’t miss out when the next ones go live!