More than 4 million US dollars of ETH were consumed in 16 hours. What is the origin of BitmapPunks?

Asli | Odaily Planet Daily ( @OdailyChina )

Penulis: Golem ( @web3_golem )

There is no real day off in the kriptocurrency world. This statement is not only reflected in the 24/7 trading market, but also implies the hot narratives on the chain that emerge regardless of time. The first day of the new year should have been a day of rest, but an Ethereum NFT project called BitmapPunks broke the silence on the chain.

The NFT project announced the opening of free minting at 22:00 on January 1, with a total of 2.1 million pieces. The minting was announced to be completed at 14:00 today. According to etherscan data, a total of 1,194.65 ETH were consumed to mint BitmapPunks, worth more than 4.08 million US dollars, and the Ethereum network Gas once soared to above 50 gwei . So why can BitmapPunks cause FOMO on the chain? What are the gameplay innovations? Odaily Planet Daily will briefly introduce it in this article.

Super large collection + picture-coin combination deflation mechanism

BitmapPunks is firstly a super large collection of punks on the Ethereum chain, minted randomly for free, with a total of 2.1 million pieces, and a single wallet minting limit of 100. However, despite the huge total amount, BitmapPunks also has a rarity level. Each punk is composed of characteristic attributes of different rarities. You can view the characteristic rarity by entering the NFT number on situs web resmi .

But BitmapPunks is not just a super-large NFT collection, it also proposes a deflation mechanism of picture-coin combination. The rule is that when a player casts BitmapPunks, he will get a 1:1 token airdrop BMP (token contract: 0xBBBB2D4d765c1e455E4896A64BA3883e914ABBBB), but when the BMP tokens in the wallet are transferred or sold, the corresponding number of BitmapPunks in the wallet will be destroyed, but the wallet that accepts the token will not cast new NFTs; when the player transfers or sells the BitmapPunks in the wallet, the BMP tokens will also be automatically transferred to the receiving wallet.

Therefore, the total amount of BMP tokens will not change in essence, with a total of 2.1 million, but BitmapPunks will continue to destroy deflation during the BMP token transaction process. According to Blur data, more than 140,000 BitmapPunks have been destroyed. At the same time, BitmapPunks and the ERC 404 concept of picture-to-coin swap hyped in early 2024 are also quite different in operation.

According to DEXscreener data, the current price of BMP is 3.48 USDT, with a market value of 7.3 million USD. At the same time, according to OKX Wallet data, the transaction volume of BitmapPunks has exceeded 22 ETH, and the floor price is 0.0008 ETH. According to the authors personal test, with 30 gwei minting, the cost of a single BitmapPunks is about 1.5 USDT. So far, the profit has at least doubled based on the currency price alone.

Will BitmapPunks set off a new year NFT craze?

Although BitmapPunks has been minted, the project was born not long ago and there is not much public information to interpret it. The official Twitter account has not updated the detailed project introduction. The latest tweet is announcing the end of BitmapPunks minting.

However, according to the communitys inference, the founder of the BitmapPunks project is most likely the founder of the NFT liquidity protocol Floor Protocol (X: @FLC_FlooringLab ), who posted multiple tweets related to BitmapPunks before and after it was minted. The only two followers of BitmapPunks besides the official CryptoPunks account are the founder of Floor Protocol, which seems to confirm this.

With the support of the founder of Floor Protocol, BitmapPunks has become more mysterious. At the same time, the prefix Bitmap in the name of BitmapPunks has also aroused speculation among some players. Bitmap was originally a metaverse project developed based on ordinal theory and bitmap theory in the Bitcoin ecosystem. The core concept is to generate 2D plots based on Bitcoin block data. As a super-large collection, is the random generation rule of BitmapPunks similar to the principle of Bitmap and matched with certain data on the Ethereum chain? If this hypothesis is true, then BitmapPunks may become a collection of NFTs generated in this way on Ethereum.

However, the above are all based on community inferences and assumptions, and the subsequent performance of BitmapPunks remains to be seen. At the end of 2024, many blue-chip NFTs such as Pudgy Penguins, Azuki and Doodles announced that they would issue tokens one after another. Some people call it the last dance of the NFT track, and the NFT track may be even more lonely in 2025. But what was unexpected was that on the first day of the new year, under the sweep of AI Agent narratives, BitmapPunks tore a hole in the NFT track. How long the heat will last depends on the project and the market performance.

This article is sourced from the internet: More than 4 million US dollars of ETH were consumed in 16 hours. What is the origin of BitmapPunks?

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