After consuming over 4 million US dollars in ETH in 16 hours, can BitmapPunks’ “combination of graphics and currency” narrative be successful?

Original | Odaily Planet Daily

Author｜Golem

There is no real rest day in the currency circle. This sentence is not only reflected in the 24/7 trading market, but also connotes the hot narratives that emerge on the chain regardless of time periods. The first day of the new year was supposed to be 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 casting at 22:00 on January 1, with a total amount of 2.1 million pieces. It announced the end of casting at 14:00 today. According to etherscan data, a total of 1194.65 ETH was consumed to mint BitmapPunks, which is worth more than 4.08 million US dollars. Ether Fang Network Gas once soared above 50 gwei. So why can BitmapPunks cause FOMO on the chain? Are there any gameplay innovations? Odaily Planet Daily will be briefly introduced in this article.

Super large collection + "graphic and currency combination" deflation

mechanism

BitmapPunks is first of all free and randomly minted as a super large punk collection on the Ethereum chain, with a total amount of 2.1 million pieces and a single wallet minting limit of 100 pieces. However, although the total amount is huge, BitmapPunks also have rarity levels. Each punk is composed of characteristic attributes of different rarities. You can check the characteristic rarity by entering the NFT number on the official website.

But BitmapPunks is not just a very large NFT collection, it also proposes a deflation mechanism of "combination of graphics and currency". The rule is that after players mint BitmapPunks, they will receive token airdrop BMP at a 1:1 ratio (token contract: 0xBBBB2D4d765c1e455E4896A64BA3883e914ABBBB), but when transferring or selling the tokens in the wallet When BMP tokens are issued, the corresponding number of BitmapPunks in the wallet will be destroyed, but the wallet that accepts the tokens will not mint new NFTs; when players transfer or sell BitmapPunks in the wallet, BMP tokens will also be automatically transferred to the receiving wallet.

Therefore, in essence, the total amount of BMP tokens will not change, with a total amount of 2.1 million, but BitmapPunks will continue to be destroyed and deflated during the BMP token transaction process. According to Blur data, more than 140,000 BitmapPunks have been destroyed so far. . At the same time, the operation of BitmapPunks is quite different from the ERC404 concept of "token swap" that was hyped in early 2024.

According to DEXscreener data, the current price of BMP is 3.48 USDT, with a market value of $7.3 million. At the same time, according to OKX Wallet data, the trading volume of BitmapPunks has exceeded 22 ETH, and the floor price is 0.0008 ETH. According to the author's personal test, with 30 gwei minted, the cost of a single BitmapPunks is about 1.5USDT. So far, the income is at least doubled based on the currency price only.

Will BitmapPunks start the New Year NFT craze?

Although BitmapPunks has been minted, the project has been around for a short time and there is not much public information to interpret. The official tweet has not updated a detailed project introduction. The latest tweet is to announce the end of BitmapPunks minting.

However, according to community 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 the casting. The only follower of BitmapPunks besides the official tweet of CryptoPunks is the founder of Floor Protocol, who seems to have confirmed this.

With the blessing of the founder of Floor Protocol, BitmapPunks has become even more mysterious. At the same time, the prefix Bitmap in the name of BitmapPunks has also caused speculation among some players. Bitmap was originally a metaverse project developed in the Bitcoin ecosystem based on ordinal theory and bitmap theory. The core concept is to generate 2D plots based on Bitcoin block data. As a very large collection, does the random generation rule of BitmapPunks match the certain data on the Ethereum chain similar to the principle of Bitmap? 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 successively announced that they would issue coins. Some people call it the "last dance" of the NFT track. In 2025, the NFT track may become even more lonely. But what I didn’t expect was that on the first day of the new year, under the overwhelming AI Agent narrative, BitmapPunks opened a hole in the NFT track. How long the popularity will last depends on the project team and market performance.