According to PANews, the Bitcoin NFT project INK experienced a significant increase in price and daily trading volume after its official launch on March 29th. INK, a PFP NFT project built on Bitcoin at the end of 2023, features a distinctive orange background and ink painting style. The project was founded by four members who met on Discord, including co-founder zetman.btc, an art collector, and Joey Dodd, an artist who has collaborated with well-known companies such as DC Comics, DreamWorks Studios, Hasbro, Marvel Entertainment, and Nintendo.
INK is divided into two series: INK Custom, which consists of 150 hand-drawn custom pieces, and INK Genesis, which includes 10,000 hand-drawn generated art pieces. Prior to the whitelist sale on March 28th, the price of INK NFTs was speculated to be between $4,000 and $50,000, far higher than the minting fee of 0.0058 BTC, indicating high market expectations.
What sets INK apart from other Bitcoin NFT projects is that it is one of the first 10K series engraved on Legacy Sats. The concept of Legacy Sats dates back to a Bitcoin seminar in June 2022 by Ordinals founder Casey Rodarmor, six months before the launch of Ordinals. At that time, Casey distributed 41 paper wallets, each containing 10,000 Sat, with the public and private keys printed on paper. The total supply of Legacy Sats is 410,000, but nearly half have been lost, making them rarer than Uncommon Sats.
In terms of brand IP building, INK has invited writer Holmes to add comic stories to the NFTs and producer @Mhelodius to create music. Additionally, the INK community is very active, with Discord members frequently organizing various creative, singing, poker, quiz, and other community events, reflecting a positive community-building culture.
Data from Magic Eden shows that the floor price of INK increased nearly 14 times to 0.081 BTC within 10 hours of its launch, with a trading volume of approximately 238.4 BTC, over 6,300 holding addresses, and a current market value exceeding $56.8 million.
Overall, factors such as Casey's popularity, interaction with OGs in the circle, the scarcity of Legacy Sats, and the multi-dimensional narrative of the brand have contributed to INK's rapid rise in prominence.
