Bad Bunnies & Bitcoin Ordinals: Everything you need to know
In some utterly huge news, Bad Bunnies have launched an ordinals collection on Bitcoin.
If you’re not familiar with ordinals, you’re not alone. This new concept in the world of Bitcoin NFTs is still in its infancy, but it has the potential to change the way we think about digital ownership forever. In this article, we’re going to take a closer look at what ordinals are and how they relate to the BTC Bad Bunnies collection.
Ordinals — The Bitcoin NFT
Let’s start with a simple breakdown from ordinals.com -
Ordinal theory concerns itself with satoshis, giving them individual identities and allowing them to be tracked, transferred, and imbued with meaning.
Satoshis, not bitcoin, are the atomic, native currency of the Bitcoin network. One bitcoin can be sub-divided into 100,000,000 satoshis, but no further.
Ordinal theory does not require a sidechain or token aside from Bitcoin, and can be used without any changes to the Bitcoin network. It works right now.
☕ For the uninitiated think of a satoshi as what you’ll use to pay for a coffee in the future if say, Bitcoin becomes the global currency.
As to right now, that single satoshi can be stamped with an image creating an ordinal. Or more accurately, that single satoshi and another 9,999 satoshis for postage, is an ordinal.
An NFT With Its Own Gas
When an ordinal is created it uses 10,000 satoshis. One satoshi used to stamp the image and the remaining 9,999 for postage.
So an NFT with its own Gas. 🤯
Each time it is passed to a new owner it utilises the satoshis within that ordinal to pay for it’s transfer. For those used to ETH this is a crazy concept.
Managing Your Ordinals & Postage
However, with satoshis as both image and postage, it is crucial that you freeze any ordinals in your Sparrow wallet. This ensures that the satoshi your image is stamped on will not be used as postage for sending another ordinal or Bitcoin. This is incredibly important as it helps to protect your assets from unintended transactions.
True Decentralisation
As stated, there are no sidechains or tokens. For those more familiar with ETH NFTs this means there are no smart contracts, no image hosting, and no middlemen between you and your ownership. It’s all there, right on the satoshi.
In this ultra-decentralised space Bad Bunnies took some extra precautions to prove the ongoing provenance of their collection.
Are Bad Bunnies The First to Pre-manifest?
The first inscription made for Bad Bunnies was the pre-inscription manifest. This manifest is the signed hashcodes of all of the images in the BTC Bad Bunnies collection. The manifest’s purpose is to prevent someone else from using the mempool to frontrun the inscription and claim original creation of the BTC Bad Bunnies.
See how it was done:
The BTC Bad Bunnies & Ordinals Image Quality
The image structure for the BTC Bad Bunnies are 24x24 pixel images that are in the most efficient lossless version with indexed palette RGBA in native resolution (not upscaled).
Each BTC Bad Bunny is a tiny 300 bytes in size, compared to the 60,000 bytes of the original Bad Bunnies NFTs. The reason for this difference is that in ordinals, the inscribing fee is calculated based on the image size. If we were to inscribe the original Bad Bunnies NFT collection using ordinals, it would cost roughly $11,000,000.
This highlights the importance of image structure, not just in aesthetics but in the absolute fundamentals of what makes the image.
See in detail what this means:
We’re early, You’re Early
The BTC Bad Bunnies Inscription Range is #635752–637341.
This is a big 🤬 deal. Why?
Because in this super early phase sub 1,000,000 inscriptions have become their own rare trait.
And it’s an indicator of just how early we all are in ordinals.
Earning your BTC Bad Bunny
The BTC Bad Bunnies are tied into the Bad Bunnies game economy and are only available for Cabbage — 90,000 Cabbage.
Farming then, is your most direct option if you’d like to own a rare BTC Bad Bunny.
In order to start Farming you will need 1 farm as well as up to 3 farmers that take the form of OG Bad Bunnies NFTs.
The higher the tier of Bad Bunny, the greater the yield of Cabbage.
The 90,000 Cabbage figure is calculated from a holder running 3 legendary farms with 3 tier-8 Bad Bunnies farmers (per farm) and with all weather conditions managed so that yield are at maximum capacity for 3 months.
We peg that acquisition of those assets and the time taken to acquire 90,000 Cabbage, as 0.5 Bitcoin.
There are only 200 to acquire with Cabbage before BTC Bad Bunnies make their appearance on secondary. Holders are unlikely to give them up without a fight.
Note: The Farms mint will reopen soon at 0.055E per farm and will close at the Bad Bunnies team’s discretion. See more on Farming here https://badbunnies.xyz/farm/mint
Bad Bunnies Live Forever!
It’s thanks to our team and community (shout out to @mangg and the legendary @lostpotato) that Bad Bunnies now live forever on the Bitcoin blockchain.
Live forever?
In 100 years when someone pays for their morning coffee with a satoshi, the BTC Bad Bunnies are there stamped onto the building blocks of the Bitcoin blockchain. Indelible and immutable long after we’re all gone.
@c4nopener
p.s. see the actual inscribing process with @lostpotato here.
