It became popular immediately after its debut. Why did the Bitcoin NFT project INK hit a market value of over US$56 million in one day after it started selling?

In the early morning of today (March 29), after the official launch of the Bitcoin NFT project INK, which was hotly speculated outside the market, the price soared and the daily trading volume topped the list. In similar tracks, why can INK quickly gain such high market popularity and attention?

INK is a PFP-type NFT project based on Bitcoin. The project uses the iconic orange color of Bitcoin as the background and is drawn in an ink painting style. The project was founded by 4 members who met on Discord. Among them, co-founder zetman.btc is an art collector and owns multiple blue-chip Bitcoin NFTs; Joey Dodd is a co-founder of DC Comics, DreamWorks Studios, Hasbro, etc. , artists working with well-known companies such as Marvel Entertainment and Nintendo.

INK is a digital asset, divided into two series. INK Custom is hand-painted customization, with a total of 150 pieces. This series adopts a directional invitation method. For example, NFT whales such as dingaling and Thor, as well as projects such as Memeland, Floor Protocol and Pixelmon; INK Genesis is a hand-drawn generative art with a total quantity of 10,000. Before the whitelist sale was officially launched on March 28, the price of the NFT was It has been speculated to US$4,000 to US$5,000, which is much higher than the minting value of 0.0058 BTC, which is enough to constitute high expectations in the visible market.

Different from other Bitcoin NFT projects, INK is the first 10K series to be engraved on Legacy Sats. The concept of Legacy Sats can be traced back to Ordinals founder Casey Rodarmor’s Bitcoin seminar in June 2022, half a year before Ordinals was launched. At that time, Casey released 41 paper wallets (Paper Wallet), each wallet containing 10,000 Sat. He printed the public and private keys on paper and distributed them to attendees. This part is Legacy Sats, with a total of 410,000, but nearly half of them have been lost, making Legacy Sats even rarer than Uncommon Sats.

In terms of brand IP construction, in addition to focusing on PFP, INK invited writer Holmes to create NFT to add comic stories, and producer @Mhelodius to create music. In addition, the community atmosphere of INK is very active. Discord members often spontaneously hold various community activities such as creation, singing, Poker, quizzes and activities, which also reflects the positive community building culture.

Magic Eden data shows that 10 hours after the sale, the floor price of INK has exceeded the offering price and has increased by approximately 14 times, with an increase of 0.081 BTC. The trading volume is approximately 238.4 BTC, and the number of held addresses exceeds 6,300. , with a current market value of over $56.8 million.

Overall, the popularity of Casey, the OG interaction in the circle, the scarcity of Legacy Sats and the brand’s multi-dimensional narrative are important factors in INK’s rapid expansion of popularity.

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