Author: Nancy, PANews

In the early hours of today (March 29th), after the official release of the Bitcoin NFT project INK, which has been hyped off the exchange, the price soared and the daily trading volume surged to the top. In the same category, why can INK quickly gain such high market popularity and attention?

INK is a PFP-type NFT project established on Bitcoin at the end of 2023. The project uses Bitcoin's iconic orange color as the background and adopts an ink painting style. The project was founded by four members who met on Discord, including co-founder zetman.btc, an art collector holding multiple blue-chip Bitcoin NFTs; and Joey Dodd, an artist who has collaborated with well-known companies such as DC Comics, DreamWorks Animation, Hasbro, Marvel Entertainment, and Nintendo.

INK is divided into two series. Among them, INK Custom is hand-painted and customized, with a total of 150. This series adopts a targeted invitation method, such as inviting NFT whales like dingaling and Thor, as well as projects like Memeland, Floor Protocol, and Pixelmon. INK Genesis is a hand-drawn generative art with a total of 10,000. Before the official whitelist sale on March 28th, the price of this NFT was speculated off the exchange to be between 4,000 and 50,000 US dollars, far higher than the minting fee of 0.0058 BTC, indicating high market expectations.

Different from other Bitcoin NFT projects, INK is the first batch of the 10K series engraved on Legacy Sats. The concept of Legacy Sats can be traced back to Casey Rodarmor, the founder of Ordinals, at a Bitcoin seminar in June 2022, half a year before the launch of Ordinals. At that time, Casey distributed 41 paper wallets, each containing 10,000 Sats, with the public and private keys printed on paper and distributed to the participants. This is the Legacy Sats, with a total of 410,000, but nearly half of them have been lost, making Legacy Sats rarer than Uncommon Sats.

In terms of brand IP construction, in addition to the main PFP, INK has invited writer Holmes to add comic stories to the NFT, and producer @Mhelodius to create music. In addition, the INK community is very active, and Discord members often spontaneously hold various community activities such as creation, singing, poker, quizzes, and events, reflecting the active community building culture.

According to Magic Eden data, after 10 hours of sale, the floor price of INK has nearly increased 14 times compared to the sale price, reaching 0.081 BTC, with a trading volume of approximately 238.4 BTC, over 6,300 holding addresses, and a current market value exceeding 56.8 million US dollars.

Overall, leveraging Casey's popularity, interaction with OGs in the industry, the scarcity of Legacy Sats, and the multi-dimensional storytelling of the brand are important factors for INK to quickly gain recognition.

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