There are no real rest days in the crypto world. This statement is reflected not only in the 24/7 trading market but also in the on-chain hot narratives
Despite being a day of rest, an Ethereum NFT project called BitmapPunks made headlines on the first day of the new year.
This NFT project announced the opening of free minting at 22:00 on January 1, with a total supply of 2.1 million pieces. It announced the end of minting today at 14:00. According to etherscan data, a total of 1194.65 ETH was consumed to mint BitmapPunks, worth over 4.08 million USD, and the Ethereum network gas prices soared above 50 gwei at one point.
So, what exactly is BitmapPunks, and how did it manage to trigger on-chain FOMO? Let's find out.
BitmapPunks is a free random minting ultra-large punk collection on the Ethereum chain, with a total supply of 2.1 million pieces and a minting limit of 100 per wallet. Despite the large total supply, BitmapPunks has rarity levels, with each punk composed of different rarity attribute combinations. You can check the rarity of features by entering the NFT number on the official website.
But BitmapPunks is not just an ultra-large NFT collection; it also proposes a deflationary mechanism called "Bitmap Coin Combination." The rule is that when players mint BitmapPunks, they will receive a 1:1 airdrop of the BMP token (token contract: 0xBBBB2D4d765c1e455E4896A64BA3883e914ABBBB). However, when the BMP tokens in a wallet are transferred or sold, the corresponding number of BitmapPunks in that wallet will be destroyed. Moreover, wallets receiving the tokens will not mint new NFTs; when players transfer or sell BitmapPunks in their wallets, the BMP tokens will also be automatically transferred to the receiving wallet.
Therefore, essentially, the total supply of BMP tokens will not change, remaining at 2.1 million, but BitmapPunks will continuously be destroyed during the BMP token trading process, leading to deflation. According to Blur data, over 140,000 BitmapPunks have already been destroyed.
At the same time, BitmapPunks operates quite differently from the "Bitmap Swap" concept of ERC 404 that is being hyped at the beginning of 2024.
According to DEXscreener data, the current price of BMP is 3.48 USDT, with a market cap of 7.3 million USD. Additionally, according to OKX Wallet data, the trading volume of BitmapPunks has exceeded 22 ETH, with a floor price of 0.0008 ETH. Based on the author's personal testing, minting at 30 gwei, the cost of a single BitmapPunk is around 1.5 USDT, and so far, based solely on the coin price, the profit has at least doubled.
