It is really important to catch the new trends in crypto as early as possible coz that’s where you get a chance to make real gains. Tricky part however is to identify which is just a passing fad and which is going to sustain long term and get bigger and stronger.
I usually am very careful with my investments so I am always late in catching on with new trends. After learning about Bitcoin in took me a full 2 years before actually investing in it. I repeated the same with Ethereum, DeFI craze, NFT projects. The list is endless but I guess you got the idea.
Another major problem with joining a trend late is that if you FOMO late into a pumping project then there is a high risk that if the project collapses you will just end up being exit liquidity for early adopters and will end up as a bag holder.
For a change with Ordinals I got to know about the concept very early. It did seem like a great opportunity and the hidden BTC maximalist inside me got all excited. Before jumping headfirst into it I found one major issue though. Most projects required high investment which is always a deal breaker for me. I saw projects that already had a floor of 0.2 to 0.5 BTC and there was no way I was going to shove my precious BTC into a risky venture. So as always I decided to wait out a bit till something with low entry barrier comes up. Another deterrent for me was the realisation that gas fees in BTC can get so crazy that they make ETH gas wars seem like peanuts.
After being indecisive for a long period I finally decided to make a move into OXBT which is a new Ordinals BRC-20 project. In this post I will be focusing about what exactly are Ordinals and why I decided to invest in OXBT.
Before going any further you have to remind yourself again that anything you do without a proper DYOR almost always ends badly.
What Exactly is Ordinals?
Ordinals are basically NFTs operating on Bitcoin blockchain. They are created as inscriptions on a satoshi, which is the lowest denomination of a Bitcoin. This was made possible by the Taproot upgrade that happened around end of 2021.
Initially managing ordinals was a cumbersome process and not so straightforward as buying Ethereum based NFTs on Opensea. There are now markets that make it easier to purchase Ordinals but it is still not as easy as buying Etereum NFTs.
Despite the difficulties Ordinals have been wildly popular and the volumes have been crazy during the last couple of months.
I am cautious of sudden pumps so I did not hop on the Ordinals bandwagon during the mad rush. I waited for the euphoria to subside a bit and then make my entry.
Why did I pick OXBT?
There are many Ordinals projects available in the market now, as is common that once a project is successful then the market immediately gets flooded with copy cat projects making it difficult for new entrants to decide which are cash grabs and which are genuine.
I would repeat my DYOR research as Ordinals are such a new phenomena that whatever information I have on OXBT is through what I picked up on crypto Twitter. I could not find a single blog or article explaining what it is. The main reason I decided to go for $OXBT was because it was launched by BitGod on Twitter and I have been following him for a while and he seems like a genuine believer in future of Ordinals. He has been sharing his views on Ordinals and which are the solid projects coming up.
Does is guarantee success? Of course not but once the market corrected for OXBT I decided to make small entries within levels where I will not care if it goes to zero.
Where Did I buy OXBT?
There are not many marketplaces for Ordinals and at the moment they are a bit complicated to use. Ordx is one of the earliest market but I found OKX Ordinals marketplace easier to navigate.
The fees are a bit high and need to be paid in BTC.
At the moment I am not making any big bets on Ordinals but I decided to create a small position in OXBT as I feel it might prove to be a solid project in the long term.
Have you tried any Ordinals project yet?