This is a Ordinals project Arthur Hayes is involved in. He was a co-founder of BitMex. If you haven't heard this guy talk about various economic topics and crypto related stuff he is a pretty smart guy. I don't know what his status is with the US Government going after him for BitMex. It is almost like he is hiding out in a country where he can't be extradited from or something. I'm not really sure.
All that being said they are doing these Ordinals Quests for Airheads which could get you on the white list to mint an Airhead. There are a lot of realizations I have made interacting with this whole thing currently and you might want to get involved.
We have seen various projects give quests and get the word out which results in minting these NFTs or Ordinals for free essentially and then they become worth insane amounts of money. This was basically the latest quest.
https://x.com/AirheadFun/status/1835751177020977590
If you don't understand Ordinals or Runes on Bitcoin this is a good initial video to watch.
This new Oyl Wallet allows you to store Bitcoin, Ordinals, Runes, and BRC-20 Tokens as well as trade them.
There are going to be 10,000 Airheads and it seems like they are going to do the snapshot in late September so there will likely only be a couple more challenges and your addresses could get white listed to mint an Airhead. https://airhead.fun/
Thoughts
In a lot of respects I didn't really like the premise of putting these NFT like components on the Bitcoin blockchain which doesn't have enough storage in each block to begin with. Also the fees have typically been out of control during the bull markets. Oddly fees were under a dollar when I was doing this Quest. Fees are low on Ethereum currently as well which tells me people's focus are on other chains but also a lot of people have checked out and don't have the time, money, or energy to actually be involved in crypto right now. Strange but true. It's like a lot of people who were with us in previous cycles haven't been able to reengage in the ecosystems. A lot more transactions are utilizing Segwit and Lightning Network though as well which could be keeping fees lower. That doesn't really explain the Ethereum situation other than the fact that people are using other EVM chains that might have marketed themselves as a L2 but they really have nothing to do with Ethereum other than they can run the same Solidity code but they have their own coins and tokens.
Doing these Quests and Challenges can cost you some time and also some transaction fees. The main thing that will cause a lot of people to not do this Quest is when they look at how much it will cost to inscribe their Poorhead to the Bitcoin blockchain they might quit because the fee will be real high unless they down res the image severely to be a pixelated pile of shit.
Initially it was going to cost me $488. There is no way I would pay all that to get that much data on the chain. You can mess around with a program like Photoshop or GIMP or use a quick and dirty web interface to down res the image before you inscribe it on the chain. https://imagecompressor.com/
- Orienting yourself in what is going on and what the Quest is even fully talking about is somewhat hard to figure out at first. It talks about XP but basically that is what you get for doing the Quests and also moving your assets over. I haven't moved a bunch of stuff over there because the wallet is new and I haven't previously been into the whole Ordinals / Runes scene. Even without getting the payout from this latest Quest I'm getting FAT!!!! I'm in the top 5,000 and they are minting 10,000 of these. That's mainly doing a couple things and having over 0.001 BTC in the wallet.
- Crypto Slo seems to think these are going to end up being worth 1 BTC when we are at this cycle's peak. I don't know about that but ultimately I think it is worth doing the Quests for sure and trying to get one of these. The website says there is going to be a minting fee but I have no clue what that will be. If they make the thing higher resolution it cost a lot of inscribe very much data on the chain so that becomes a big question mark which we won't have the answer to that until it happens. Ultimately if you down res your inscription for this Quest I got ended up paying less than $8 to do everything for the Quest.