At the day of the launch, the floor price on MagicEden is 0.001 BTC, which is equivalent to $270.
Bitcoin Bears Cubs
Expired
Progress mission: 0 of 2
Expired
Rewards
Reward Results
$100 $220
Details
Minimal cost
~$50
Time required
5 min.
Category
WhiteList
Rating
7/10
Risk
Low
Deadline
2023-06-01
At the day of the launch, the floor price on MagicEden / OrdinalHub is 0.0054 BTC, which is equivalent to $150.
The collection sold out almost instantly.
The mint price was 0.0028 BTC, which equates to approximately $50 given the current BTC market price of $27000. After the launch, the Ordinal price shoot up and more than tripled in price for it to reach 0.01 BTC ($270), with the average sale price now hovering around 0.0054 BTC or approximately $150.
Therefore, the net profit from an average sale, after accounting for gas costs, was around $220.
Pros & Cons
Why is it worth it?
Successful genesis collection (over 0.5 BTC floor price)
Low number inscriptions on the Cubs collection
A lot of hype around the mint, paired together with the ordinal hype
Low mint price - 0.0028 BTC (around 75$)
Risks to consider
High supply (10k)
The NFT doesn’t provide any utility as of now, it’s just a pfp collectible
How to participate?
Right now, there is a lot of hype about Bitcoin ordinals, this means that the timing of this NFT collection is perfect.The genesis collection being successful makes the people who want to mint more secure, as there is more guarantee that the project might do well and won’t rug.The next bullish point is the fact that this 2nd-gen collection will have low number inscriptions (below 1M) - right now the inscriptions number are reaching 10M, so just this might be a good selling point.
The sale will be done through the MagicEden launchpad, making it easier for users to participate - not requiring high technical knowledge.