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Users can choose to complete quest-like directives to receive Airheads or outright purchase the inscribed art through a “Whale Pass.”
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Own this piece of crypto history
Crypto entrepreneur and investor Arthur Hayes recently revealed the details and philosophy behind his new “Airheads” Ordinals, a collection of 10,000 unique cartoonish characters that are balloon-like in appearance, and live on the Bitcoin network.
In an article published on his Medium page, Hayes began by explaining that the consumption of art is what gives life its true meaning. He then gave several examples of activities the human race engages in purely for enjoyment and the entertainment of others, such as dance, the culinary arts, music, and sports:
“Collectively, these activities are the corpus of human culture. Culture makes life worth living, and for that reason, human culture creates trillions of dollars worth of economic activity.”
The entrepreneur then shifted his focus to the core philosophical message behind the Airheads Ordinals collection, explaining that the balloon-like characters represent an indictment against the inflationary policies of the elite class and centralized governments. Each Airhead is “Metaphorically filled with the inflation of our day,” said Hayes,
According to Hayes, Airheads is the first Ordinals collection to leverage leaderboards that establish a “clear hierarchy” among holders of the inscriptions and reward earlier investors who took on the most risk, unlike many traditional digital art projects, which reward users with randomly generated art.
Related: Arthur Hayes’ Maelstrom announces Bitcoin grant program of up to $250K per developer
Ordinals: just a fad, or here to say?
Ordinals and other inscriptions involve inscribing the tiniest denomination of Bitcoin (BTC), known as a Satoshi, with immutable information that lives on the blockchain. This information can represent anything from digital art to tokenized assets and stands in contrast to most traditional non-fungible tokens, where the underlying asset is typically stored on centralized cloud servers like Amazon Web Services.
Although Ordinals launched to much fanfare, recent data shows a sharp decline in transaction volume. In June, transaction data from Dune Analytics revealed an 88% drop in Bitcoin Runes transactions, a stark contrast from April, when the new Bitcoin token standard was dominating the headlines, driving up fees on the Bitcoin network and bolstering miner revenue post-halving.
A more recent report from July 18 indicates that has only continued, with BTC transactions regaining 90% dominance on the network.
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This article first appeared at Cointelegraph.com News
