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The Ordinals Shakeout
Published on May 10, 2024
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Sponsor: Mantle — Mass adoption of decentralized & token-governed technologies.

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Ordinals Slump

Price-wise, it was a down week for many NFT projects on Bitcoin, Ethereum, and Solana, yet most of the steepest floor drops came among the OG chain's leading Ordinals collections.

For example, over the past week NodeMonkes dropped -25%, Bitcoin Puppets -30%, Runestones -40%, Bitmaps -17%, and Quantum Cats -8%. Not great.

In comparison, CryptoPunks, BAYC, and Pudgy Penguins were -2%, +0.5%, and -0.5% respectively in the same span.

Of course, floor prices go up and down, activity and interest around chains ebbs and flows, so it's not that Ordinals can't rip again. It's just that the honeymoon phase is over, and collectors seem to be looking elsewhere for other opportunities at the moment.

Down, but not out, though presently it's not clear what near-term catalysts might cause the next Ordinals rally. Only time will tell, to be sure, but the currents are bearish for now.

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🌐 Virtual worlds

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In recent issues, I've highlighted Redstone and new games on the innovative L2 like Sky Strife, Biomes, and DF Ares.

The latest Redstone game I want to turn your attention to? Downstream.

It's a future civilization simulator, and the central gameplay mission is to help a super AI rebuild the world. Practically speaking, you can create your own game zones, adventure in other players' zones, and remix existing builds into new forms.

These sorts of simulator games are some of my favorites to play, and if they're up your alley too, Downstream is a charming gateway for diving deeper into the Redstone scene!


Mass adoption of token-governed technologies. With Mantle Network – an Ethereum rollup, Mantle Treasury, and a token holder governed roadmap for products and initiatives.

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