CHiP

Artist, Bticoin Miner, Rancher, Dad.

[CHiP @CHIP__]

Ordinals aren’t dead, But the tourists left!

For a while, the space was propped up by marketplace liquidity, incentives, and fast money. When Magic Eden stepped back, that layer disappeared overnight. What you’re seeing now isn’t collapse, it’s compression.

The protocol didn’t change.
Ordinals Protocol still does exactly what it was designed to do: anchor data directly into Bitcoin with no dependency on platforms, no mutable metadata, and no abstraction layer between creator and chain.

What broke was the expectation that this was supposed to behave like an NFT market.

It isn’t.

This is Bitcoin.
No shortcuts. No subsidies. No artificial liquidity.

So yes, it feels fragmented.
Because the people who needed momentum to participate are gone.

What’s left is smaller, quieter, and a lot more serious:

– builders working on compression, recursion, and indexing
– artists who care about permanence, not floor price
– collectors who understand provenance on a UTXO set, not a marketplace UI

That was always the point.

If your framework for Ordinals is “why isn’t there volume?” you’re asking the wrong question.

The right question is:
what survives when there’s no incentive to fake demand?

We’re finding that out in real time.

This phase isn’t death, it’s separation.

Same tech. Same goal.
Just fewer people pretending.

[CHiP @CHIP__]

@BonnaBtc695 I like being able to buy and sell in Bitcoin for sure, it was more of a philosophical musing on the cycles and how they play out, maybe it will be physicals traded globally but bought and paid in crypto like you say.

[CHiP @CHIP__]

I wonder if the next twitter art boom will be physicals traded for cash instead of crypto and jpegs?

[CHiP @CHIP__]

Good morning Sheeple

[CHiP @CHIP__]

@thatwagmigirl Could you imagine, if the wallets that were built back then to support ordinals also disappeared while they were gone. These thoughts keep me up at night.

[CHiP @CHIP__]

Borrow against your assets.
Dont give up your Bitcoin.
Stay free.

[Toby Lewis @tobynovum]

Representing Bitcoin in Parliament

[CHiP @CHIP__]

If you weren't building through this bear, hopefully you were reading.

Start with: Read Write Own by Chris Dixon.

Clearest case I've seen for why ownership is the thing that actually matters in the next internet.

@a16z

[Roccon't 🟠BTC @Altafacha69]

@buckethatbtc @MWBTCSummit @btcculturehub btw, this is why i love the art of @CHIP__ and @flomontoya_

[CHiP @CHIP__]

@itsdonnyok

[CHiP @CHIP__]

Well the man who eats Bitcoin for breakfast was spotted speaking to a crowd at the conference again🫡

[Ksenia Buridanova @buridanova]

The making of Pepieta

80 hours in 18 seconds

[BTC Bro @BTC_broo]

You don’t need as much money as you think.

You need consistent income and a portfolio you can borrow against. That’s the whole game.

The wealthy don’t sell assets, they borrow against them. No liquidation or tax event, and the assets keep compounding.

Bitcoin is the best collateral humanity has ever produced. Stack it long enough and your cost of living becomes a loan servicing problem, not a selling problem. Income covers the payments. BTC does the rest.

Stop trying to hit a number and focus on building the structure.

[CHiP @CHIP__]

Exactly right. Sell and you trigger a tax event, lose the upside, and reset your position. Borrow against it and the asset keeps compounding while you service the debt from income. The key word in your post is 'structure.' Most people don't have access to lending that treats Bitcoin collateral properly. Segregated custody, no rehypothecation, conservative LTV. That's the gap.

[CHiP @CHIP__]

@halstonvalencia Or Nashville again?

[CHiP @CHIP__]

@jaredhidden It was a flight to short, but a pleasure meeting you as well.
Safe travels today

[CHiP @CHIP__]

See y'all soon🫡

[CHiP @CHIP__]

@BitMouse_ @realizingerin @raphjaph @0xZerone @BitcoinMagazine 🫡

[CHiP @CHIP__]

Ordinals aren’t dead, But the tourists left!

For a while, the space was propped up by marketplace liquidity, incentives, and fast money. When Magic Eden stepped back, that layer disappeared overnight. What you’re seeing now isn’t collapse, it’s compression.

The protocol didn’t change.
Ordinals Protocol still does exactly what it was designed to do: anchor data directly into Bitcoin with no dependency on platforms, no mutable metadata, and no abstraction layer between creator and chain.

What broke was the expectation that this was supposed to behave like an NFT market.

It isn’t.

This is Bitcoin.
No shortcuts. No subsidies. No artificial liquidity.

So yes, it feels fragmented.
Because the people who needed momentum to participate are gone.

What’s left is smaller, quieter, and a lot more serious:

– builders working on compression, recursion, and indexing
– artists who care about permanence, not floor price
– collectors who understand provenance on a UTXO set, not a marketplace UI

That was always the point.

If your framework for Ordinals is “why isn’t there volume?” you’re asking the wrong question.

The right question is:
what survives when there’s no incentive to fake demand?

We’re finding that out in real time.

This phase isn’t death, it’s separation.

Same tech. Same goal.
Just fewer people pretending.

[CHiP @CHIP__]

@niner0526 @realizingerin @raphjaph @0xZerone @BitcoinMagazine It's a protocol that has many use cases, lots of which were never explored during the rush and hype of mass exploit market place days, it's a great time to explore and see what else you love beyond the art and rune even🤝

[CHiP @CHIP__]

@phraze