Arthur Hayes, co-founder of BitMEX, has ventured into the world of Bitcoin-based collectibles with the launch of a new collection called Airhead. This collection consists of 10,000 NFT-like assets featuring inflated profile pictures (PFP) created in collaboration with Oyl Wallet. The release of Airhead follows the recent launch of Oyl Wallet, a digital wallet for Bitcoin, which is also backed by Hayes’ family office Maelstrom. Hayes expressed that Airhead offers a unique value proposition to Bitcoiners, different from traditional NFTs.
The development of Airheads stems from the Bitcoin Ordinals protocol created by developer Casey Rodarmor. Although the market for Bitcoin-based collectibles experienced a shift towards fungible tokens with the introduction of the Runes protocol in April last year, Airheads bring something new to the digital art space. These characters’ bodies inflate based on the value of the Bitcoin wallet minting them, utilizing recursive inscriptions for enhanced functionality. Hayes emphasized the importance of offering a fresh and innovative approach to digital art to stand out in a crowded market.
The technology behind Airheads’ visual inflation is the same as that used by projects like Pizza Ninjas and a music engine on Bitcoin. This recursive inscriptions enable more complex Bitcoin apps by leveraging data from multiple Ordinals. The project’s social media messaging adopts a satirical tone, blending sarcasm and humor. Cole Jorissen, the creative director of Airheads, noted that the collection playfully references the body positivity movement while also poking fun at various aspects of the industry. The project celebrates wealth through character features, with “fatness” symbolizing wealth.
Hayes believes that Ordinals will appeal to a different audience than traditional NFTs on Ethereum and Solana due to Bitcoin’s dominance in the market and higher mindshare. He pointed out that as Bitcoin’s price approaches an all-time high, more people may be inclined to invest in digital art and collectibles. Hayes sees Ordinals as a special asset that will attract collectors as Bitcoin’s price breaks out of its current range. Despite Ethereum’s continued dominance in the NFT market, Hayes is optimistic about the long-term potential of Ordinals and their role in generating transaction fees for miners in the future.
Looking ahead, Hayes envisions a scenario where fees generated from transactions involving Ordinals could help support miners’ rewards and enhance network security as Bitcoin approaches its final mining phase. He emphasized the importance of bringing a digital cultural experience to Bitcoin to attract new users and showcase the potential of the network beyond just financial transactions. With a forward-looking approach to the convergence of art and technology on the Bitcoin network, Hayes aims to create a lasting impact on the digital asset space.
