Arthur Hayes: The Ordinals project "Numbskull" is not a boring old cliché
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Arthur Hayes: The Ordinals project "Numbskull" is not a boring old cliché
This is not simply issuing NFTs on Bitcoin, but rather something entirely different—it focuses on what Bitcoin users truly care about.
Navigating Web3 tides with focused insightsBy: Andre Beganski
Translation: Scott Liu, Bitpush News
Arthur Hayes, co-founder of BitMEX, has announced the launch of a new Bitcoin Ordinals project called Airhead (literally "silly head," see image below), officially entering the Bitcoin digital collectibles market.
The collection of size-shifting profile pictures (PFPs) consists of 10,000 NFT-like assets developed in collaboration with Oyl Wallet. It was launched earlier this month and began collecting interest from potential buyers on Thursday. The startup's investors include Maelstrom, Hayes’ family office.
"This isn’t just about issuing NFTs on Bitcoin—it’s something entirely different that focuses on what actual Bitcoin users care about," Hayes told Decrypt.
The Bitcoin Ordinals protocol, introduced by developer Casey Rodarmor early last year, quickly energized the collectibles market on Bitcoin. In April this year, Rodarmor launched the Runes protocol, coinciding with Bitcoin’s halving event to further reshape the market landscape. Now, Airhead leverages so-called recursive inscriptions to give these digital characters functionalities currently unachievable on other networks.
Through the Airhead project, Hayes aims to innovate in the field of digital art. Leveraging Ordinals capabilities, an Airhead character’s body size changes dynamically according to the value held in a user’s Bitcoin wallet, offering a novel interactive experience.
"I don’t want to go through another round of AI-generated big-head portrait drops. We’ve done that too many times—it’s boring," Hayes emphasized.
The technology powering Airheads' visuals is the same used by a project called Pizza Ninjas to create game simulators on Bitcoin. Last year, recursive inscriptions were also used to build a music engine on Bitcoin. Essentially, recursive inscriptions enable more complex Bitcoin applications by aggregating data from multiple entries.
Promotional content for Airhead on social media walks the line between satire and humor. Cole Jorissen, creative director of the project and product lead at Oyl, said the series pokes fun at the “body positivity movement.” He explained, “We’re making wealth a character trait—being fat means being rich.”
Hayes noted that the audience attracted by Ordinals differs from those on Ethereum and Solana NFTs, as Bitcoin holds the largest market capitalization and share among all digital assets. With Bitcoin’s price closer to its all-time highs compared to other cryptocurrencies, he believes more people will be inclined to purchase digital art.
"When you're losing money, you don't invest in digital art. I think Ordinals are special—when Bitcoin breaks out of its current range, these will become collectible," Hayes said.
According to CryptoSlam data, approximately $128 million worth of NFTs were traded on Ethereum over the past month. In contrast, Solana recorded $89 million in sales and Bitcoin $70 million, indicating that Ethereum—the pioneer in popularizing NFTs—remains the industry leader.
Nonetheless, Hayes takes a long-term view on Ordinals. He believes that when the final Bitcoin is mined around the year 2140, transaction fees from trading Ordinals will help sustain miner rewards and continue incentivizing them to secure the network.
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