What Are Bitcoin Puppets?

Bitcoin Puppets

TL;DR
The Bitcoin Puppets Ordinals collection on Bitcoin was created by Le Puppeteer Fou, contains 10,001 PFPs, and is unofficially connected to the Bitcoin-based meme coin PUPS, which started as a BRC-20 but is migrating to the Runes Protocol. As such, Bitcoin Puppets and PUPS feel closely integrated, despite being separate developments, and if the Ordinals and Runes ecosystems grow from here, Bitcoin Puppets looks well placed to become a leading PFP collection.

One way NFTs make their presence felt is by showing up in use as PFPs, and if you spend much time on crypto Twitter–particularly in the Bitcoin Ordinals parts–then you might have noticed that images of a collection called Bitcoin Puppets have been appearing a lot.

With Bitcoin itself having spent a couple of months chop-solidating below ATHs, the halving complete, and Runes Protocol now launched, let’s check in on the Ordinals space and run through where Bitcoin Puppets came from, what they’re doing now, and where they might be headed from here.

The Current State of the Ordinals Market

Ordinals on Bitcoin launched at the start of 2023, saw initial interest, a subsequent quiet period when everyone stopped paying attention, and a resurgence towards the end of the year. That positive price action continued into 2024 and was accompanied by hype, at the time of the halving, around the launch of Runes Protocol.

After the halving, attention on both Ordinals and Runes has subsequently drifted, and prices have dropped, but does this present a buy-the-dip opportunity? If so, it’s worth getting to grips with notable Bitcoin Puppets.

What Exactly Are Bitcoin Puppets?

Bitcoin Puppets is a PFP collection that contains 10,001 items, and first launched back at the beginning of January this year, with a $10 mint price. It was created by an artist known as Le Puppeteer Fou, but the design work is claimed to have been created by a 12-year-old on MS Paint, and shows messily-drawn monkey puppets with multiple crypto in-jokes and references included.

Bitcoin Puppets

Image credit: Bitcoin Puppets

As for future plans, the collection states unambiguously that it is,

“Not intended for use as anything but art. No roadmap, promises or guarantees or any of that nonsense.  Don’t treat this like a goddamn corporation okay?”

And Le Puppeteer Fou also made a point of tweeting that this is not a project for mid-curve buyers. If you’re not sure what that refers to, there’s regular crypto market discussion about left-curve people (meaning brain-switched-off degens aping into weird tokens based purely on vibes and optimism) and right-curve people (meaning hyper-intelligent market participants dipping expertly in and out of trends based on enlightened intuition). The idea is that the left and right curves tend to align, while the mid-curve over-analyzes, hesitates, and is then consumed with cope after missing the boat.

Bitcoin Puppets

Take that view of the market and its human components as you will, but Bitcoin Puppets openly declared that it’s a collection for both the reckless JPEG degen and the savvy market trader (who are both, arguably, flip sides of the one same coin).

Also, Bitcoin Puppets might not have a roadmap, but it did post a manifesto instead. The philosophy outlined touches on artistic absurdity, economic nihilism, and a resonant idea central to both meme coins and NFTs: the idea of achieving financial freedom through fringe methods like, say, trading JPEGs of animal puppets late at night on decentralized blockchains. And the manifesto ends with a central Bitcoin Puppets theme that has solid meme-ability: “world peace”.

Bitcoin Puppets

Image credit: Bitcoin Puppets

OPIUM and Lasogette

Prior to launching Bitcoin Puppets, Le Puppeteer Fou released two other NFT collections, Lasogette on Ethereum, and the very Puppet-like O.P.I.U.M. (which means Ord Puppet Inu Undoxxed Millionaires) on Bitcoin.

Notably, the supply on O.P.I.U.M. is only 777, so the floor price there is a little higher than that on Bitcoin Puppets, although the market cap is much lower. However, prices on both Lasogette and O.P.I.U.M. have generally been moving in alignment with prices on Bitcoin Puppets.

What Are Rune Pups and the PUPS Token?

A BRC-20 token called PUPS launched last year, and then in March this year the project airdropped an Ordinal called Rune Pups to holders of Bitcoin Puppets. With plans to migrate across to the Runes protocol now having being put into action, PUPS BRC-20 tokens can be converted to Runes tokens, while the airdropped Rune Pups Ordinals also provide holders with an allocation of PUPS Runes.

Bitcoin Puppets

Image credit: Rune Pups

Additionally, PUPS bridged a portion of its BRC-20 supply across to Solana, and so it can also be traded as an SPL token, broadening participation to include Solana meme coin buyers. However, PUPS and Bitcoin Puppets are actually separate projects, as PUPS wasn’t developed by Le Puppeteer Fou, although the two assets–meme coin and Ordinal–now feel closely integrated, and as if they are connected components in a larger community.

Are Bitcoin Puppets a Good Buy?

Bitcoin Puppets
Bitcoin Puppets Floor Price

When you look back at NFTs on Ethereum in the first major wave of JPEG trading, around 2021/22, CryptoPunks and Bored Apes became representative of the whole ecosystem, while others, such as Azuki, formed a valuable tier just below them. If the Ordinals and Runes ecosystems grow from their positions now, then Bitcoin Puppets is one of the names–along perhaps with Ordinal Maxi Biz and NodeMonkes–that appears likely to be one of the top collections.

Also, being connected with a very solid meme coin play–the PUPS token–gives Puppets an additional advantage in a crypto cycle that has become heavily centered on memes, while additionally, the collection’s floor price has dipped significantly after highs in April, providing a potential entry point. That all in mind, anyone looking for Ordinals exposure in their portfolio might want to consider Bitcoin Puppets.

What Are Bitcoin Puppets? - - 2024

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What Are Bitcoin Puppets? - - 2024
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