📈 A New Wave Blows Up the Ethereum NFT Market: Ethscriptions
Last week, the on-chain market was suddenly shaken when Nyan Balloon – the first Ethscriptions Non-Fungible Token, attracted over 3000 ETH Volume in just 24 hours. While Bitcoin's Ordinals network has not yet lost its 'flavor', Ethereum unexpectedly witnessed a completely new wave of on-chain data and media management. Where did it come from?... And what is driving the capital flow?
📊 Overview Data: An Unexpected Surge
In just a week, the number of Ethscriptions minted has exceeded 600,000, with nearly 45,000 active addresses and total transaction fees over 700 ETH. According to dune analytics, Eurystheus – the first collection project running a Bonding Curve mechanism – topped the 24H volume chart, surpassing many long-established NFT platforms.
"In less than 72 hours, the floor price increased 9-fold, with the number of loyal holders reaching a record level. The official Discord had to temporarily limit access due to the extremely high FOMO speed."
Notably, the gas fee from Ethscriptions minting unexpectedly pushed Gwei to jump in a landscape where no clear narrative was prominent in the traditional NFT space.
🚀 The Ethscriptions Phenomenon: A Breakthrough in Technology and Emotion
The Ethscriptions model – directly inspired by Bitcoin's Ordinals – allows people to store data (usually small images/text) directly on Ethereum through calldata. This optimizes fees while ensuring true 'immutability' in the spirit of DeFi. The "Nyan Balloon" collection leveraged an "open mint" starting point and Bonding Curve: the more people mint, the higher the price. Community incentives are encouraged through viral memes, gas-farming websites, and NFT platforms with dedicated Ethscriptions filters.
Ethscriptions is Not Just a Non-Fungible Token, But an On-Chain Storage Revolution
For the first time, the concept of a "Non-Fungible Token without smart contract" is implemented on Ethereum: users only need to send a transaction with special calldata to create an "on-chain native" asset. Some builders note: "This is the first large-scale experiment for bonded-meme Non-Fungible Tokens on L1 outside Bitcoin."
💸 Why is Capital Flowing In? Old Meta Cracking, New Behavior Emerging
Compared to the 2021 Non-Fungible Token phase or the recent Solana meme token craze, Ethscriptions provides a clear "early adopter" feeling: cheap - fast - truly on-chain. Degen traders tired of repeatedly minting Non-Fungible Tokens with old contracts encountered the novelty of "raw calldata", instantly driving a resonance effect. The social "FOMO index" rose high: Twitter was flooded with mint tutorial threads, alpha groups competed to leak automatic mint scripts, and builders started new indexer tools.
- Bonding Curve: Experience price increasing over time, becoming increasingly scarce, strongly stimulating the 'enter early' psychology.
- UX without Smart Contract: Removing barriers for newbies, anyone can create an original on-chain token with just a wallet and basic knowledge.
- Viral Meme & Social Explosion: The Nyan Balloon icon became a new-gen meme, reproducing the "crypto culture" emotion from the early NFT 2021 era.
⚠️ Counterargument: Bubble, Waste, or Real Transition?
Is Ethscriptions a one-off effect like the NFT loot craze, or will it become a longer narrative? Some risks to warn about:
- Spam & Bloat: Risk of Ethereum being 'suffocated' by trash transactions – similar to the history of previous free-mint Non-Fungible Token crazes.
- Price Manipulation: Bonding Curve is extremely easy for whale groups to dominate, creating a fake "up only" sensation.
Most importantly, the lesson from Bitcoin Ordinals is very clear: attention is an asset, but only sustainable when a builder community follows up to develop the ecosystem. If it stops at memes and minting, it will soon dilute into an "Non-Fungible Token ghost town".
🔎 Long-Term View: Will Ethscriptions Become a Major Narrative?
Calldata technology unlocks an entirely new creative domain: genesis Non-Fungible Tokens, micro-data, cross-chain inscription, and even building DeFi primitives like "token on calldata". Builders have started building tools, indexers, and marketplaces specifically supporting this asset stream. Ethscriptions could completely become the "ownership primitive" meta for a new Degen generation, where attention will flow into unique contracts, on-chain native, and most meme culture-friendly assets.
✨ Summary
The Ethscriptions wave shows that the Non-Fungible Token ecosystem and capital flow are extremely sensitive to new experiences. It proves that even if the platform remains unchanged, with different tools and perfect timing, attention can flow faster than any traditional bull narrative. With memecoins or Ethscriptions, ultimately, attention is everything – the only asset that cannot be simulated on-chain.
