₿ My First Ordinal

This week I discuss buying my first Bitcoin ordinal NFT, Jack Butcher NFTs pumping, and newsletter business models

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Hey there 👋,

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In this week’s newsletter, I discuss:

  • Buying my first Bitcoin NFT

  • Jack Butcher NFTs pumping

  • Newsletter business models and where sponsorships fits in


Richard Patey - @richardpatey


📈 Bitcoin Ordinals Pass 10M Inscriptions

The total number of Bitcoin ordinal inscriptions surpassed 10 million this weekend, with the majority made over the past month.

The Bitcoin Ordinal protocol launched in January of this year by Casey Rodarmor (who just stepped down), allowing inscribing of digital content like art onto the Bitcoin blockchain. Unlike ETH NFTs, everything is stored on chain meaning that the NFT project owner can’t change the artwork / metadata of the asset that you own (although if it’s Jack Butcher, you want him to!).

You can use Ordinals Wallet to buy and sell Bitcoin NFTs (such as the new BRC-20 token standard) as well as wallets such as Hiro, Xverse and Unisat (where 0XBT has been blowing up)

I used Xverse to buy my first ordinal, a Bitcoin Maxis on Magic Eden:

It’s currently the #1 most actively traded ordinal on Magic Eden:

And there is now talk of whether ETH or BTC NFTs will have a hotter June:

📈 Jack Butcher Ecosystem

Jack Butcher’s NFT assets have been on fire over the last week.

Opepen dropped as low as 0.16 ETH at the start of this month and has since raced to an over 1 ETH floor:

I Blur farmed a bunch of Opepen back in February / March and had a bag I bought from 0.2ETH and sold at 0.6 ETH, but only kept one and missed this latest biggest pump yet (been too focussed on newsletters!).

Opepen has now flipped Checks VV (now at 0.8 ETH) as the primary asset in Jack’s ecosystem. But that didn’t stop him from holding an auction at Christie’s for his newest project Checks Elements, a 152 piece collection of monoprints and NFT pairs, exploring the relationship between digital and physical art. He sold out and the highest selling piece went for almost 20 ETH:

And Jack is currently dropping a free mint NFT, VV (A Film by Zora). I just picked up one and there’s a couple hours left to grab yours:


✔️ The Business of Newsletters

Scott Oldford just dropped an incredible issue of his Online Business + Investing newsletter where he thinks there’s only three ways to make the newsletter business model work:

1) It’s just you, with a VA taking on the world and figuring it out. If you make $100,000, you're crushing it. If you make $250K, you're legendary, but in reality, it’s very difficult to turn a newsletter into a singular business that truly is amazing.

2) The newsletter fuels your core business, and the newsletter’s job isn’t to sell sponsorships or do anything more than be a funnel for you and your business.

3) You are able to have a series of segmented newsletters, in niches that are highly desired, and by having many newsletters, you are able to use both the network effect and economies of scale to create success.

I’ve actually tried all three of these models.

I’ve built and sold a business where the newsletter drove affiliate product revenue (no sponsorship). I attempted building a network of newsletters on Substack and got up to 6 before realizing I needed investment to scale.

And now I’m treading the solopreneur path again where it’s just me.

Also in his newsletter, Scott wrote about how newsletter operators are massively under-selling sponsorships, which is an opportunity for investors to pick up and better monetize.

Scott is actually running a live sponsorship workshop today at 2pm Pacific - you can sign up at sponsorships.com/workshop/ 

But he’s also aware that sponsorships should not become the main focus and revenue driver for newsletters:


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Disclaimer: Nothing in this email is financial advice and I am not a professional investment adviser. I send weekly updates on digital asset news and what I'm doing personally - consider it informational and for entertainment purposes only.

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