XEN Knights is the first project created by Jack Levin that interacts with the Bitcoin blockchain by creating inscriptions, or NFTs on satoshis. The XEN community can participate in a 72-hour-long auction by bidding with their XEN on 100 pieces of artwork they haven’t seen. There’s no way to predict how much XEN will be burned. Being able to use Bitcoin with XEN from the Ethereum chain and get an ordinal under the first million is why this project exists.
What is the XEN Knights?
XEN Knights is a collection of NFTs designed by a Xenian artist going by the pseudonym XKNIGHT.ETH on Twitter. Jack Levin asked him to create the art for this bidding game and for the first ever value exchange featuring Bitcoin-inscribed NFTs and XEN tokens.
Inscriptions are nothing more than jpeg images, text, pdf files, etc. stored permanently on the blockchain. An inscription is written into a satoshi (the smallest denomination of bitcoin, where 1 BTC = 100.000.000 satoshi) and can be traced thanks to the Ordinals theory conceived by Casey Rodarmor. This theory ascribes a serial number to each sat. The number is given in the order in which it’s been mined. There’s a special rarity chart too to know which sat is more rare than the other.
Mr. Levin wants to launch the project before 1 million bitcoin inscriptions are created. In fact, the Knights art has already been inscribed, and he’s going to auction it off to the community in a 72-hour-long bidding auction. There are no proceeds going to Mr. Levin or anyone else.
But what does the art look like? This is to be seen only after the auction ends because it’s a blind auction where people bid on something they don’t know what it is or what kind of rarity it has. It’s only known that the most rare pieces will be given to the top bidders. The choice to hide the content surely adds some mystery to the game and creates anticipation. It feels like getting a surprise present and unpacking it slowly. And you know that the present is so much better the longer you wait for it, so the team will also take up to one week to send the Knight to you, so the anticipation is even greater.
But why should you participate, you ask? In our opinion, having good fun using your XEN tokens and getting involved with the XEN community’s 3-day marathon is a good enough reason.
All XEN bids are sent to a smart contract, and only the 100 winning bids will be burned. All remaining bids will be returned to the users upon reclaiming, so there’s no risk involved with participating in the auction other than some transaction fees. Other reasons for participating in the Knights game is the possibility of having an early NFT inscribed on Bitcoin. Bitcoin ordinals are very new and have been here only since January, so this is a very early stage in something that can be potentially very big one day.
How to bid
You will need to have a Bitcoin taproot address that you own the keys to. We’ve written a guide on how to use the Sparrow wallet to create a taproot address, create ordinals, and send them over. For the Knights, you will need just the taproot address where you will receive an ordinal should you win a bid. Learn to freeze and unfreeze ordinals once you’re there so you don’t accidentally send your inscriptions to someone else.
The auction requires XEN tokens for the bidding, so make sure you have enough XEN and ETH for the gas fees. If you want to place more bids, you will need more accounts.
The bid amount can be increased by clicking the “Increase my bid” button, but the receiving taproot address must be the same as the receiving address from the first bid. In the event that the receiving addresses do not match, the second transaction will be considered a new bid. No, bids can be cancelled, withdrawn, or decreased.
For more FAQs and to participate in the game, go to xen.network. XEN Knights will go live at the beginning of April.