Based Angels Thesis (Schizo version)
Hottest Project on Bitcoin
Intro
The Ordinals market really started to buzz around early 2023, and people were talking about how JPEGs could be traded on the mother chain, Bitcoin. Some were skeptical, some were excited, and people like me were paying very close attention because Ordinals are basically NFTs on Bitcoin. I had already made decent money on NFTs last cycle.
I still remember when people were trading some of the first Ordinals projects on Google Sheets/Excel, just like an old-school antiquated trading exchange floor with a chalkboard. Both of those antiquated systems got replaced, and now we have Xverse Wallet (Bitcoin Wallet for Ordinals & Runes) and Magic Eden Exchange to trade on.
In this writing, I am going to explain why I believe the Based Angels (Ordinals Project) are the hottest project on Bitcoin by breaking down what they are, their cultural influence, and other external factors/variables. After around two years since their inception, it’s pretty clear that Ordinals are here to stay. There are currently a handful of blue-chip Bitcoin JPEGs, and some collection floor prices range from 0.1 BTC – 0.2 BTC, signaling a low five-figure price per picture.
I will NOT be explaining what NFTs and Ordinals are or what made the traditional art market so unique outperforming everything recently. You can find that on the internet via search engines or YouTube. I can also cover that another time.
However, what I am going to talk about is how Based Angels, co-founded by 13 (@0x1x3x on X) and artist SpiralGaze (@spiralgaze), became a standout project. The collection is limited to 5,555 JPEGs and is currently trading around 0.005 BTC, which is about $400 USD. This equates to a rough valuation of $2.5M, considering that Bitcoin just took a dive towards $80k from the all-time highs of ~$110k.
(NFTs, Ordinals, and meme coins associated with certain L1s can often act as a beta play. If the underlying asset is going up, it pushes up the projects being built on top of it by 2x or even higher. In a bull run, they can act as a leverage mechanism over a significant period.)
Culture / Hyper-signaling
To really understand the significance of Based Angels, we can benchmark what has happened on other chains that had an early start on their NFT ecosystem.
(Vitalik dropped his mini-manifesto on how he is going to work on Ethereum, and Charlotte Fang, the founder of the Milady project where this unique art style initially started on Ethereum, suggested that Vitalik should just embrace Milady. This was a signal to the outer world that he was still listening to the community and wanted to embrace the culture. Then, in January 2025, Vitalik changed his PFP to a Milady (@MiladyMaker on X). Milady is currently trading around 4 ETH, which is about $10,000 USD. This gives the collection an approximate valuation of around $100M if we multiply the floor price of 4 ETH by 10,000, the size of this art collection. Milady is considered a blue-chip in the Ethereum NFT eco.)
You can often see this online behavior among other chain founders as well. Anatoly Yakovenko, the Solana Co-founder (@aeyakovenko), has also been known to change his PFP to a rising collection at the time to support the project. I believe he had a Retardio Cousin PFP at one point, which is a derivative or another branch of the Milady inspired NFT collection on Solana.
(I think they were being too provocative and had some drama here and there where their accounts were suspended online, but I digress.)
Therefore, if Satoshi Nakamoto were alive and living with us, not only would he be proud of how far Bitcoin has evolved, but his X profile would be rocking a Based Angel. That is the ONLY logic for the holy trinity for those three chains.
Art
When we think about art, different types of art attract different demographics. Just like how boomers got rich from real estate and Gen Xers from the S&P 500 and Nasdaq, Gen Z and millennials don’t fully resonate with those asset classes and are more focused on Bitcoin, Web3, and crypto. Different people like different assets.
When I first learned about CryptoPunks, the most famous NFT collection in history, I did not UNDERSTAND the art. Why was this old-school 8-bit collection so expensive and still trading around six figures? It clicked later on. This was for the Gen Xers and older millennials. That’s why someone like me, an early millennial (early 30s in 2025), didn’t really resonate with it. It’s still a super classic project and I like it now.
However, Based Angels is a collection that resonated more with me.
This is probably how Gen Xers felt when they saw CryptoPunks.
The style of Based Angels is unique in that it brings nostalgic vibes of the pre-COVID era. It really hits home for millennials who saw the transition from an archaic analog world to a digital/intangible world. Different traits in the art appear almost randomly put together, like a collage made from cut-out magazine clippings.
For example, the orange hair signals that this is a Bitcoin-affiliated project, while the smoky and bad-resolution background and funny-looking traits like BlackRock references add to the aesthetic.
Based Angels #5191
This one currently listed close to the floor, but as the traits become more luxurious and rarer, they higher prices can go as well.
Based Angels #1844
Looks like this project has some red wings to fly..
Based Angels #1059 currently listed as 0.59 BTC
You can see in this one how the background is about seed phrase in a provocative hijab.
Based Angels #953 priced at 0.4269 BTC
(The owner of this JPEG has a sense of humor on the listing price.)
This one gives off Christian Bale from American Psycho vibes with the menthol cigarette in the bottom right corner, reflecting shiny knife, suited up businessman, and banking job office background. The reddish face and wings complement the overall diabolical theme well.
Initiatives: IRL Events & Merch
Based Angels has already hosted events during NFT Paris and Bitcoin Amsterdam. The next one is planned for Lisbon, Portugal. There are also people posting pictures online with merchandise, which is a key component in building a community and a standard part of an NFT/Ordinals project roadmap.
These catalysts are bullish for the project since they show that the founders and team are actively working on new things. They also previously launched Based Angels Runes ($BAR), which are essentially meme coins on Bitcoin. This highlights the team's strong technical knowledge of the space. Some of the honorary JPEGs given to KOLs (Key Opinion Leaders) or Crypto influencers were also inscribed on the rare Sats from the Satoshi Era. The team absolutely understands provenance and culture.
Potential Downside & Geographical Risk
Based Angels is based in Europe, and anybody who pays attention to macroeconomics knows that the EU is struggling in terms of population growth, demographic issues, and other economic factors. However, Europe has a richer cultural history than America and goes back further than any other continent. Some argue it has the richest culture dating back to the Roman Empire era.
Being based in Europe is a double-edged sword. Culture is VERY important for an art project, and being based (no pun intended) in Europe helps. But over the long run (10-20+ years), economic decline could impact overall vibes and sentiment.
Conclusion
Ordinals are here to stay, and if someone was going to make art on the blockchain, it should be on the main stage, which is the main chain. Putting your art on Bitcoin instead of smaller chains is like putting it in the Louvre instead of your basement. It’s more prestigious and secure. It’s just that this time Louvre was build recently.
Based Angels stands as one of the most influential projects on Bitcoin, and anyone rocking this PFP can be labeled as an Ordinals enjoyer and niche cultural aficionado.
Like it or not, these Angels (JPEGs) are going to live on the mother chain forever whether that is heaven or hell. Maybe the ancient Bitcoin whales from 2012-2013 will wake up and start scooping some Ordinals to flex their OG status. That would be based.
Overall, this is my favorite and most bullish Ordinals project on Bitcoin. I think they will do great over the next 12 months of the bull run and can be remembered as one of the OG projects in future Bitcoin cycles.
I believe Ordinals are currently where NFTs were in 2017, just two cycles behind. If we benchmark the most notorious NFT project, CryptoPunks, which clearly found product market fit when they launched in the summer of 2017, we see that the real NFT cycle occurred around 2021 and 2022, taking five years to fully materialize. In the next cycle, Based Angels could experience explosive growth if Ordinals gain more traction and recognition following the institutionalized cycle of 2024 and 2025.
I will continue angel investing into these Based Angels (pun intended) like a VC before institutions enter the space. While boomers were buying Bitcoin ETFs in their retirement and brokerage accounts early last year, I was already dabbling in Ordinals, staying further out on the risk curve.
Extra Thoughts
As previously hinted in some of my earlier posts, Ordinals is going to be one of the main catalysts and sections I pay attention to, along with Runes. I have always loved visiting traditional art museums, and I can scroll through JPEGs for hours, searching for unique hidden traits within projects. I am also flirting with the idea of creating my own project in the future, maybe at the end of this year or sometime next year.
I am one of the biggest holders and am genuinely interested in how this project will unfold. I am also heavily considering buying additional pieces. (If I do create a PFP Ordinals project, it would have to be this cycle for provenance, but I will not do it unless I can do it right and put in a strong effort..)
Overall, I have a strong feeling and hunch about Based Angels, which is rare for me. That feeling comes from my intuition and gut instinct, both of which I focus on before investing or trading. At this time, I do not find any other projects on Ordinals or Runes investable, and I think that will remain the case for a good period of time.
Have a based weekend!
References
1. Based Angels Website
You can find the basic info for this project and check out the art collection
2. Based Angels on X
Memes, schizo videos and art can be seen on the timeline sharing the vibes/culture
3. Based Angels on ME (Magic Eden)
4. Xverse Wallet (Bitcoin Wallet – most widely used)
Disclaimer: This is not financial advice. The information provided about Based Angels is for informational and entertainment purposes only and should not be considered investment, financial, or trading advice.
NFTs and digital assets, including Ordinals, are highly speculative and volatile markets. Always conduct your own research (DYOR) before making any investment decisions. Prices, ownership, and market trends can change rapidly, and past performance is not indicative of future results. Investing in digital assets carries high risk, and you should only invest what you are willing to lose.
The views and opinions expressed are solely my own and do not reflect those of my employer. This content is not affiliated with, endorsed by, or representative of any company, institution, or organization I am associated with.
Next post is going to be about Bitcoin ETF/ETP.