SNEAK PEEK
- Bitcoin enthusiasts have retired an Ethereum-based NFT from a PFP collection.
- The act involved burning a Bitcoin NFT replica and embedding the original NFT and Ethereum worth $21,000,000.
- This innovative maneuver combines the Ordinals Bitcoin protocol with NFT-like assets on the Bitcoin network.
In a costly but visually stunning gesture, Bitcoin enthusiasts have retired an Ethereum-based NFT from one of Web3’s finest PFP collections, attaching it symbolically to an Ordinals inscription.
The extravagant act involved burning a Bitcoin NFT replica bearing the same image, with the inscription proudly displaying the number “12,456,749.” The announcement of the sale of CryptoPunk #8611 on Etherescan for 55 Ethereum, equivalent to $95,000, on Saturday, December 1st, marked the beginning of this remarkable sequence of events.
Taking the reins of this captivating initiative, Bitcoin Bandit holders and Nathan Stein, the developer of Wolf Capital, made the audacious move to erase all traces of CryptoPunk #8611 from the Twitterverse.
Holders from @banditsbtc are crowdfunding to burn a CryptoPunk
The idea is to use @an_app_by_bb to burn a Punk on ETH, inscribe it on BTC and send it to Satoshi wallet!
+ win @OrdinalMaxiBiz WL
Let`s underunstand how the process will workhttps://t.co/dIekg2YaMF pic.twitter.com/b8IS1GMQoN
— NatanStein (@natan_stein) June 16, 2023
“The community rallied behind the idea like crazy,” expressed a Bitcoin Bandits spokesperson, highlighting the enthusiasm and passion that enveloped approximately 150 people who contributed to this cause.
Utilizing a publicly accessible burn address, the CryptoPunk #8611 NFT and an astounding $21,000,000 worth of Ethereum have been permanently embedded within an untraceable, decentralized digital wallet.
This groundbreaking maneuver seamlessly merged the essence of Ordinals, a popular Bitcoin protocol released earlier this year, that enables the creation of NFT-like assets on the Bitcoin network by inscribing data onto each satoshi, the smallest divisible unit of Bitcoin. The possibilities are limitless, ranging from images to videos and even plain text, all ingeniously generating BRC-20 tokens.
As the Ordinals community expands, it inevitably encounters a deluge of hype, challenges, and unfortunate scams. Nonetheless, the community remains steadfast, continuously pushing boundaries and striving for innovation. With each passing day, the practice of teleburning gains prominence—an act that involves the migration of valuable NFTs from the Ethereum ecosystem to Bitcoin assets.
Saturday’s CryptoPunk inferno may feel familiar, as it is not the first instance where a valuable NFT has been immolated to signify the transition of allegiance from Ethereum to Bitcoin as the underlying blockchain for an asset. However, this particular burn carries its own distinctive significance, adding to the chronicles of this remarkable transformation.
In the ever-evolving landscape of cryptocurrencies, groundbreaking moments, and noteworthy milestones, Bitcoiners celebrate this significant step forward. The latest display of loyalty and innovation exemplifies the dynamic nature of the blockchain realm. As the realm of Ordinals continues to captivate, enthusiasts eagerly await the next chapter in this unfolding saga, brimming with creativity and symbolism.
