- #1626 BAYC NFT owner lost $169K.
- Yuga Labs stated that it was an illegitimate Ape.
- The item was BAYC #1626, an ape, one of the most valuable endeavors in the NFT world.
An owner of Bored Ape Yacht Club collectible torched his NFTs worth $169k as he wanted to transfer them from the Ethereum blockchain to Bitcoin. The BAYC #1626 holder burned the NFT to represent the transition to Bitcoin. However, Yuga Labs claims it is an illegal ape.
Bored Ape Yacht Club (BAYC) #1626, an Ape from the most valuable venture in the NFT universe, was the collectible. The most recent purchase on OpenSea occurred in November last year, when it sold for 108 Ethereum—nearly $432,000 at the moment of the transaction, or over $169,000 at today’s values.
NFTs are digital assets that are shown to be one-of-a-kind and represent possession of an object, usually virtual artworks. BAYC #1626’s owner is connected to a virtual currency that is registered on the Ethereum network, where it could previously be exchanged.
Virtual coins can be totally withdrawn from circulation by a procedure known as “burning,” which involves transferring the commodity to an unrecoverable location. Jason Williams is alleged to have burned BAYC #1626 over the weekend, therefore prohibiting it from ever being sold again on the Ethereum network.
Ordinal’s Teleburn feature was utilized for the first time while burning BAYC #1626. Rodarmor initially tried out the new capability on Rodarmor. eth, an ENS domain he controlled.
The couple then kept an eye on Williams while he burned the monkey.