In a groundbreaking development in the world of non-fungible tokens (NFTs), a CryptoPunk NFT has been successfully transferred from the Ethereum blockchain to Bitcoin. Notably, this particular NFT has been removed from circulation on the Ethereum network.
CryptoPunk #8611 was originally purchased for 55 ETH, equivalent to $95,000 USD, on June 17th. Just one hour later, the NFT was burned and transformed into an inscription with the code “12,456,749,” similar in appearance to the original artwork, but on the Bitcoin blockchain.
The daring decision behind this move was orchestrated by a community led by Wolf Capital, in collaboration with holders of Bitcoin Bandits, a collection of Bitcoin inscriptions.
“Approximately 150 individuals within the community played a role in this audacious idea,” revealed a representative of Bitcoin Bandits.
When a digital asset is burned, it is permanently locked within a wallet address inaccessible to anyone. Similarly, CryptoPunk #8611 has been sent to a widely known “burn” wallet address, currently holding over $21 million USD worth of Ethereum.
This is not the first instance of a high-value NFT being moved from Ethereum to Bitcoin. In February, Jason Williams burned an NFT from the Bored Ape Yacht Club collection, valued at $169,000 at the time, to engrave it as an Oridinals inscription. However, Yuga Labs, the creator of the Bored Ape Yacht Club, did not recognize this Bitcoin NFT, explaining that only NFTs through the project’s smart contract were approved and provided trading rights to holders. Williams fully embraced the decision, likening it to “throwing a Lamborghini into the trash bin, which is quite intriguing.”
However, the burning of CryptoPunk #8611 serves a different purpose. The intention behind this act was to create a series of Ordinals inscriptions representing ownership rights over the asset. Once the Bitcoin collection is established, it will be sent to a wallet address believed to belong to Satoshi Nakamoto, the enigmatic creator of Bitcoin.
Ordinals, a protocol deployed on Bitcoin earlier this year, aims to create assets similar to NFTs, imprinting data onto satoshis, the smallest unit of Bitcoin. The data can be in the form of images, videos, or text. The BRC-20 standard, born out of Ordinals, caused a significant stir in March, achieving a market capitalization of $1 billion USD in just two months since its launch.
Source: https://azcoinnews.com/cryptopunk-nft-worth-100000-transferred-from-ethereum-to-bitcoin.html
