9/18/2023 0 Comments Binance nft art![]() The recent burning of CryptoPunk #8611 is not the first instance where a valuable NFT has been deliberately destroyed to symbolically shift an asset’s underlying blockchain from Ethereum to Bitcoin. Consequently, there has been a surge of excitement, challenges, and scams surrounding Bitcoin, the oldest cryptocurrency, in relation to this emerging concept.Īs the Ordinals community continues to evolve, it has become increasingly common to move valuable NFTs from the Ethereum ecosystem to other assets on the Bitcoin network, a phenomenon often referred to as “teleburning.” Not the First Time for NFT Destruction While NFTs are still considered a relatively new industry in the digital art industry, Ordinals inscriptions are even more recent. This data can encompass various forms, including images, videos, or plain text, and has even been utilized to develop BRC-20 tokens. Ordinals, a Bitcoin protocol launched earlier this year, enables the creation of NFT-like assets on the Bitcoin network by “inscribing” data onto individual satoshis, which are the smallest units of Bitcoin currency. The burning process was shared on Twitter by an individual named Minh, who referred to the event as “chaotic, yet beautiful.” Minh’s video documented the purchase and subsequent burning of CryptoPunk #8611, creating quite a stir. In this case, CryptoPunk #8611 was consigned to a well-known burn address that also holds Ethereum worth $21 million. Supporters of the Bitcoin Bandits, a Western-themed collection of Ordinals inscriptions, joined forces with Stein, and approximately 150 people contributed to the cause.īurning a digital asset involves permanently locking it away in a digital wallet that no one controls. The decision to destroy CryptoPunk #8611 was a collective decision by the community, initiated by Nathan Stein, a developer from Wolf Capital, through Twitter. A group of supporters from the Bitcoin Bandits, a collection of Western-themed Ordinals inscriptions, came together with Stein, and around 150 individuals contributed to this effort. The community made a joint decision to destroy CryptoPunk #8611, and it was initiated by Nathan Stein, a developer from Wolf Capital, who shared the idea on Twitter. Bitcoin Enthusiasts Burn Valuable Ethereum NFT, Embrace Ordinals Inscriptions This remarkable feat has garnered attention and celebration from a group of Bitcoin enthusiasts. ![]() ![]() Join Our Telegram channel to stay up to date on breaking news coverageĪ highly valuable Ethereum NFT from a renowned PFP collection has been permanently removed from circulation and symbolically connected to an Ordinals inscription on the Bitcoin network. ![]()
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