expensive ethereum NFTs Permanently removed from circulation and symbolically associated with one of Web3’s premier PFP collections. ordinal number An inscription by a group of bitcoiners to celebrate this expensive and high-profile initiative.
Cryptopunk #8611 It sold for about 55 Ethereum or $95,000 on Saturday, according to Etherscan. And a few hours later the NFT was baked in a way that showed: Inscription 12,456,749an NFT-like asset on Bitcoin with the same image as its predecessor.
The decision to effectively destroy CryptoPunk #8611 was a community-driven effort made by Wolf Capital Developer Nathan Stein Owner with Twitter bitcoin thiefis a collection of Western-themed ordinal inscriptions, said a project spokesperson. Decryption.
A spokesperson for Bitcoin Bandits said, “The community has rallied like crazy in support of this idea,” adding that about 150 people have contributed to the cause.
Once digital assets were burned, they were permanently trapped in digital wallets that no one could control, and CryptoPunk #8611 was put out with a well-known burn. address That includes $21 million worth of Ethereum.
“What a wild night,” said a Twitter account named Min. Decryption, also posted a video documenting the purchase and burning of CryptoPunk #8611. He described the move as “chaotic but beautiful”.
Ordinals, a much-talked-about bitcoin protocol that launched earlier this year, creates NFT-like assets on top of bitcoin by “engraving” data into individual Satoshi, the smallest unit of currency that bitcoin can be split into. used to That data can include photos, videos, and even plain text that people used to create. BRC-20 token.
While NFTs are considered an emerging industry, or the new frontier of digital art, Ordinal’s inscription is much newer, leading to a wave of hype. bugand scam Surrounding the oldest coins of cryptocurrency.
As the community around Ordinals continues to form, a movement known as teleburning, which siphons expensive NFTs from the Ethereum space and points them toward other assets on Bitcoin, is becoming more popular.
So if Saturday’s CryptoPunk writing sounds a bit nostalgic, it’s because an expensive NFT was written by someone symbolically trying to migrate the underlying chain of assets from Ethereum to Bitcoin. Because it’s not the first time.
In February, an NFT from the Bored Ape Yacht Club collection, worth about $169,000 at the time, appeared. Burn Jason Williams said: Decryption Not long after that, it’s kind of fun to essentially “throw your Lamborghini into the garbage compactor.”
Notably, Yuga Labs, founder of Bored Ape Yacht Club, said: Decryption The Ordinals inscription associated with Williams’ BAYC NFT represents an illegitimate monkey, and only tokens derived from the project’s original smart contract are considered valid, giving owners commercial rights and access to events. is allowed.
However, according to Stein, unlike Williams’ maneuver, CryptoPunk #8611 was not burned purely for entertainment.
The ultimate goal is to create a series of Ordinals inscriptions corresponding to CryptoPunk #8611’s slice of ownership. However, the underlying asset itself is no longer owned by anyone on the original chain.
The inscription collection was created after the inscription, now showing CryptoPunk #8611, was ceremoniously sent virtually one-way to the digital wallet of Satoshi Nakamoto, the pseudonymous creator of Bitcoin, Stein said. Stated. Tweet.
Members of the Bitcoin Bandits community who contributed money to purchase CryptoPunk #8611 also another The inscription project, but that doesn’t matter, the spokesperson said.
“The bandits did it more to show the way,” the spokesperson said. “The Bandits community believes CryptoPunks has a better value than ETH.”
