- An Ethereum CryptoPunk NFT with a high value of $95 000 has been permanently removed from being traded and linked to the ordinal inscription on the Bitcoin blockchain.
- The CryptoPunk was placed on sale and burned out through the alignment with an NFT-like asset on the Bitcoin blockchain, symbolizing the converging point between Bitcoin and Ethereum.
A pricy Ethereum Non-Fungible Token (NFT) well-known web3 collection has been permanently deleted from circulation in a costly, bold turn of events. The CryptoPunk, which sold for approximately $95k, was representatively tied to an Ordinal inscription on the Bitcoin blockchain.
A group of Bitcoin investors coordinated the action of burning NFT called Bitcoin bandits, replicating the rising trend of tele-burning as ordinals protocol grows traction.
What transpired?
On Saturday, 17th June, the CryptoPunk was very active in the market and sold for a considerable amount, only to be scorched hours later in a way that was associated with inscription 12, 456,749, which is an NFT-related asset on Bitcoin containing the same image.
The developer associated with Wolf Capital, Mr. Nathan Stein, led the effort to destroy the CryptoPunk NFT efficiently.
On his Twitter account, Stein gave the following information:
The move saw about 150 active investors who drove the idea to the final cause. In his tweet, Stein also said:
“We reached our goal on Saturday and are now moving on to the next phase. We didn’t have many rules regarding how to send BTC to the wallet, as we were aiming for the smoothest experience and quick crowdfunding to be the first to burn a punk!”
The move was successfully executed, allowing the first teleburning of the cryptoPunk NFTs, which elicited mixed reactions among the crypto investors.
The Ordinal inscription, invented early this year, allows the creation of NFT-like assets on the Bitcoin platform by inscribing data to individual satoshis, the smallest denomination of Bitcoin. Ordinals allow the inclusion of plain text, images, and videos.
The breakthrough with Ordinals has sparked scams, hype, and bugs surrounding Bitcoin, one of the oldest cryptocurrencies.
The recent past has witnessed the growing trend of teleburning. This practice involves the diversion of NFTs from the typical Ethereum ecosystem to other forms of assets in the Bitcoin blockchain. When a CryptoPunk NFT experiences a teleburning, it permanently associates with inscription 12 456 749, blending the worlds of Bitcoin and Ethereum.
Community Response and Implications
Since the $95k CryptoPunk NFT was burnt, there has been growing enthusiasm among the bandits of Bitcoin and even in the crypto markets.
This move of teleburning NFTs epitomizes a symbolic act of agreeing on the possibilities offered by inscriptions of Ordinals on Bitcoin.
While the NFT industry is blossoming, the introduction of Ordinals presents new challenges and possibilities as investors place their trial actions with integrating developed digital art spaces with the flexibility of Bitcoin. The Ordinal invention is likely to shape the future of decentralized finance.
