1. BITBILIHome
  2. Article

CryptoPunks NFT symbolically tied to Ordinals Inscription

• 97 views

TL;DR Breakdown

  • CryptoPunk #8611 burned and tied to Ordinals Inscription.
  • The new trend highlights Bitcoin’s role in the NFT space.

Description

In a striking and symbolic move, a valuable Ethereum-based non-fungible token (NFT) from one of Web3’s prominent PFP (Profile Picture) collections, CryptoPunks, has been permanently removed from circulation and linked to an Ordinals inscription on the Bitcoin network. The burning of CryptoPunk #8611, which was sold for approximately 55 Ethereum or $95,000, garnered attention as … Read more

In a striking and symbolic move, a valuable Ethereum-based non-fungible token (NFT) from one of Web3’s prominent PFP (Profile Picture) collections, CryptoPunks, has been permanently removed from circulation and linked to an Ordinals inscription on the Bitcoin network. The burning of CryptoPunk #8611, which was sold for approximately 55 Ethereum or $95,000, garnered attention as a group of Bitcoin enthusiasts celebrated the costly endeavor.

CryptoPunk #8611 tied to Ordinals Inscription

The decision to burn CryptoPunk #8611 was driven by the community and facilitated by Nathan Stein, a developer from Wolf Capital, who announced the initiative on Twitter. Holders of Bitcoin Bandits, a Western-themed collection of Ordinals inscriptions, also played a role in the effort. Approximately 150 people contributed to the cause, indicating strong support within the community.

When an asset is burned, it is irretrievably locked in a digital wallet that no one controls. In the case of CryptoPunk #8611, it was sent to a well-known burn address that already held $21 million worth of Ethereum. Minh, an account on Twitter, documented the purchase and burning of CryptoPunk #8611, describing the event as “chaotic, yet beautiful.”

Ordinals, a Bitcoin protocol that gained attention earlier this year, enables the creation of NFT-like assets on the Bitcoin network by inscribing data onto individual satoshis, the smallest unit of Bitcoin. This data can include images, videos, or plain text, effectively creating BRC-20 tokens. While the NFT industry is considered nascent, Ordinals inscriptions are even newer, leading to the hype, bugs, and scams within the realm of Bitcoin. As the Ordinals community develops, the practice of teleburning, where high-value NFTs from Ethereum are symbolically shifted to Bitcoin assets, is becoming more prevalent.

The new trend highlights Bitcoin’s role in the NFT space

The burning of CryptoPunk #8611 echoes a similar event that took place earlier this year when an expensive NFT from the Bored Ape Yacht Club collection was burned, signifying a symbolic transition from Ethereum to Bitcoin. These acts of burning valuable NFTs serve as statements and sources of entertainment for the individuals involved.

However, the burning of CryptoPunk #8611 serves a different purpose. Nathan Stein explains that the ultimate goal is to create a series of Ordinals inscriptions that correspond to a fraction of ownership in the original CryptoPunk #8611, even though the underlying asset can no longer be owned on its original Ethereum chain. The current Ordinals inscription pointing to CryptoPunk #8611 will be ceremonially sent to a digital wallet associated with Satoshi Nakamoto, the pseudonymous creator of Bitcoin, in what is effectively a one-way trip.

The Bitcoin Bandits community members who collectively purchased CryptoPunk #8611 will also participate in a contest related to a separate inscriptions project. However, the spokesperson emphasizes that the burning of CryptoPunk #8611 was primarily intended to set an example and express a belief that CryptoPunks deserve better than being solely associated with Ethereum.

The act of burning high-value NFTs serves as a visual representation of the community’s desire to explore alternative possibilities and make statements regarding their preferred blockchain network. As the intersection between NFTs and Bitcoin continues to evolve, these symbolic gestures underline the ongoing exploration and experimentation within the crypto space. The burning of CryptoPunk #8611 and its symbolic link to an Ordinals inscription on the Bitcoin network highlights the growing trend of teleburning, where Ethereum-based NFTs are transferred to the Bitcoin ecosystem.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:CryptoPunks NFT symbolically tied to Ordinals Inscription

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年6月22日 03:51
Next 2023年6月22日 04:49

Related articles

  • Double crisis hits Europe: Recession avoidable, expert claims

    TL;DR Breakdown Europe is grappling with a “double crisis”: Russia’s invasion of Ukraine and its subsequent economic impact. Despite these challenges, Europe secured alternative energy sources, reducing dependency on Russia. The euro zone reported a growth rate of 3.5% in 2022, surpassing the U.S. and China. Description Dark clouds loom over Europe as the continent grapples with what Paolo Gentiloni, the European Commissioner for economic affairs, describes as a “double crisis.” The dual threats—the full-scale invasion of Ukraine by Russia and the subsequent economic ramifications—are no mere trifles. While these geopolitical shockwaves reverberated globally, Europe, particularly Germany, felt the pinch more than … Read more Dark clouds loom over Europe as the continent grapples with what Paolo Gentiloni, the European Commissioner for economic affairs, describes as a “double crisis.” The dual threats—the full-scale invasion of Ukraine by Russia and the subsequent economic ramifications—are no mere trifles. While these geopolitical shockwaves reverberated globally, Europe, particularly Germany, felt the pinch more than most. Russia’s Shadow and Europe’s Resilience Russia’s aggressive stance in Ukraine last February sent shivers down the European spine, igniting…

    Article 2023年9月4日

  • EDCON 2023 emphasizes mass Ethereum Layer 2 adoption – Vitalik Buterin

    TL;DR Breakdown During EDCON 2023, Vitalik Buterin, co-founder of Ethereum, among other developers, emphasized the importance of the mass adoption of Ethereum Layer 2 solutions. Layer 2 solutions are off-chain protocols or frameworks built on top of the Ethereum mainnet. They aim to address scalability issues and improve transaction throughput while maintaining the security guarantees provided by the Ethereum network. ENS L2 Off-Chain support enables developers to interact with ENS records and perform various operations without directly accessing the Ethereum mainnet. EDCON 2023 is here, and time and time again, Ethereum has showcased its importance to the crypto industry and the DeFi ecosystem at large – to be more than a cryptocurrency. The ongoing EDCON 2023 in the beautiful city of Podgorica, Montenegro, is in high focus on the possibilities Ethereum has to offer to the general crypto market and beyond. As one of the largest gatherings of the Ethereum and blockchain communities, the EDCON 2023 (Community Ethereum Development Conference) started on May 19 and ends on May 23, 2023. EDCON 2023 – what is happening? EDCON is a non-profit…

    Article 2023年5月22日

  • China’s rules pose challenges for Big Tech – How?

    TL;DR Breakdown Regulatory hurdles in China are causing significant delays for big tech firms, like Baidu, Xiaomi, and Didi, who aim to produce electric vehicles (EVs). Despite challenges, optimism prevails, with tech giants exploring partnerships and different strategies to navigate the complex regulatory environment. Description Navigating the labyrinthine network of bureaucratic red tape in China, multinational tech corporations are grappling with mounting challenges. Their plans to produce electric vehicles (EVs) in the colossal Asian market have hit a brick wall, as they struggle to secure regulatory approvals. The regulatory hurdles are particularly stifling the ambitions of newcomers such as Baidu, … Read more Navigating the labyrinthine network of bureaucratic red tape in China, multinational tech corporations are grappling with mounting challenges. Their plans to produce electric vehicles (EVs) in the colossal Asian market have hit a brick wall, as they struggle to secure regulatory approvals. The regulatory hurdles are particularly stifling the ambitions of newcomers such as Baidu, Xiaomi, and Didi, threatening to eclipse their nascent ventures in the booming EV space. A maze of regulations stalls EV rollouts The…

    Article 2023年8月8日

  • Life sentence for former Jiangxi official Yi Xiao over corruption and cryptocurrency mining

    TL;DR Breakdown Former party official Yi Xiao has been sentenced to life imprisonment by Chinese authorities for multiple acts of corruption, including involvement in bitcoin mining. The court found that Xiao assisted enterprises in crypto mining from 2017 to 2021, resulting in significant losses to public property, and national, and people’s interests. China continues to crack down on cryptocurrency transactions and mining, outlawing all cryptocurrency transactions within the mainland in September 2021. Description Recently, Chinese authorities have handed down a life sentence to former party official Yi Xiao for multiple acts of corruption, including involvement in Bitcoin mining. Xiao, a former provincial official of the southeastern province of Jiangxi, was accused of using his position for cryptocurrency mining. From 2008 to 2021, Xiao leveraged his position as vice … Read more Recently, Chinese authorities have handed down a life sentence to former party official Yi Xiao for multiple acts of corruption, including involvement in Bitcoin mining. Xiao, a former provincial official of the southeastern province of Jiangxi, was accused of using his position for cryptocurrency mining. From 2008 to 2021,…

    Article 2023年8月23日

  • Bitcoin’s legitimacy bolstered by Shanghai court’s acknowledgment

    TL;DR Breakdown Justin Sun highlights Bitcoin’s acknowledgment by the Shanghai No. 2 Intermediate People’s Court. The court’s recognition emphasizes Bitcoin’s unique attributes and distinguishes it from other virtual currencies. Despite China’s crypto restrictions, the court views Bitcoin as a digital property with inherent value. Description In a significant development, Justin Sun, the founder of the Tron network, has shared insights on social media, highlighting a pivotal acknowledgment for Bitcoin by the Shanghai No. 2 Intermediate People’s Court. This acknowledgment underscores Bitcoin’s uniqueness and non-replicability, distinguishing it from other virtual currencies like Q coins. Sun’s revelation points to a formal recognition … Read more In a significant development, Justin Sun, the founder of the Tron network, has shared insights on social media, highlighting a pivotal acknowledgment for Bitcoin by the Shanghai No. 2 Intermediate People’s Court. This acknowledgment underscores Bitcoin’s uniqueness and non-replicability, distinguishing it from other virtual currencies like Q coins. Sun’s revelation points to a formal recognition of Bitcoin as a distinct digital currency, attributed to its scarcity and inherent value. The Shanghai court’s stance is noteworthy, especially considering…

    Article 2023年9月25日
TOP