1. BITBILIHome
  2. Article

CryptoPunks NFT symbolically tied to Ordinals Inscription

• 80 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

  • JPMorgan shakes up staff: 40 investment bankers axed

    TL;DR Breakdown JPMorgan Chase & Co has let go of 40 investment bankers amid a sluggish market that has dampened deal-making across Wall Street. The move follows a prediction by the bank’s president, Daniel Pinto, about a 15% fall in investment banking and trading revenue for the second quarter. Despite the layoffs, JPMorgan is still hiring executives and bankers in key areas, suggesting the cuts are strategic. Description JPMorgan Chase & Co, the banking colossus, has set the financial industry abuzz by reducing its investment banking staff by a startling 40 members. A figure that might seem relatively small, but resonates deeply within the firm and echoes across the corridors of Wall Street. JPMorgan’s expected move amid tense economic climate JPMorgan’s staff trim … Read more JPMorgan Chase & Co, the banking colossus, has set the financial industry abuzz by reducing its investment banking staff by a startling 40 members. A figure that might seem relatively small, but resonates deeply within the firm and echoes across the corridors of Wall Street. JPMorgan’s expected move amid tense economic climate JPMorgan’s staff…

    Article 2023年6月27日

  • Binance accused of misconduct with user funds

    TL;DR Breakdown Binance, a leading global cryptocurrency exchange, is facing allegations of mishandling user funds. The claims revolve around the company’s complex network of financial operations, involving entities like Key Vision Development, Merit Peak, and Binance Holdings. Customers were directed to deposit funds directly into the Key Vision account, a practice that has raised concerns about transparency and accountability. Binance, the global cryptocurrency titan, finds itself in the hot seat following allegations of inappropriate handling of client funds, adding a new chapter to the saga surrounding the company’s complex financial operations. The accusations pivot around the intricate network the exchange has established to move and manage client and company funds across the globe. Shadowy financial network Within the labyrinthine financial network of Binance, a handful of entities hold significant sway. Among them is Key Vision Development, a firm incorporated in Seychelles and controlled by CEO Changpeng Zhao. Alongside Merit Peak and Binance Holdings, these entities form the fulcrum of the company’s international operations. Among the central players in this controversy is Silvergate, a small bank based in San Diego, that…

    Article 2023年5月25日

  • Kenyan court declares Meta as the primary employer in its lawsuit

    TL;DR Breakdown A Kenyan court has ruled that Meta is the primary employer in a lawsuit. Analysts discuss the implications of the case on Meta and Sama. A recent ruling by a Kenyan court has declared that Meta, the parent company of Facebook, is the primary employer of content moderators involved in a lawsuit against the social media giant and its content review partner in Africa, Sama. The lawsuit, filed in March of this year by 184 moderators, alleged unlawful dismissal and claimed that Meta’s new content review partner on the continent, Majorel, had blacklisted them based on Meta’s instruction. The Kenyan court said the moderators were contracted to Meta Justice Byram Ongaya of Kenya’s employment and labor relations court watered down Meta’s attempt to distance itself from the case. The court determined that the moderators performed work for Meta using its technology, adhered to its performance and accuracy metrics and that Sama was merely an agent or manager acting on behalf of Meta. Sama, on the other hand, disputed this claim, stating that it is a client of Sama’s…

    Article 2023年6月8日

  • Controversial Crypto Market Structure Bill Unveiled by House Republicans

    TL;DR Breakdown House Republicans introduce a bill to regulate the crypto market, granting the CFTC more authority over digital asset commodity markets. House Democrats criticize the bill, considering it a “handout” to the crypto industry, and prefer the SEC to oversee the crypto market instead. Description In a highly contentious move, House Republicans recently introduced a bill focused on regulating the crypto market structure. However, the proposal has faced immediate pushback from Democrats on the House Agriculture Committee, who criticize the bill for allegedly favoring the crypto industry with unnecessary privileges.  The bill, titled the Financial Innovation and Technology for the … Read more In a highly contentious move, House Republicans recently introduced a bill focused on regulating the crypto market structure. However, the proposal has faced immediate pushback from Democrats on the House Agriculture Committee, who criticize the bill for allegedly favoring the crypto industry with unnecessary privileges.  The bill, titled the Financial Innovation and Technology for the 21st Century Act, was introduced by House Agriculture Committee Chair Glenn Thompson, R-Pa., along with Rep. French Hill, R-Ark., and Rep….

    Article 2023年7月22日

  • Breaking boundaries: Litecoin (LTC) achieves historic milestone as halving event approaches

    TL;DR Breakdown Litecoin has surpassed 170 million network transactions, reflecting its exponential growth and increasing popularity. The steady momentum of Litecoin’s transaction volume indicates a surge in financial activities and acceptance of the cryptocurrency. Litecoin has maintained 100% uptime over the past 11 years, establishing its reputation as a reliable and robust blockchain network. Description Litecoin, the renowned cryptocurrency often called “Digital Silver,” has achieved a remarkable milestone, surpassing a previously unattainable barrier of 170 million network transactions. This exciting news was unveiled in a captivating tweet highlighting Litecoin’s recent exponential growth. Litecoin has witnessed over 10 million new transactions in just seven weeks, reflecting a surge in financial activities … Read more Litecoin, the renowned cryptocurrency often called “Digital Silver,” has achieved a remarkable milestone, surpassing a previously unattainable barrier of 170 million network transactions. This exciting news was unveiled in a captivating tweet highlighting Litecoin’s recent exponential growth. Litecoin has witnessed over 10 million new transactions in just seven weeks, reflecting a surge in financial activities and potentially surpassing a million transactions each week. The steady momentum of…

    Article 2023年7月17日
TOP