Its unlikely for NFT owners to face controversies. However, this Bored Ape investor recently became famous for barbequing an NFT worth $169K
This weekend, a Bored Ape Yacht Club (BAYC) investor withdrew BAYC #1626 from circulation on purpose. He symbolically transitioned the asset’s underlying blockchain from Ethereum to Bitcoin following a new trend.
Quick Take:
- Bored Ape investor burns a BAYC worth $169k to ensure it no longer sells on Ethereum.
- The place BAYC #1626 got burnt to links to a new NFT protocol dubbed Ordinals.
- Consequently, the NFT is the first ever BAYC to join the Bitcoin network.
- BAYC #1626 is also the first of its kind to test Ordinal’s new feature, Teleburn.
- Yuga Labs claims the BAYC is now unauthorized due to not being on Ethereum.
- Following on, other Ethereum fans spark controversy.
Why BAYC #1626 Gets a Grilling
Since before this weekend, BAYC #1626 was associated with a digital token recorded on the Ethereum network that facilitated trading. But this is no longer the case.
The owner of the OG NFT, Jason Williams, burnt the BAYC to send it to an unretrievable location. For this reason, it can never be sold on Ethereum’s network again.
This was a bold move. Especially considering that the asset’s most recent sale on OpenSea was in November last year for a whopping 108 ETH ($432,000 at the time and $169,000 today).
However, he had good reason for grilling his NFT.
The place BAYC #1626 got burnt to links to an Inscription created through Ordinals. Ordinals is Casey Rodarmor’s hot new NFT project on Bitcoin. It allows assigning content, such as media and images, to join individual Satoshis (the smallest unit Bitcoin divides into).
Consequently, all burnt content permanently exists on Bitcoin’s network under Inscriptions. Other blue-chip NFT projects, including DeGods, have also joined the hype.
Moreover, William’s tested out Ordinal’s new feature dubbed Teleburn. The new feature means each new Inscription to burn digital assets creates a unique location and assigns an existing asset from another network to a Bitcoin Inscription while removing it from circulation.
The Teleburn function aims to bridge digital collectibles and support assets from numerous chains, including Tezos and Solana.
But not all NFT investors have received this new protocol and feature well.
Consequences of the Burn – Controversial Issues
When the news about Ordinal and Teleburn came to light, the Co-Founder of Yuga Labs, Greg Solano, expressed his thoughts on the matter. He believes this Inscription makes BAYC #1626 an illegitimate Ape, and that “only NFTs minted from Ethereum contract: 0xBC4CA0EdA7647A8aB7C2061c2E118A18a936f13D are legitimate BAYC NFTs.”
Following on, he expresses his feelings about BAYC being “gone from [Ethereum] forever”, on Twitter:
Another issue raised includes the Teleburn function providing a way to track digital assets’ history. This new function makes it challenging to establish which digital asset is real when it is in circulation on multiple chains.
Although it’s hard to determine whether the Inscription of BAYC #1626 is a non-official replica of its previous version on Ethereum, this collectible retains a lot of hype. Therefore, its value rises due to being the first of its kind to join Bitcoin.
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