Wolf Capital’s Developer, Natan Stein, Bitcoin Bandits holders, and 150 other Web3 enthusiasts, recently drove an ambitious move. Together, they joined forces to withdraw CryptoPunk #8611 worth $95k from Ethereum, linking the asset to an Ordinals inscription to transfer the OG NFT to Bitcoin.
Quick Takes:
- Stein, Bitcoin Bandits, and 150 other Web3 enthusiasts assisted in burning CryptoPunk #8611 into an NFT-analog inscription on Bitcoin.
- The team behind the endeavor sent the Punk to the Satoshi address, which holds $21 million of Ethereum through Ordinals.
- This experiment showcases the NFT community’s curiosity about cross-chain connections and ownership structures.
The Punk’s Blockchain Switch
After selling for around $95k (55 ETH) on Saturday, CryptoPunk #8611 was incinerated into inscription 12,456,749 — an NFT-analog belonging to the Bitcoin network.
Spurred by a tweet, around 150 Web3 enthusiasts rallied behind this ambitious endeavor alongside Stein and Bitcoin Bandits owners, burning the digital asset to the Satoshi address (owned by the pseudonymous creator of Bitcoin), famous for holding $21 million worth of Ethereum.
Motives Behind the Chain Change
Ordinals — which debuted earlier this year and has been skyrocketing since — facilitate generating NFTs onto Bitcoin. The protocol achieves such goals by etching data onto individual Satoshis (minor fractional units of Bitcoin). Such records encompass videos, images, or textual content employable through the BRC-20 token standard.
As the Ordinals community continues to rise, transforming high-value Ethereum NFTs and aligning them with Bitcoin collectibles gains traction. Consequently, the burning of CryptoPunk #8611 may resonate with déjà vu; it isn’t the first time the NFT burning process has taken place to migrate digital collectibles from Ethereum to Bitcoin (and it likely won’t be the last!).
Related Content: ‘$129K CryptoPunk Mistakenly Destroyed by NFT Trader‘
Following a few mishaps, Web3 enthusiast Jason Williams purposely burnt a Bored Ape worth $169k in February. But unlike William’s endeavor, CryptoPunk #8611 did not leave Ethereum solely for fun. Instead, the main objective was to construct a series of Ordinals inscriptions to open a slice of ownership for collectors — although no one on the Punk’s original chain can own the underlying asset.
It’s evident that the burning of Bitcoin Bandits’ CryptoPunk goes far beyond being a transaction. Rather, this scenario highlights the Web3 community’s exploration and curiosity about cross-chain connections and ownership structures.
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