Holders of the Bitcoin Bandits hailed the first-ever migration of Ethereum CryptoPunks to BTC ordinals via burn.
A CryptoPunk #8611 was purchased for 54.4 ETH, or roughly $95k, according to Etherscan data. It was then sent to the burning address Null: 0x00…dEaD and reborn as Bitcoin Inscription 12,456,749.
Prior to that, Nathan Stein, a developer for Wolf Capital, tweeted that Bitcoin Bandits, a team well-known for its efforts in the blockchain and cryptocurrency field, is raising money to burn a CryptoPunk.
“The idea is to burn a Punk on ETH, inscribe it on BTC, and send it to Satoshi’s wallet.” As per the spokesperson from Bitcoin Bandits, roughly 150 people participated in the event.
While Ethereum continues to lead the NFT platform in terms of trading volume and total value, Bitcoin has improved as a result of the excitement that the rise of the Ordinals protocol has generated.
And for Ethereum NFT holders who’d rather be on Bitcoin, this migration solution is however a one-way trip where the original NFT is destroyed in the process.
Late in May, Bitcoin Miladys, an ethereum Miladys NFT collection derivative built on Bitcoin, unveiled a bridge in association with Ordinals Market and the Xverse Bitcoin wallet.
The BRC-721E token standard, as it’s called, facilitated the bridge to migrate artwork and data over to Bitcoin via Ordinals.
The bridge in question allows Ethereum NFTs holders defined by the ERC-721 token standard to move the asset to the Bitcoin blockchain via a burn-and-mint process.
The original Ethereum NFT is sent to an inaccessible “burn” address, which means it is wiped out on the chain, but then the asset is recreated on Bitcoin via the Ordinals protocol.
Ethereum NFT Migration Landed One BAYC Owner In Trouble
Even if it’s a one-way process, it might still be appealing to Bitcoin enthusiasts or even NFT owners who think their migrated NFT would gain value due to the buzz surrounding Ordinals. However, there might be potential repercussions associated with switching blockchains.
One such instance is the case of the owner of a Bored Ape Yacht Club, who burned his original Ethereum NFT and created a new one using Ordinals on Bitcoin, back in February.
Following the move, BAYC’s co-creator stated that the license to the numerous advantages and perks associated with Bored Ape NFT ownership had been “effectively given up” by the holder.