The CryptoPunk NFT, worth approximately $95K, was added to the Bitcoin Ordinals after it was burned on Ethereum.
CryptoPunk #8611, which fetched around 55 ETH over the weekend, was burned shortly after being sold and recreated as the Ordinals inscription on Bitcoin. Ordinals was launched earlier this year to create NFT-type assets on Bitcoin, although it lacks native support for tokens and NFTs.
150 People Gathered Their Funds To Bring The Initiative To Life
Announced in May, the BRC-721E token standard provides a bridge for users to teleburn NFTs from Ethereum to Bitcoin Ordinals.
According to the news of Decrypt, the idea behind this move was put forward by Wolf Capital developer Nathan Stein, supported by the Bitcoin Bandits NFT community. About 150 people raised their funds for this initiative, which aims to demonstrate the symbolic transition of NFT from Ethereum to Bitcoin.
While this attempt seems to be the first CryptoPunk to deliberately switch from Ethereum to Bitcoin, it has happened before. In March, CryptoPunk #685, worth 77 ETH, owned by Brandon Riley was accidentally sent to a burn address, causing a significant loss for the investor. Community member Olliesblog then re-launched NFT on Bitcoin, the first CryptoPunk Ordinal.
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