ethereum A few months ago, NFTs on the Bitcoin network were hardly an issue. However, things have gotten very interesting since the start of Ordinals, a project that allows individuals to engrave/cast NFTs directly into Satoshi.
The lack of smart contracts and growing criticism from Bitcoin maximalists did not stop the recovery of the Ordinals project. Three weeks after launch, the number of inscriptions is rapidly approaching 100,000.one of them is precious Boad Ape Yacht Club (BAYC) #1626, belongs to Jason Williams. Purchased in November 2021 for 108 ETH, then $432,000.
Williams over the weekend decided to burn Create a BAYC NFT and use TeleBurn to imprint (mint) Bitcoin. This is a newly developed feature that allows users to allocate existing assets from another network to Bitcoin, remove them from circulation and transfer them between chains.Williams called the act “Throw a Lamborghini in a garbage compactor” this is “A little fun”
BAYC NFT Burn frowned
However, the post has drawn criticism, with some within the BAYC community questioning whether NFTs have actually moved from Ethereum to Bitcoin. According to Yuga Labs co-founder Greg Solano, choosing to burn the NFT caused Williams to lose its license, resulting in the creation of an illegal ape.
It’s not “disappeared from ETH forever”. This is basically the same as any other transfer. If you transfer the monkey to an address you don’t control (even if it’s a “burning” address), you’re effectively giving up your license.
No, before anyone asks, that doesn’t mean someone… https://t.co/E52b7ZjWbu
— Garga.eth (Greg Solano) (@CryptoGarga) February 13, 2023
Others object if creating illegitimate apes devalues NFTs. Given that he like BAYC derives value from the uniqueness and rarity of NFTs, this is the first to be minted in Bitcoin and falls into a class in its own right.
Alex Miller, CEO of the Web3 development platform, believes this will increase the value of NFTs.
“He basically turned it into something super rare now. [Ape]The market will appreciate it as a unique work of art. ”
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Basil is an avid fan of blockchain technology and all its innovations, and is passionate about sharing this story with his audience. He has spent over five years in the crypto space, specializing in research and creating his Web3 content for various media outlets around the world.