Ethereal He might be king when it comes to NFT, but his reign seems to be under threat from an unlikely source. A few months ago, NFTs on the Bitcoin network barely existed. However, since the launch of Ordinals, a project that allows people to sign/mint NFTs directly into Satoshis, things have become very interesting.
The lack of smart contracts and growing criticism from Bitcoin maximalists have not stopped the Ordinals project from rallying. Three weeks after the launch, the number of registrations is fast approaching 100,000. One of these is a valuable Bored Monkey Yacht Club (BAYC) #1626, which belongs to Jason Williams. It was bought for 108 ETH in November 2021, or $432,000 at the time.
Over the weekend, Williams decided to burn your BAYC NFT and enroll (mint) it into Bitcoin using TeleBurn. It is a newly developed feature that allows users to assign an existing asset from another network to Bitcoin while taking it out of circulation, thus transferring it between chains. Williams compares the act to “throw a Lamborghini into a garbage compactor”, which “kind of fun.”
BAYC NFT Burn has raised some eyebrows
However, the burn has drawn some criticism within the BAYC community, with some questioning whether the NFT has really moved from Ethereum to Bitcoin. According to Greg Solano, co-founder of Yuga Labs, by choosing to burn the NFT, Williams forfeited the license to it and consequently created an illegitimate ape.
It is not “gone from ETH forever”. It’s basically the same as any other transfer: if you transfer your monkey to an address you no longer control (even if it’s the “burned” address), you’ve effectively relinquished your license.
And no, before anyone asks, that doesn’t mean that anyone… https://t.co/E52b7ZjWbu— Garga.eth (Greg Solano) (@CryptoGarga) February 13, 2023
If creating an illegitimate ape devalues NFT, then others disagree. Since NFTs like BAYC derive value from being unique and rare, being the first to be minted into Bitcoin puts it in a class by itself.
Alex Miller, CEO of the Web3 development platform, believes this makes the NFT more valuable.
“It basically turned it into something that is now ultra rare. [Ape]. The market will value it as its own unique work of art.”
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the world.
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