By Teleburn, the owners of the Cryptopunk NFT the transition from Ethereum to Bitcoin completed. The NFT is now based on Bitcoin Ordinals.
On June 17, according to Etherscan, the buyer of the NFT CryptoPunk #8611 bought 55 Ethereum worth, i.e. about 95,000. After that, the NFT was burned and referred to the inscription Bitcoin Oridnal 12,456,749. This is the same image as CryptoPunk #8611.
THE 1st CryptoPunk EVER, Punk #8611 came safely to Bitcoinhttps://t.co/RMQn5Ayzk0
— Bitcoin Bandits (@banditsbtc) June 18, 2023
The community decided to delete CryptoPunk #8611
The community started the process. Nathan Steindeveloper Wolf Capital and the Owners of Bitcoin Bandits They have implemented this crazy idea that is sure to add more fuel to the NFT market. NFT markets can benefit from this.
Holders from @banditsbtc crowd funding to burn CryptoPunk
The idea is to use @an_app_by_bb to burn Punk on ETH, write it on BTC and send it to Satoshi’s wallet!
+ win @OrdinalMaxiBiz WL
We understand how the process will work https://t.co/dIekg2YaMF pic.twitter.com/b8IS1GMQoN
— NatanStein (@natan_stein) June 16, 2023
Almost 150 people made sure that the NFT is no longer available on Ethereum It is, but the new NFT as Bitcoin Ordinals.
During the burning process, the NFT is not actually destroyed, this is not possible due to the structure of the blockchain.
Instead, the NFT is transferred to a wallet that no one controls. There are already more than 21 million ethers stored in the wallet, which no one can access anymore.
A video published by a user on Twitter shows the individual processes that were necessary.
The first CryptoPunk teleburned from ETH to BTC.
— Minh (@MINHxDYNASTY) June 18, 2023
Bitcoin orders are becoming more and more important
With the Bitcoin Ordinals protocol, the Bitcoin blockchain has more options than using it as a simple investment. The protocol has been around since the beginning of the year.
The ordinances are a procedure in the Bitcoin blockchain, which allows program code to be stored within the blockchain. This method is commonly used to store NFTs on the Bitcoin blockchain.
The size of ordinals was previously limited to 4MB, which is the block size of Bitcoin. Ordinals allow that Inserting inscriptions (subtitles) into a block.
In the latest version of Ordinals, the programmers have implemented recursive inscriptions (Recursive Reports). This allows several inscriptions from different blocks to be linked together.
— Ordinal News 🟠 (@Ordinal_News) June 12, 2023
With this development, more extensive data can now be stored in the Bitcoin blockchain, which represents a further expansion than was previously possible. So the amount of program code and NFTs in Bitcoin is no longer subject to restrictions.
Just the second you thought Bitcoin Ordinals are going to 0, recursive inscriptions come out and we’re in a bull again 🟧
There is nothing to stop orders, and the best gtm to see in crypto is still inspiring the laser eyed bozos 🟧 pic.twitter.com/9xGYgmESgR
— 💎 SheetFu🐒 (@ChartFuMonkey) June 13, 2023
More NFTs on the Bitcoin blockchain bring more returns for everyone
The IS Minimize NFTs possible, through the above-mentioned inscriptions in the Bitcoin Blockchain in progress. With the innovation of orderly protocol many other areas of application could emerge that NFTs could also benefit from.
So it could be good that we are in the Significant increase in NFTs in future within the Bitcoin blockchain that could be used profitably.
WTF are recursive inscriptions?
Here’s everything you need to know:
Earlier this year the Ordinals Protocol introduced the ability for anyone to write files completely on-chain on Bitcoin. These entries are self-contained and unaware of the other files that were… pic.twitter.com/O3jt6lhaxT
— Leonidas.og (@LeonidasNFT) June 12, 2023
This development is also expected to improve the general mood in the crypto market and new crypto currencies will also be able to record rising prices.
The IS Explorer Ordinal thus developing into a web browser for the Bitcoin blockchain with far-reaching possibilities. These climb through Recursive inscriptions in addition to.
In the future, it is therefore quite possible that other NFT developers will choose Bitcoin ordinals as a source for NFTs and against Ethereum. Sooner or later, this can of course result in falling prices for the second largest cryptocurrency in the world.
The data is images, videos or texts. Currently it looks like expensive NFTs are being stored more like Bitcoin orders.
This allows NFTs to be deactivated on the Ethereum blockchain via Teleburning and recreated as new NFTs as Bitcoin ordinals. Such processes have already happened more often and can also be repeated at any time.
People agree on shares (1 share = 0.01 BTC) & how much they are willing to put in
We created a form https://t.co/dIekg2YaMF to see how many people are interested and also to reach our goal
Not exclusive to Bandits holders – Join us!
— NatanStein (@natan_stein) June 16, 2023
Back in February, $169,000 worth of NFTs were “burned” from the famous Bored Ape Yacht Club collection.
Cryptocurrencies with potential in 2023
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