Will the CryptoPoint NFT explode? Developers are moving from Ethereum to Bitcoin!

Bitcoin-Programme durch Ordinals

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 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.

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.

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.

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.

In addition, this advancement allows extensive programs, such as 3D games, to be stored in the Bitcoin blockchain. These perspectives are very interesting and could increase the price of Bitcoin.

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.

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.

NFTs are made available in the Bitcoin blockchain when Bitcoin orders are used based on the BRC-20 token. Data from an NFT or other register is written on satoshi labels, the smallest unit in Bitcoin.

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.

Back in February, $169,000 worth of NFTs were “burned” from the famous Bored Ape Yacht Club collection.

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