BAYC NFT #1626 owner Jason Williams burns the NFT worth $169,000 to switch the NFT’s main blockchain from Ethereum to Bitcoin via the Ordinals protocol.
Williams tweeted “I forever inscribed “The Blonde Don” BAYC #1626 on the world’s scarcest and most secure chain burning him off ETH forever using TeleBurn. It’s done. Over. Not coming back to ETH.”
The burn was performed using Teleburn (teleport and burn), a newly created tool for Ordinals that allows for the creation of a distinct location for the burning of digital assets with each new Inscription.
According to Casey Rodarmor, creator of Ordinals and Rob Hamilton who developed the new tool, users can allocate an existing asset from another network to a Bitcoin Inscription while removing it from circulation, thus transferring the token between chains.
Hamilton brought up Williams’ desire to burn his Ape after the latter had reacted to one of Rodarmor’s Tweets, and the two made a decision to collaborate.
Williams added “Essentially throwing a Lamborghini into a trash compactor–It’s kind of fun. Whether putting bloated JPEGs on Bitcoin’s base chain is smart or not is a whole ‘nother discussion, but I think it’s going to be a lot of fun seeing how it plays out.”
Rodarmor first used his own ENS domain, rodarmor.eth, to try out the new feature. He intends to expand the support for Teleburn on Ordinals to include assets on chains than Ethereum, such as Tezos and Solana.
Greg Solano, the co-founder of Yuga Labs, commented on the situation and claimed that the Inscription linked to BAYC #1626 is an unauthorized copy of the original NFT because Williams no longer keeps custody of it on Ethereum.
“It’s not “gone from ETH forever.” It’s basically the same as any other transfer: If you transfer your ape to an address you no longer control (even if it’s the ‘burn’ address), you have effectively given up your license,” Solano tweeted.
Recently, OnChain Monkey NFT price spiked after the launch on Bitcoin via Ordinals. Metagood, the firm behind OnChain Monkey, claimed it could transfer all 10,000 NFTs onto Bitcoin using the Ordinals protocol using a single transaction.
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