The First Ethereum CryptoPunks Successfully Migrated To Bitcoin Via Burn
Just lately, the first-ever Ethereum CryptoPunks have been migrated to Bitcoin by way of burn, marking a major milestone within the NFT migration course of. The transaction was carried out by 0xBc…0a71, who spent 54.49 ETH to buy CryptoPunks 8611 on June 18 after which despatched it to the burning tackle Null: 0x00…dEaD earlier than rebirthing it in Bitcoin Inscription 12,456,749.
0xBc…0a71 spent 54.49 ETH to buy CryptoPunks 8611 on June 18, after which despatched it to the burning tackle Null: 0x00…dEaD and reborned in Bitcoin Inscription 12,456,749. That is the first-ever Ethereum CryptoPunks migrated to Bitcoin by way of burn. https://t.co/tHdHMg8ZXm
— Wu Blockchain (@WuBlockchain) June 19, 2023
Other than this, Bitcoin Miladys, an NFT challenge, has launched a bridge in partnership with market Ordinals Market and Xverse Bitcoin pockets, enabling migration of art work and knowledge from Ethereum to Bitcoin by way of the BRC-721E token customary. The bridge permits holders of Ethereum NFTs to maneuver property to the Bitcoin blockchain by way of a burn-and-mint course of, which includes sending the unique Ethereum NFT to an inaccessible “burn” tackle after which recreating the asset on Bitcoin by way of the Ordinals protocol.
Whereas this course of should attraction to Bitcoin fans and NFT holders who consider that the rise of Ordinals will improve the worth of their migrated NFT, there are potential dangers related to switching blockchains. As an example, in February, a Bored Ape Yacht Membership proprietor burned his unique Ethereum NFT and minted a brand new model on Bitcoin by way of Ordinals. Nonetheless, quickly after, one of many Bored Ape co-creators at Yuga Labs tweeted that the holder had “successfully given up” the license to the myriad advantages and perks tied to Bored Ape NFT possession.
Nonetheless, the migration of NFTs throughout blockchains continues to be a comparatively new idea, and the long-term implications of this pattern are but to be absolutely understood. Nonetheless, the profitable migration of the first-ever Ethereum CryptoPunks to Bitcoin by way of burn represents a major milestone within the evolution of NFT know-how. It is going to be fascinating to see how this pattern develops and what new alternatives it brings for NFT holders and fans sooner or later.
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