Why Are People Burning CryptoPunks for Ordinals NFTs?
It all concerns the rise of the Bitcoin Ordinals ecosystem, a group of plucky cross-chain enthusiasts, and a strident community called OMB....
- CryptoPunk #8611 was permanently removed from the Ethereum blockchain and transferred to an Ethereum burn address.
- The asset was then inscribed on the Bitcoin blockchain as an Ordinal and sent to a Satoshi wallet.
- The event has raised attention in the Web3 community.
- The buyers of Punk #8611 are part of a Web3 collective called Bitcoin Bandits, led by Natan Stein.
- The move aims to emphasize the Bitcoin blockchain's potential for innovation in the NFT space and dissolve cultural walls between Ethereum and Bitcoin NFT ecosystems.
The article discusses the burning of a valuable Ethereum-based NFT and its transfer to the Bitcoin blockchain. The sentiment is neutral, providing information about the event and the motivations behind it.