Why Are People Burning CryptoPunks for Ordinals NFTs?

NFT Now
NFT Now

30 Jun 2023 8:32 PM

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.

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You May Ask

What happened to CryptoPunk #8611?Who is behind the CryptoPunks burn trend?What is the aim of the Bitcoin Bandits collective?How does the move affect the original CryptoPunks collection?What is the significance of inscribing NFTs on the Bitcoin blockchain?

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