Recently, the very first Ethereum CryptoPunks migrated to Bitcoin via burn, marking an important milestone in the NFT migration process. The transaction was carried out by 0xBc…0a71, who spent 54.49 ETH on June 18 to buy CryptoPunks 8611 and then sent it to the burning address Null: 0x00…dEaD before being reborn into Bitcoin Inscription 12,456. 749.
0xBc…0a71 spent 54.49 ETH on June 18 to buy CryptoPunks 8611 and then sent it to the burning address Null: 0x00…dEaD and reborn into Bitcoin Inscription 12,456,749. This is the very first Ethereum CryptoPunks to migrate to Bitcoin via burn. https://t.co/tHdHMg8ZXm
— Wu Blockchain (@WuBlockchain) June 19, 2023
Apart from this, Bitcoin Miladys, an NFT project, has launched a bridge in collaboration with marketplace Ordinals Market and Xverse Bitcoin wallet, enabling migration of artwork and data from Ethereum to Bitcoin through the BRC-721E token standard. The bridge allows holders of Ethereum NFTs to move assets onto the Bitcoin blockchain through a burn-and-mint process, sending the original Ethereum NFT to an inaccessible “burn” address and then re-creating the asset on Bitcoin. created through the Ordinals protocol.
While this process may still appeal to Bitcoin enthusiasts and NFT holders who believe the emergence of Ordinals will increase the value of their migrated NFT, there are potential risks associated with switching blockchains. For example, in February, a Bored Ape Yacht Club owner burned his original Ethereum NFT and slapped a new version on Bitcoin via Ordinals. Shortly after, however, one of Bored Ape’s co-creators at Yuga Labs tweeted that the holder had “effectively given up” the license to the myriad perks and benefits associated with Bored Ape NFT ownership.
However, the migration of NFTs across blockchains is still a relatively new concept and the long-term implications of this trend have yet to be fully understood. Nevertheless, the successful migration of the very first Ethereum CryptoPunks to Bitcoin via burn represents an important milestone in the evolution of NFT technology. It will be fascinating to see how this trend develops and what new opportunities it brings for NFT holders and enthusiasts in the future.
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