- To do this, he burned NFT, and then re-released it in the “inscription” format
- This is the first such case.
- In theory, this method allows you to “transfer” almost any token
- But there are risks here.
Yesterday, June 18, an unknown user bought a token from the CryptoPunks collection, after which he sent it for destruction. Then he re-issued the NFT in the “signature” format on the Bitcoin network.
On this noticed journalist Colin Wu. We are talking about token #8611. The owner of the account, which ends with “0a71”, bought NFT for 54.49 ETH ($93.9 thousand), after which he sent it to the zero address.
The token has been destroyed. Then it was re-released already in the “inscription” format using the Ordinals protocol (12,456,749) in the Bitcoin network. In fact, this is the first case of NFT “migration” through token burning.
“Moving” a project within the same ecosystem is a common thing. But the “migration” from Ethereum to Bitcoin is a completely new phenomenon.
Yes, there is a collection of Bitcoin Miladys that launched a bridge between blockchains. But this solution is only available within this project. And the method used by the owner of the “0a71” wallet allows you to reissue almost any token.
But will it not lose its value in this case? It’s a difficult question. Especially now, when Ethereum has its own analogue of Ordinals. One way or another, the NFT market is waiting for certain transformations.