The owner of a valuable digital collectible took it out of circulation for good over the weekend so that it could be moved from Ethereum to Bitcoin.
The item was Bored Ape Yacht Club (BAYC) #1626, which was an Ape from the NFT world’s most valuable project. NFTs are digital assets that can be shown to be unique and show ownership of something, usually a piece of digital art.
The owner, Jason Williams, thinks that his Ape now exists on Bitcoin because of an Inscription made through Ordinals, a project that lets films and photos be assigned to specific satoshis. There aren’t many good places to trade them, and a lot of buyers and sellers now talk to each other through Ordinal’s Discord server.
The Bored Ape was burned with Teleburn, a new tool for Ordinals that makes a new place to burn digital items with each new Inscription. The people who made the new feature think that users can link an existing asset from another network to a Bitcoin Inscription while taking it out of circulation. This moves the token between chains.
William Hamilton, who worked with Rodarmor to make the new Ordinals feature, said that the two agreed to work together after Hamilton told Williams that he was going to burn his Ape, which had replied to one of Rodarmor’s Tweets.
First punk or ape that does this will be a fucking legend.
— Casey Rodarmor (@rodarmor) February 10, 2023
Rodarmor came up with the term “Teleburn,” which is a combination of the words “teleport” and “burn.” In a recent tweet, he talked about how quickly the function was made with Hamilton. Hamilton thinks that the Teleburn function will become a popular way for people to connect their digital assets. He says that Rodarmor plans to make Ordinal’s Teleburn support available for assets on chains other than Ethereum, such as Tezos and Solana.
“Only NFTs minted from Ethereum contract: 0xBC4CA0EdA7647A8aB7C2061c2E118A18a936f13D are legitimate BAYC NFTs,” said a spokeperson from Yuga Labs.
The CEO of the Web3 development platform, Hiro Alex Miller, says that the Ordinals function could replace Ethereum as a place to host digital art.
Miller stated that the Teleburn function is a way to keep track of where a digital art came from, but it can be hard to tell which digital collectible is the real one if it shows up on more than one chain. He also compared how data is saved on Bitcoin using Ordinals to how it is saved on Ethereum using NFTs. He pointed out that most NFTs point to an asset that is stored off-chain, while Inscriptions are stored directly and permanently on Bitcoin’s blockchain. Miller thinks the item will be very valuable because it is so rare.
Content Source: decrypt.co
Cover Image Source: decrypt.co
