BAYC owner burns $169,000 to move it from Ethereum to Bitcoin
Over the weekend, a valuable digital object was completely taken out of circulation. This was because its owner wanted to move the underlying blockchain asset from Ethereum to Bitcoin in a symbolic way. The digital asset in question was an NFT from the Bored Ape Yacht Club (BAYC) collection.
The release of the Bored Ape Yacht Club collection #1626
This Ape was offered for sale last November on OpenSea. It costs 108 Ethereum (ETH), approximately $432,000 at the time of the transaction. However, the same NFT is presently valued at $169,000. The owner used a method of engraving to remove the digital token from circulation.
How does the withdrawal process work?
There is a process of sending an asset to a location where it can be retrieved later. It was through this process that Jason Williams claimed to have burned BAYC #1626 over the weekend. This happened on the Ethereum network towards Bitcoin. His desire to put bloated JPEGs on the Bitcoin backchain was to observe what would happen.
The transition was made possible by a newly developed feature for Ordinals known as Teleburn. This creates a unique location that enables digital assets to be burned.
In addition, this feature helps users assign an existing asset from another network to a Bitcoin listing. The goal is to remove it from circulation while transferring the token between chains in the eyes of the individuals who initiated the new feature. It should further be noted that Hamilton approached Rodarmor last Saturday to develop the Teleburn feature.
The event took place at Bitcoin Park, which is a coworking space located in the city of Nashville for the entire Bitcoin community.
What to know about Teleburn?
Ordinal’s Teleburn feature was not used for the first time on the BAYC #1626 burn. Rodarmor first tested this new feature on an ENS domain it had. This was rodarmor.eth. It should also be noted that the term Teleburn was thought up by Rodarmor, as he saw it as a combination of the words burn and teleport.
For Hamilton, the Teleburn function appears to be a way for users to link their digital collectibles. In addition, Rodamor is thinking of extending its Telburn support to the assets of other chains that are not on the Ethereum blockchain, including Solana and Tezos.
Ape’s presence on Bitcoin
Williams now claims that his Ape is now present on Bitcoin. Indeed, this is because the location on which BAYC #1626 was burned is regulated by an entry made by Ordinals. In fact, Ordinals was started by Casey Rodamor and is a project that helps assign videos and images to individual satoshis, the smallest unit into which Bitcoin can be divided.
These images will then exist permanently on the Bitcoin network as inscriptions. Furthermore, it should be remembered that the number of registrations on this popular crypto is approaching 100,000. Despite this, there are not enough markets to exchange them. Moreover, many buyers and sellers are linked through the Ordinals discord server.