He burned the NFT and then reissued it in inscription format
This is the first time
In theory, this method allows you to “flip” almost any token
But there are risks
On June 18, an unknown user bought a token from the CryptoPunks collection, then sent it to be destroyed. He then re-released the NFT already in an “inscription” format on the Bitcoin network.
It was pointed out by journalist Colin Wu. We are talking about token #8611. The owner of the account, which ends in “0a71,” bought the NFT for 54.49 ETH ($93.9 thousand), and then sent it to zero.
The token was destroyed. Then it was reissued already in “inscription” format through the Ordinals protocol (12,456,749) in the Bitcoin network. In fact, this is the first time NFT has “migrated” via token burning.
“Moving” a project within the same ecosystem is commonplace. But the “migration” from Ethereum to Bitcoin represents an entirely new phenomenon.
Yes, there is a collection of Bitcoin Miladys that has launched a bridge between blockchains. But this solution is only available as part of this project. And the way the “0a71” wallet’s owner used it makes it possible to reissue almost any token.</nbsp;
But will it lose value in that case? That’s a tricky question. Especially now that Ethereum has its counterpart Ordinals. One way or another, the NFT market will undergo certain transformations.