Recently, the first-ever Ethereum CryptoPunks have been migrated to Bitcoin via burn, marking a significant milestone in the NFT migration process. The transaction was carried out by 0xBc…0a71, who spent 54.49 ETH to purchase CryptoPunks 8611 on June 18 and then sent it to the burning address Null: 0x00…dEaD before rebirthing it in Bitcoin Inscription 12,456,749.
0xBc…0a71 spent 54.49 ETH to purchase CryptoPunks 8611 on June 18, and then sent it to the burning address Null: 0x00…dEaD and reborned in Bitcoin Inscription 12,456,749. This is the first-ever Ethereum CryptoPunks migrated 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 partnership with marketplace Ordinals Market and Xverse Bitcoin wallet, enabling migration of artwork and data from Ethereum to Bitcoin via the BRC-721E token standard. The bridge allows holders of Ethereum NFTs to move assets to the Bitcoin blockchain via a burn-and-mint process, which involves sending the original Ethereum NFT to an inaccessible “burn” address and then recreating the asset on Bitcoin via the Ordinals protocol.
While this process may still appeal to Bitcoin enthusiasts and NFT holders who believe that the rise of Ordinals will increase the value of their migrated NFT, there are potential risks associated with switching blockchains. For instance, in February, a Bored Ape Yacht Club owner burned his original Ethereum NFT and minted a new version on Bitcoin via Ordinals. However, soon after, one of the Bored Ape co-creators at Yuga Labs tweeted that the holder had “effectively given up” the license to the myriad benefits and perks tied to 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 are yet to be fully understood. Nevertheless, the successful migration of the first-ever Ethereum CryptoPunks to Bitcoin via burn represents a significant 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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