On June 18, a group of users bought a CryptoPunk #8611 non-fungible token for 54.5 ETH (~$94,000 at the time of the transaction), and a few hours later sent it to the burn address.
Holders from @banditsbtc are crowdfunding to burn a CryptoPunk
The idea is to use @an_app_by_bb to burn a Punk on ETH, inscribe it on BTC and send it to Satoshi wallet!
+win @OrdinalMaxiBiz WL
Let`s underunstand how the process will workhttps://t.co/dIekg2YaMF pic.twitter.com/b8IS1GMQoN
— NatanStein (@natan_stein) June 16, 2023
Later, on the basis of the destroyed token, bitcoin-NFT appeared.
The initiative was led by Wolf Capital developer Nathan Stein and the owners of the Ordinals-focused Bitcoin Bandits project. About 150 people contributed to the purchase of the token.
In the crypto industry, burning a digital asset means sending it to an address that no one controls. The wallet to which the token was sent contains about $21 million in ETH.
A user under the pseudonym Minh shared a video of buying and destroying a non-fungible token. He described the move as “chaotic but beautiful”.
The first CryptoPunk teleburned from ETH to BTC.
— Minh (@MINHxDYNASTY) June 18, 2023
According to Stein, CryptoPunk #8611 was not burned solely for fun. He called the ultimate goal the creation of more bitcoin-NFT based on other collections. The first token will be sent to the wallet of Bitcoin developer Satoshi Nakamoto.
Recall that in February, NFT collector Brandon Riley mistakenly sent CryptoPunk #685 to a burning address. He bought the token for 77 ETH, about $129,000 at the time.
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