Ethereum NFT Migration Raises Excitement and Concerns for Bitcoin Enthusiasts

Jun. 19, 2023
Ethereum NFT Migration Raises Excitement and Concerns for Bitcoin Enthusiasts

Holders of the Bitcoin Bandits hailed the first-ever migration of Ethereum CryptoPunks to BTC ordinals via burn. According to Etherscan data, someone purchased a CryptoPunk #8611 for 54.4 ETH, approximately $95k. The burning address Null: 0x00…dEaD sent it, and it was reborn as Bitcoin Inscription 12,456,749.

Before that, Nathan Stein, a developer for Wolf Capital, tweeted that Bitcoin Bandits, a team well-known for its efforts in the blockchain and cryptocurrency field, is raising money to burn a CryptoPunk.

“The idea is to burn a Punk on ETH, inscribe it on BTC, and send it to Satoshi’s wallet.” As per the spokesperson from Bitcoin Bandits, roughly 150 people participated in the event. While Ethereum continues to lead the NFT platform regarding trading volume and total value. Bitcoin has improved due to the excitement that the rise of the Ordinals protocol has generated.

And for Ethereum NFT holders who’d rather be on Bitcoin, this migration solution is a one-way trip where the original NFT is destroyed. Late in May, Bitcoin Miladys, an Ethereum Miladys NFT collection derivative built on Bitcoin, unveiled a bridge associated with Ordinals Market and the Xverse Bitcoin wallet.

The BRC-721E token standard, as it’s called, facilitated the bridge to migrate artwork and data over to Bitcoin via Ordinals. The bridge in question allows Ethereum NFTs holders, defined by the ERC-721 token standard. In addition, to move the asset to the Bitcoin blockchain via a burn-and-mint process.

The original Ethereum NFT is sent to an inaccessible “burn” address, which means it is wiped out on the chain. Still, then the asset is recreated on Bitcoin via the Ordinals protocol.

BAYC Owner Faces Trouble Following Ethereum NFT Migration

Even if it’s a one-way transaction, it may nevertheless be appealing to Bitcoin aficionados or NFT owners who believe their migrated NFT would appreciate it because of the excitement around Ordinals. On the other hand, switching blockchains can have unintended consequences.

The proprietor of the Bored Ape Yacht Club is one such example. He destroyed his initial Ethereum NFT in February and generated a new one with Bitcoin Ordinals.

After the transfer, the co-creator of Bored Ape Yacht Club said that the owner had “effectively given up” the right to enjoy all of the benefits and privileges that come with Bored Ape NFT ownership.

Ammar Raza

Associate editor
Skilled in crafting compelling content, with a deep enthusiasm for blockchain technology. I offer precise and easily comprehensible perspectives on cryptocurrencies, decentralized finance, and the ever-evolving landscape. Count on me as a reliable resource to remain informed about the latest advancements in the world of crypto.