Bored Ape Holder burned NFT to drag the existence of Bitcoin
One of the famous digital collectibles was permanently removed from circulation. A monkey mold of NFT Bored Ape Yacht Club (BAYC) #1626 was removed from the platform by burning. An advanced feature for Ordinals called ‘Teleburn’ is used for the burning procedure.
Recently, Bitcoin node operators have been using Ordinals, which have become a popular tool for participating in fun projects. Currently, they trade with each other over ‘small Discord channels’; there is no marketplace like OpenSea that supports market demand.
Rob Hamilton, who partnered with Rodarmor to create new Ordinals, said: “The idea is that you’re one-way, permanently burning an asset on another chain and pointing it to the ordinal that lives on the Bitcoin chain.” In November, Bored Ape sold for 108 Ethereum, about $169,000 at today’s price. In 2022, Bored Ape Yacht Club completed $1.57 billion in sales. In January, Yuga Labs recorded 34.3% of transactions.
Jason Williams, an investor, tweeted on February 12 that he had burned Bored Ape #1626 for a Bitcoin Ordinal equivalent. Williams tweeted, “The NFT community is moving to BTC, where Ordinals have brought true scarcity to collectibles.” “It’s done. Over. Not coming back to ETH,” he added.
At the start of this year, there was a continuous growth in user interest in NFTs and digital assets. By 2021, NFT generated more than $25 billion through the sale of art, music and video games in the Metaverse. OpenSea remained the largest NFT marketplace by trading volume in January 2023 ($495 million). The NFT is a unique digital identifier that cannot be copied or reproduced without the prior permission of the owner.
An exhibition will be released at the Center Pompidou, a well-known museum of 20th-century visual arts in Paris, to showcase the interplay between blockchain and artistic creation.
Per the February 10 announcement, the exhibit will feature popular digital collectibles from the CryptoPunk and Autoglyph projects, including the works of 13 world-renowned digital artists. This event, planned for this spring, will mark the NFT’s first showing at the Center Pompidou, internationally renowned for its 20th and 21st century art collections.
NFT creator Yuga Labs co-founder Greg Solano commented: “Seeing CryptoPunk #110 displayed at the Center Pompidou, arguably the world’s most prestigious contemporary art museum, is a great moment for the web3 and NFT ecosystem, and we are honored to contribute to to drive this. cultural conversation.”
Steve Anderson is an Australian crypto enthusiast. He has been a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralization, understanding the true potential of the blockchain.
