Crypto investor burns a Bored Ape for a Bitcoin Ordinal equivalent
February 12, Jason Williams tweeted he had burned Bored Ape #1626 for a Bitcoin Ordinal equivalent.
“The NFT community is moving to BTC, where Ordinals have brought true scarcity to collectibles,” he wrote in the tweet announcing the burn.
“It’s done. Over. Not coming back to ETH,” he wrote.
The move predictably drew ire from many in the Bored Ape community, eventually reaching Yuga Labs co-founder Greg Solano (@CryptoGarga), who refuted via Twitter:
“It’s not ‘gone from ETH forever’,” he wrote, “it’s basically the same as any other transfer: If you transfer your monkey to an address you no longer control (even if it’s ‘burn’- address), you have effectively surrendered your license. And no, before anyone asks, that doesn’t mean everyone can access the license. It’s the opposite: If the address is not in someone’s possession, no one can.”
Ordinals have become a trendy tool for Bitcoin node operators to participate in fun projects. Currently, they are only traded among themselves via small Discord channels, with no marketplace like OpenSea serving the supply/demand of the ecosystem.
@dotta described the tooling process as “unbelievably bad” in a recent CryptoSlate history of the rise of Bitcoin Ordinals. Still, given the OG ethos of running a node on most OF cryptos (Bitcoin), @dotta said it still feels like “alpha early”.
It feels like fun early days of alpha
Trading Ordinals in small Discord channels via reliable OTC the hard way is exactly what alpha tastes like.
You have a passionate group of people who see something special even if the tool is incredibly poor.
-@dotta
Besides the Ape burn, it looks like Yuga Labs may have a lot to worry about in the Ordinals space, mainly after it had been revealed that another collection, Ordinals Punks, has also emerged as a popular Ordinals-based collection .
Ordinals are made possible due to what is known as the Taproot soft fork, which expanded the block limit from 1MB to 3MB, allowing inscriptions to be placed on the Bitcoin network.
However, it has sparked heated discussions about whether adding arbitrary data to the blockchain unnecessarily clogs the network. “If everyone is going to post stupid cat JPEGs on the blockchain, I can keep buying new hard drives for my node…F*** the hell out. Keep it compact people,” said one Redditor.
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