RIP BAYC 1626 and the shift to BTC NFTs | NFT CULTURE | Web3 Culture NFTs and Crypto Art

by · February 13, 2023

Art Credit @paperdstudio

The world of NFTs and blockchain technology is constantly evolving and the recent burning of Bored Ape #1626 by @GoingParabolic is proof of that. This event has sparked many discussions and debates in the NFT community, as it is not only a bold move, but also a risky one. In this blog post, we’ll take a closer look at what happened, the response from BAYC/Yuga founder Gargamel (Greg Solano), and what it means for the future of NFTs.

On February 14, 2023, @GoingParabolic burned Bored Ape #1626, which was one of the most valuable Bored Ape NFTs, and minted (inscribed) his BAYC on BTC using TeleBurn. This was a bold move as there is not much precedent for such actions in the NFT world. Burning an NFT means transferring it to a burn address, which is essentially a black hole in the blockchain where the NFT is permanently destroyed and cannot be recovered.

BAYC founder Yuga Labs responds to fire

It’s not “gone from ETH forever.” 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 the “burn” address), you’ve effectively given up your license. And no, before anyone asks, it doesn’t mean that anyone can access the license. It is the opposite: if the address is not in someone’s possession, then no one can.

This action by @GoingParabolic was met with a response from BAYC/Yuga founder Gargamel, who stated that the burn was not “gone from ETH forever.” He explained that it was basically the same as any other transfer, and that if someone transfers NFT to an address they no longer control, they have effectively given up their license. However, he also noted that if the address is not in someone’s possession, no one can access the license.

Gargamel’s response highlights the fact that the NFT world is still in the “wild west” stage, where anything can happen, and it is important to be cautious when dealing with NFTs. Before sending the NFTs to a cremation address, you need to think about other options around packaging etc. This means considering the different ways you can protect the NFTs and ensure they are safe from permanent destruction.

Another interesting aspect of the burning of Bored Ape #1626 by @GoingParabolic is the mystery surrounding the transfer of NFT. Although @GoingParabolic claimed to have burned NFT, it was not sent to the typical 0 burn address. Instead, it was transferred to a new Ethereum wallet address 0xcC6251db97730972A4e1875Afa27F07600DbCDcC, which has raised questions and speculation among the NFT community.

It is still unclear why the NFT was not sent to the typical burn address and why it was transferred to a new wallet instead. This has added an extra layer of intrigue to the event, with many in the community speculating about the reasons behind this move. Some believe that this may be a new way of dealing with NFT burns, while others speculate that there may be a deeper reason for the transfer.

Regardless of the reason behind the transfer, this event highlights the fact that the NFT world is still in its early stages and we are likely to see new and unexpected developments in the future. The mystery surrounding the transfer of Bored Ape #1626 serves as a reminder of the ever-evolving nature of the NFT world and the need to stay informed and up-to-date with the latest developments.

The burning of Bored Ape #1626 by @GoingParabolic is a significant event in the NFT world as it highlights the risks associated with NFTs and the need for caution when handling them. The response from BAYC/Yuga founder Gargamel serves as a reminder that we are still in the early stages of the NFT revolution and that we need to be aware of the potential risks and think carefully before making any decisions.

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