Holder Burns His BAYC NFT For A Bitcoin Equivalent!
Holder Burns His BAYC NFT For A Bitcoin Equivalent!
BAYC On Bitcoin
Bitcoin Ordinal NFTs have been a massive topic among those in the NFT community recently, with multiple Ethereum collection derivatives being made like the Bitcoin Punks that became popular earlier last week.
Something that surprised many recently, however, was when Twitter user @GoingParabolic, an author and crypto investor, announced that he had burned his Bored Ape Yacht Club (BAYC) NFT for a Bitcoin Ordinal equivalent through the use of TeleBurn.
This bold move would mean that BAYC #1626 is now permanently inaccessible and cannot ever be recovered.
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The NFT community is moving to BTC, where Ordinals have brought true scarcity to collectibles.
I forever inscribed “The Blonde Don” BAYC #1626 on the world's scarcest and most secure chain burning him off ETH forever using TeleBurn.
It's done. Over. Not coming back to ETH. pic.twitter.com/jmKpSSPybm
— Jason A. Williams (@GoingParabolic) February 12, 2023
BAYC Co-Founder Responds
This move undoubtedly caused a massive divide in the community, with many wondering about the repercussions of burning and giving up a BAYC NFT for an Ordinal NFT.
Yuga Labs and Bored Ape Yacht Club co-founder Greg Solano, also known as @CryptoGarga on Twitter, has also recently made his own response to the BAYC burning, explaining that NFT is technically not “gone forever” like @GoingParabolic had suggested.
Instead, Solano explains that the burning of BAYC #1626 is just like any other transfer, but that @GoingParabolic had simply effectively given up his license. “That doesn’t mean that anyone can access the license. It’s the opposite: If the address isn’t in anyone’s possession, then no one can.” Solano wrote.
It's not "gone from ETH forever." It's basically the same as any other transfer: If you transfer your ape to an address you no longer control (even if it's the 'burn' address), you have effectively given up your license.
And no, before someone asks, that doesn't mean that anyone… https://t.co/E52b7ZjWbu— Garga.eth (Greg Solano) (@CryptoGarga) February 13, 2023
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