- Jason Williams, owner of NFT #1626 from the Bored Ape Yacht Club collection, decided to burn his NFT to get it out of circulation, sending it from the Ethereum blockchain to the Bitcoin one.
- The last registered NFT sale took place last November 2022 for a value of 108 Ethereum, with a current value of more than $176 thousand dollars at current value.
- The token burning was done using a new tool called Teleburn.
The digital asset market and its by-products often behave like the traditional financial world, since it can respond to situations of rising or falling markets, or simply to the specific needs of specific people who move, sell, rent, etc. some asset.
Last weekend the case of un high-value digital asset, which it went out of circulation because its holder or owner had the purpose of symbolically changing the implicit chain of blocks of the asset from Ethereum to Bitcoin.
The item we are talking about is part of the famous and popular collection of NFT Bored Ape Yacht Club (BAYC), specifically from the #1626. His most recent sale happened on the online marketplace dedicated to trading NFT’s, OpenSea, last November. At the time, the non-fungible token traded for 108 Ethereum, approximately $432K at the time of the transaction, and more than $176 thousand dollars at current value.
BAYC NFT will not be able to be sold again
For those who are not very familiar with the concept, it should be said that there is a way for digital assets to go out of circulation and in the case of lThe non-fungible tokens, that these cannot be sold again by permanently removing them from circulation, this process is called burning. This procedure requires that a token be sent to a place where it cannot be recovered and was just what the The owner of the NFT did this by transferring the BAYC NFT from the Ethereum network to the Bitcoin.
In this regard, Jason Williams pointed out that he burned BAYC #1626 last weekend, preventing it from being sold again, at least on the Ethereum network.
“Essentially throwing a Lamborghini into a trash compactor is kind of fun“Williams said in an interview with the media Decrypt and I add “Whether or not putting inflated JPEG files on the Bitcoin basechain is smart is another discussion, but I think it will be a lot of fun to see how it plays out.“.
The token burning was done using a new tool called Teleburn, which allows to develop a unique location with each new registration in which it is possible and safe to burn crypto assets.
This tool allows any user the ability to attribute an existing asset from another network to a Bitcoin listing, while also removing them from circulation, thereby moving the token between chains.
Is there life beyond Ethereum?
With the burning of the NFT, Williams considers that his Ape token now cohabits in Bitcoin. The reason for thinking so is simple, since the site where the BAYC #1626 token was burned is related to an inscription made through ordinals, a project that has the ability to link content such as videos and images to individual satoshis, so they can permanently exist on the Bitcoin network as Inscriptions. Such a scheme was developed by Casey Rodarmor.
However, it is important to note that, for part of the Yuga Labs team, it has been pointed out that said movement caused the Ape token to become a illegal NFTs.
What is an NFT?
For those who are not very familiar with the term, it should be remembered that NFTs or non-fungible tokens are basically digital assets that appear unique and represent the possession of an object, usually virtual works of art.
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