{"id":8520,"date":"2023-06-19T20:44:56","date_gmt":"2023-06-19T20:44:56","guid":{"rendered":"https:\/\/nft.runfyers.com\/index.php\/2023\/06\/19\/95k-cryptopunk-nft-burned-and-transformed-by-bitcoin-bandits\/"},"modified":"2023-06-19T20:44:56","modified_gmt":"2023-06-19T20:44:56","slug":"95k-cryptopunk-nft-burned-and-transformed-by-bitcoin-bandits","status":"publish","type":"post","link":"https:\/\/nft.runfyers.com\/index.php\/2023\/06\/19\/95k-cryptopunk-nft-burned-and-transformed-by-bitcoin-bandits\/","title":{"rendered":"$95K CryptoPunk NFT Burned and Transformed by Bitcoin Bandits"},"content":{"rendered":"<p><\/p>\n<div>\n<p>A CryptoPunk NFT was removed from the Ethereum blockchain forever, as a Bitcoin community tied it to an Ordinals inscription.<\/p>\n<p><strong>TL;DR<\/strong><\/p>\n<ul>\n<li>The Bitcoin Bandits community burned an expensive <a href=\"https:\/\/nftevening.com\/what-are-cryptopunks-meet-the-first-nft-project-ever-created\/\" target=\"_blank\" rel=\"noopener\">CryptoPunk NFT<\/a> and tied it to an Ordinals inscription on the Bitcoin network;<\/li>\n<li>The digital asset, worth over $94,000, is now inscribed on satoshi \u2013 the smallest part of one Bitcoin;<\/li>\n<li>Recently, more and more Bitcoin holders are burning NFTs to shift their value from Ethereum to the Bitcoin blockchain.<\/li>\n<\/ul>\n<figure id=\"attachment_106894\" aria-describedby=\"caption-attachment-106894\" class=\"wp-caption aligncenter si calignh amp-wp-fb53009\" data-amp-original-style=\"width: 1475px\"><amp-img class=\"wp-image-106894 size-full amp-wp-enforced-sizes i-amphtml-layout-intrinsic i-amphtml-layout-size-defined\" src=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunks-nft.png.webp\" alt=\"image of a CryptoPunk NFT\" width=\"1475\" height=\"828\" srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunks-nft.png.webp 1475w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunks-nft-300x168.png.webp 300w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunks-nft-1024x575.png.webp 1024w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunks-nft-768x431.png.webp 768w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunks-nft-100x56.png.webp 100w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunks-nft-150x84.png.webp 150w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunks-nft-450x253.png.webp 450w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunks-nft-1200x674.png.webp 1200w\" sizes=\"(max-width: 1475px) 100vw, 1475px\" layout=\"intrinsic\" disable-inline-width=\"\" i-amphtml-layout=\"intrinsic\"><i-amphtml-sizer class=\"i-amphtml-sizer\"><\/i-amphtml-sizer><noscript><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-106894 size-full\" src=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunks-nft.png.webp\" alt=\"image of a CryptoPunk NFT\" width=\"1475\" height=\"828\" srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunks-nft.png.webp 1475w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunks-nft-300x168.png.webp 300w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunks-nft-1024x575.png.webp 1024w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunks-nft-768x431.png.webp 768w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunks-nft-100x56.png.webp 100w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunks-nft-150x84.png.webp 150w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunks-nft-450x253.png.webp 450w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunks-nft-1200x674.png.webp 1200w\" sizes=\"(max-width: 1475px) 100vw, 1475px\"\/><\/noscript><\/amp-img><figcaption id=\"caption-attachment-106894\" class=\"wp-caption-text ss\">The Bitcoin Bandits Ordinals group burned a CryptoPunk NFT to tie it to satoshi, the Bitcoin\u2019s smallest faction.<\/figcaption><\/figure>\n<h2><span id=\"Why_Did_a_Pricey_CryptoPunk_NFT_Get_Burned\">Why Did a Pricey CryptoPunk NFT Get Burned?<\/span><\/h2>\n<p>This past weekend, CryptoPunks fans watched one of the collection\u2019s top NFTs disappear forever. Last Saturday, CryptoPunk #8611 <a href=\"https:\/\/etherscan.io\/tx\/0x522d605e3d05fa76787c439c2dbe2341ed48bc0dce0560f8382c3dafff6df188\" target=\"_blank\" rel=\"noopener\">sold for 54.49 Ethereum<\/a> (nearly $95,000 at the time of writing). Later that day, someone mysteriously burned the NFT. This means the asset will never be available again as it\u2019s locked away in a burned Ethereum address \u2013 but why?<\/p>\n<p>Accordingly, the buyers are Bitcoin Bandits, a Bitcoin Ordinals project of pixelated PFP assets. The collection\u2019s founder and Wolf Capital developer Nathan Stein was behind the move.<\/p>\n<p>He allegedly convinced about 150 community members to contribute financially in order to buy CryptoPunk #8611. Before making the purchase, the group agreed on a fixed profit share from the move.<\/p>\n<p>Here\u2019s the detailed process as Nathan Stein himself explained it:<\/p>\n<figure id=\"attachment_106895\" aria-describedby=\"caption-attachment-106895\" class=\"wp-caption aligncenter si calignh amp-wp-06db1a5\" data-amp-original-style=\"width: 869px\"><amp-img class=\"wp-image-106895 size-full amp-wp-enforced-sizes i-amphtml-layout-intrinsic i-amphtml-layout-size-defined\" src=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunk-nft.png.webp\" alt=\"screenshot of a Twitter message from Bitcoin Bandits founder Nathan Stein\" width=\"869\" height=\"641\" srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunk-nft.png.webp 869w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunk-nft-300x221.png.webp 300w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunk-nft-768x566.png.webp 768w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunk-nft-76x56.png.webp 76w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunk-nft-150x111.png.webp 150w, https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunk-nft-450x332.png.webp 450w\" sizes=\"(max-width: 869px) 100vw, 869px\" layout=\"intrinsic\" disable-inline-width=\"\" i-amphtml-layout=\"intrinsic\"><i-amphtml-sizer class=\"i-amphtml-sizer\"><img alt=\"\" aria-hidden=\"true\" class=\"i-amphtml-intrinsic-sizer\" role=\"presentation\" src=\"data:image\/svg+xml;base64,PHN2ZyBoZWlnaHQ9JzY0MScgd2lkdGg9Jzg2OScgeG1sbnM9J2h0dHA6Ly93d3cudzMub3JnLzIwMDAvc3ZnJyB2ZXJzaW9uPScxLjEnLz4=\"\/><\/i-amphtml-sizer><noscript><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-106895 size-full\" src=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunk-nft.png.webp\" alt=\"screenshot of a Twitter message from Bitcoin Bandits founder Nathan Stein\" width=\"869\" height=\"641\" srcset=\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunk-nft.png.webp 869w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunk-nft-300x221.png.webp 300w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunk-nft-768x566.png.webp 768w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunk-nft-76x56.png.webp 76w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunk-nft-150x111.png.webp 150w,  https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunk-nft-450x332.png.webp 450w\" sizes=\"(max-width: 869px) 100vw, 869px\"\/><\/noscript><\/amp-img><figcaption id=\"caption-attachment-106895\" class=\"wp-caption-text ss\">Nathan Stein promoted the move via social media.<\/figcaption><\/figure>\n<p>After burning the CryptoPunk, the Bitcoin Bandits inscribed it on satoshi. Satoshi is basically the smallest part a Bitcoin can be divided into. Thanks to the recent Bitcoin Ordinals concept, anyone can tie their assets to BTC.<\/p>\n<p>This process, called teleburning, is now more popular than ever, but how does it affect the NFT space?<\/p>\n<p>\u00a0<\/p>\n<h2><span id=\"Teleburning_NFTs_How_Does_It_Impact_the_NFT_Market\">Teleburning NFTs: How Does It Impact the NFT Market?<\/span><\/h2>\n<p>Although Bitcoin Bandits\u2019s move might seem revolutionary, teleburning NFTs is already a trend \u2013 and the CryptoPunk NFT #8611 is the latest example. Many other users and communities bought Ethereum collectibles just to burn and inscribe them on satoshi.<\/p>\n<p>Overall, these communities hope to shift the value these NFTs have on Ethereum towards their own Bitcoin community. However, such actions can pose a threat to NFT collectors; after all, the more digital assets people burn, the rarer the collectibles get.<\/p>\n<p>In fact, it\u2019s one of the reasons why Ethscriptions were born. Much like Bitcoin Ordinals, Ethscriptions allow users to inscribe digital assets on the Ethereum network. Right now, users seem interested in the new concept, but only time will tell if it will be just as successful as its rival, Bitcoin Ordinals.<\/p>\n<p><amp-iframe src=\"https:\/\/embeds.beehiiv.com\/37fed65e-f01c-4c4c-b8f1-1b71da0be0a4\" data-test-id=\"beehiiv-embed\" width=\"auto\" height=\"320\" frameborder=\"0\" scrolling=\"no\" layout=\"fixed-height\" sandbox=\"allow-downloads allow-forms allow-modals allow-orientation-lock allow-pointer-lock allow-popups allow-popups-to-escape-sandbox allow-presentation allow-same-origin allow-scripts allow-top-navigation-by-user-activation\" data-amp-original-style=\"border-radius: 4px; border: 2px solid #e5e7eb; margin: 0; background-color: transparent;\" class=\"amp-wp-2efecbc i-amphtml-layout-fixed-height i-amphtml-layout-size-defined\" style=\"height:320px;\" i-amphtml-layout=\"fixed-height\"><span placeholder=\"\" class=\"amp-wp-iframe-placeholder\"\/><noscript><iframe loading=\"lazy\" src=\"https:\/\/embeds.beehiiv.com\/37fed65e-f01c-4c4c-b8f1-1b71da0be0a4\" width=\"100%\" height=\"320\" frameborder=\"0\" scrolling=\"no\" data-amp-original-style=\"border-radius: 4px; border: 2px solid #e5e7eb; margin: 0; background-color: transparent;\" class=\"amp-wp-2efecbc\"><\/iframe><\/noscript><\/amp-iframe><\/p>\n<div class=\"bottom-text__wrapper post-content ti\">\n<p>\u00a0<\/p>\n<hr\/>\n<p><em>All investment\/financial opinions expressed by NFTevening.com are not recommendations.<\/em><\/p>\n<p><em>This article is educational material.<\/em><\/p>\n<p><em>As always, make your own research prior to making any kind of investment.<\/em><\/p>\n<\/div><\/div>\n<p><a href=\"https:\/\/nftevening.com\/95k-cryptopunk-nft-burned-and-transformed-by-bitcoin-bandits\/\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A CryptoPunk NFT was removed from the Ethereum blockchain forever, as a Bitcoin community tied it to an Ordinals inscription. TL;DR The Bitcoin Bandits community burned an expensive CryptoPunk NFT and tied it to an Ordinals inscription on the Bitcoin network; The digital asset, worth over $94,000, is now inscribed on satoshi \u2013 the smallest [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8521,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[9],"tags":[21],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/06\/cryptopunks-nft.png","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/8520"}],"collection":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/comments?post=8520"}],"version-history":[{"count":0,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/8520\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media\/8521"}],"wp:attachment":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media?parent=8520"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/categories?post=8520"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/tags?post=8520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}