A news that should continue to fuel the debate on Bitcoin NFTs… The holder of a Bored Ape destroyed it on the Ethereum (ETH) blockchain, in order to send it to that of Bitcoin (BTC). Back on this symbolic act, and the disagreements that result from it.
A Bored Ape that now exists on Bitcoin?
The holder of the NFT Bored Ape 1626 “burned” it on the Ethereum blockchain, in order to symbolize his transition to Bitcoin. As a reminder, the issue of Bitcoin NFTs has sparked heated debates lately. Developer Casey Rodarmor has indeed succeeded register non-fungible tokens in the Bitcoin blockchain, using the entire space of a block. This feat, dubbed Ordinals, follows the Taproot update, which improved the privacy and security of the largest cryptocurrency network.
Jason Williams, who owns this Bored Ape number 1626, therefore decided to use an inscription with Ordinals to represent its NFT on the Bitcoin blockchain. He had fun with our colleagues from Decrypt about his act, which has something to provoke reactions:
“It is basically to throw a Lamborghini in a trash compactor. Is it a good idea to throw bloated jpegs on Bitcoin’s core blockchain? That’s another discussion, but I think it’s going to be a lot of fun to see how this all plays out.»
The Bored Ape – which was previously valued at around $169,000 – therefore no longer exists on Ethereum. So does it now exist on Bitcoin? It is still subject to debate.
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Yuga Labs Believes NFT on Bitcoin Is Invalid
Yuga Labs, which operates the Bored Ape Yacht Club (BAYC) brand, estimated that this NFT was in no way a valid copy of his collection. This is in any case what explained Greg Solano, the co-founder of Yuga Labs. Earlier this week, he explained on Twitter that the NFT sent to Bitcoin no longer had an operating license:
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
“It did not “depart” from Ethereum permanently. This is effectively the same as another transfer: if you transfer your ape to an address you don’t control (including a burn address), you are effectively giving up your license.»
A license which is also not transferable to a possible new holder, as explained by the co-founder of Yuga Labs. Other commentators have also pointed out that the “transfer” of NFT thus carried out is not in fact a transfer of the ownership rights of this NFT. For his part, Jason Williams was amused by the reactions of rejection from the BAYC community on Twitter.
Bored Ape Holders are not apes they are Ostriches. Head in a hole flightless bird type ostriches. https://t.co/f79YlT8fMg pic.twitter.com/f3pxtmSEef
—Jason A. Williams (@GoingParabolic) February 15, 2023
The debate is therefore still raging, and shows that this subject is not strictly technical, but affects the way in which these two blockchains are considered. It remains to be seen whether the idea of “Bitcoin NFTs” will gain momentum in the coming months.
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Source: Jason Williams via TwitterDecrypt – Image: Yuga Labs
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