The NFT has been successfully migrated to Bitcoin through a burn process.
he transaction was executed yesterday by 0xBc...0a71, who purchased CryptoPunks 8611 for 54.49 ETH ($94,000).
The CryptoPunk was then sent to the burning address 0x00...00dEaD before being reborn as Bitcoin Inscription 12,456,749.
In a separate development, Bitcoin Miladys has partnered with Ordinals Market and Xverse Bitcoin wallet to launch a bridge allowing the migration of NFT artwork and data from Ethereum to Bitcoin using the BRC-721E token standard. The burn-and-mint process involves sending the original Ethereum NFT to a burn address and recreating it on Bitcoin.
The CryptoPunk was then sent to the burning address 0x00...00dEaD before being reborn as Bitcoin Inscription 12,456,749.
In a separate development, Bitcoin Miladys has partnered with Ordinals Market and Xverse Bitcoin wallet to launch a bridge allowing the migration of NFT artwork and data from Ethereum to Bitcoin using the BRC-721E token standard. The burn-and-mint process involves sending the original Ethereum NFT to a burn address and recreating it on Bitcoin.
While the migration process may attract Bitcoin enthusiasts and NFT holders, there are potential risks associated with switching blockchains. For example, the benefits and perks tied to original NFT ownership may be forfeited.
The migration of NFTs between blockchains is an emerging concept, and its long-term implications remain uncertain. Nonetheless, the recent successful migration of the first-ever Ethereum CryptoPunks to Bitcoin is a noteworthy milestone in NFT technology.
