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- An NFT collector has moved his Bored Ape from Ethereum to Bitcoin by burning it
- The Ape exists as an Ordinals inscription on the Bitcoin blockchain
- Bored Ape creator Yuga Labs referred to the burnt NFT as an “illegitimate” Ape
An NFT collector has moved Bored Ape Yacht Club (BAYC) #1626 from Ethereum to the Bitcoin blockchain by burning it. The collector used Ordinals’ Teleburn service to conduct the transfer, adding to the recent popularity of the Ordinals NFT project that has already split the Bitcoin community. However, Bored Ape creator Yuga Labs has weighed in on the matter noting that the burnt NFT is now an “illegitimate” Ape.
Like Crashing a Lamborghini
Speaking to Decrypt, the collector identified as Jason Willians said that burning the $169,000 Ape was equivalent to crashing a “Lamborghini [using] a trash compactor,” adding that he’s curious to see how the Bitcoin NFT market “plays out.”
I’ll do it.
— Jason A. Williams (@GoingParabolic) February 11, 2023
The Bored Ape bridge to Bitcoin called Teleburn, is a fairly new service added to Ordinals to help NFT collectors and artists easily move their collectibles to Bitcoin by completely removing their circulation from their previous chain. Bored Ape #1626 isn’t the first to use the new Ordinals feature since its creator had employed it to move an ENS domain from Ethereum to Bitcoin.
An Illegitimate Bored Ape
However, BAYC creator Yuga Labs noted that shifting the Ape to a different chain constitutes an unlicensed reproduction. According to Yuga Labs co-founder Greg Solano, William forfeited his license because he has no control of the new address on Bitcoin.
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
Solano added that the burnt Ape isn’t “gone [from Ethereum] forever [only that its] license/address isn’t in anyone’s possession.” Yuga, through a spokesperson, observed that BAYCs outside the original Ethereum contract are “illegitimate” collectibles.
if there is no license holder there is no IP infringement
— faXx ???? | 824.eth (@faxx_eth) February 14, 2023
Williams’ move has divided the NFT community with some noting that the lack of a license holder to the Ape means “there is no IP [intellectual property] infringement.” With a growing BTC-powered collectibles market, it’s yet to be seen whether more BAYC holders will move their holdings to Bitcoin.
Read More
In recent news, a NFT (non-fungible token) collector has moved a bored ape to Bitcoin. The traded resource is a limited edition artwork, titled ‘Bored Ape.’ This unique piece was created by digital artist ‘Creepy-Time’ and comprises of two apes in a pond, of which one appears to be mildly bored. This artwork is the sixth edition of the artist’s NFT collection, and its sale is making waves in the cryptocurrency world.
The artwork was made available exclusively through Foundation, the premier marketplace for NFTs, and the sale was coordinated by the artist’s anchor XCOPY. The artwork is based on a rare CryptoPunk from the CryptoPunks catalogue. As its name suggests, CryptoPunks are collectible digital artworks, each containing a unique punk character of varying rarity. The ‘Bored Ape’ artwork is considered to be a more rare and desirable work of art, and investors have been quick to snap up the piece.
So far, the sale has exceeded all expectations and surpassed the artist’s initial goals. The collector is a relatively new cryptocurrency investor and is proving to be an astute player in the field. As more investors look for new ways to diversify their portfolios, NFTs are becoming an increasingly attractive investment option.
There is no doubt that this kind of news story is a great source of motivation for those who wish to start trading digital assets. This is a great example of how a savvy trader can turn a limited-edition artwork into a successful investment move. With the ever-growing market of digital assets, this type of news story may just be the start of an exciting trend in the cryptocurrency world.
