Ethereum CryptoPunks NFT burned and reborn on Bitcoin network

Quick Take

  • CryptoPunk #8611, worth around $95,000, was burned on Ethereum and symbolically tied to an Ordinals inscription on Bitcoin.
  • The burning of the NFT was a community-led effort to create a series of Ordinals inscriptions representing fractional ownership in the CryptoPunk.

An Ethereum-based CryptoPunks NFT has been "migrated" to Bitcoin, the first time this has happened intentionally. This means it was removed from circulation on Ethereum and linked to a newly created Ordinals inscription on Bitcoin. 

CryptoPunk #8611 sold for approximately 55 ETH ($95,000) over the weekend. Shortly after, it was burned and recreated as Ordinals inscription 12,456,749 on Bitcoin, mirroring the image of the original Ethereum CryptoPunk. Ordinals launched earlier this year to create NFT-type assets on Bitcoin despite its lack of native support for tokens and NFTs. 

The BRC-721E token standard,