$95K CryptoPunk NFT Burned by Bitcoin Bandits, Revived as Ordinals Inscription

In the context you provided, a "teleburn" refers to the symbolic transfer of ownership of a digital asset, specifically a CryptoPunk NFT, from the Ethereum blockchain to the Bitcoin blockchain. This transfer is achieved by burning or destroying the original CryptoPunk NFT on Ethereum and associating it with a corresponding NFT-like asset on the Bitcoin blockchain.

In this case, CryptoPunk #8611, which was sold for approximately 55 Ethereum or $95,000, was burned, removing it from circulation on the Ethereum blockchain. The burning process involved linking the burned CryptoPunk to an Ordinals inscription, which is a Bitcoin protocol used to create NFT-like assets by inscribing data onto individual satoshis (the smallest unit of Bitcoin).

The decision to burn CryptoPunk #8611 was a community-led effort initiated by Nathan Stein, a developer from Wolf Capital, and supported by the Bitcoin Bandits project. Around 150 people contributed to the cause, and the burned CryptoPunk was stored in a well-known burn address on Ethereum, which also holds $21 million worth of Ethereum.

Ordinals is a Bitcoin protocol that allows the creation of NFT-like assets on the Bitcoin blockchain by inscribing data onto individual satoshis. This data can include various forms such as images, videos, or plain text, enabling the creation of BRC-20 tokens.

Teleburning, as described in the provided context, is a growing trend where valuable NFTs from the Ethereum ecosystem are transferred or symbolically associated with assets on the Bitcoin blockchain using protocols like Ordinals. This practice allows individuals to bridge the gap between different blockchain ecosystems and explore new possibilities for digital asset ownership and interactions.

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