Reading Time: 2 minutesAn 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.

The post NFT Collector Moves Bored Ape to Bitcoin appeared first on FullyCrypto.

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Filed under: Bitcoin - @ February 15, 2023 10:22 am