Last Updated on June 19, 2023 by COINBUZZFEED
In a groundbreaking move that is set to make waves in the world of digital art and blockchain, an Ethereum-based CryptoPunk, numbered 8611, has successfully migrated to the Bitcoin Inscription platform through a process of burning and rebirth.
This pioneering event marks the first-ever instance of an Ethereum CryptoPunk being transformed into a unique Bitcoin Non-Fungible Token (NFT), bridging two prominent blockchain ecosystems. The historic migration took place on June 18, as a collector purchased CryptoPunk 8611 and sent it to the burning address, only to witness its rebirth as a Bitcoin Inscription NFT with the ID 12,456,749.
The Historic Migration:
On June 18, an individual identified by the wallet address 0xBc…0a71 made history by purchasing CryptoPunk 8611 for 54.49 ETH, equivalent to approximately $150,000 at the time. Instead of preserving the CryptoPunk on the Ethereum blockchain, the collector decided to embark on an unprecedented journey.
They sent the CryptoPunk to the burning address 0x00…dEaD, a mechanism known for permanently removing tokens from circulation. This act signified the end of CryptoPunk 8611’s existence on Ethereum and opened the door to its rebirth on the Bitcoin Inscription blockchain.
