Bitcoin enthusiasts burn CryptoPunk worth $94,000

On June 18, a group of users purchased the non-fungible token CryptoPunk #8611 for 54.5 ETH (about $94,000 at the time of the deal), and a few hours later sent it to a burn address.

Holders from @banditsbtc are crowdfunding to burn a CryptoPunk

The idea is to use @an_app_by_bb to burn a Punk on ETH, inscribe it on BTC and send it to Satoshi wallet!

+ win @OrdinalMaxiBiz WL

Let`s underunstand how the process will workhttps://t.co/dIekg2YaMF pic.twitter.com/b8IS1GMQoN

— NatanStein (@natan_stein) June 16, 2023

Later, a Bitcoin NFT based on the burned token appeared.

The initiative was led by Wolf Capital developer Natan Stein and the owners of the Bitcoin Bandits project, focused on Ordinals. About 150 people contributed to the token’s purchase.

In the crypto industry, burning a digital asset means sending it to an address that is not controlled by anyone. Wallet, to which the token was sent, holds about $21 million in ETH.

A user using the alias Minh shared a video of the purchase and destruction of the non-fungible token. He described the step as \”chaotic, but beautiful\”.

The first CryptoPunk teleburned from ETH to BTC.

[feat.]
◘ @OrdinalMaxiBiz
◘ @banditsbtc
◘ @ZK_shark
◘ @ChartFuMonkey
◘ + more legends. pic.twitter.com/BFNfrcJyyM

— Minh (@MINHxDYNASTY) June 18, 2023

According to Stein, CryptoPunk #8611 was not burned solely for entertainment. He cited the aim of creating more Bitcoin NFTs based on other collections. The first token will be sent to the wallet of Bitcoin’s creator, Satoshi Nakamoto.

Earlier, NFT collector Brandon Riley by mistake sent CryptoPunk #685 to a burn address. He bought the token for 77 ETH — about $129,000 at the time.