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RIP BAYC 1626 and the shift to BTC NFTs

Natalee

Art Credit @paperdstudio

The world of NFTs and blockchain technology is constantly evolving, and the recent burning of Bored Ape #1626 by @GoingParabolic is a testament to that. This event has sparked a lot of discussions and debates in the NFT community, as it is not only a bold move but also a risky one. In this blog post, we will take a closer look at what happened, the response from BAYC/Yuga Cofounder Gargamel (Greg Solano), and what it means for the future of NFTs.

On February 14th, 2023, @GoingParabolic burned Bored Ape #1626, which was one of the most valuable Bored Ape NFTs, and minted (inscribed) his BAYC on BTC using TeleBurn. This was a bold move as there is not much precedent for such actions in the NFT world. The act of burning an NFT means to transfer it to a burn address, which is essentially a black hole in the blockchain where the NFT is permanently destroyed and cannot be recovered.

BAYC founder Yuga Labs Responds to burn

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 can access the license. It’s the opposite: If the address isn’t in anyone’s possession, then no one can.

This action by @GoingParabolic was met with a response from BAYC/Yuga Cofounder Gargamel, who stated that the burn was not “gone from ETH forever.” He explained that it was basically the same as any other transfer and that if someone transfers their NFT to an address they no longer control, they have effectively given up their license. However, he also noted that if the address is not in anyone’s possession, then no one can access the license.

Gargamel’s response highlights the fact that the NFT world is still in the “wild west” stage, where anything can happen, and it’s important to be cautious when dealing with NFTs. Before sending your NFTs to a burn address, you need to think about other options around wrapping, etc. This means considering the different ways in which you can protect your NFTs and ensure that they are safe from permanent destruction.

Another interesting aspect of the burning of Bored Ape #1626 by @GoingParabolic is the mystery surrounding the transfer of the NFT. Although @GoingParabolic claimed to have burned the NFT, it was not sent to the typical 0 burn address. Instead, it was transferred to a new Ethereum wallet address 0xcC6251db97730972A4e1875Afa27F07600DbCDcC, which has raised questions and speculation among the NFT community.

It remains unclear why the NFT was not sent to the typical burn address and why it was transferred to a new wallet instead. This has added an extra layer of intrigue to the event, and many in the community are speculating about the reasons behind this move. Some believe that this may be a new way of handling NFT burns, while others speculate that there could be a deeper reason for the transfer.

Regardless of the reason behind the transfer, this event highlights the fact that the NFT world is still in its early stages and that we are likely to see new and unexpected developments in the future. The mystery surrounding the transfer of Bored Ape #1626 serves as a reminder of the ever-evolving nature of the NFT world and the need to stay informed and up-to-date with the latest developments.

The burning of Bored Ape #1626 by @GoingParabolic is a significant event in the NFT world, as it highlights the risks associated with NFTs and the need for caution when dealing with them. The response from BAYC/Yuga Cofounder Gargamel serves as a reminder that we are still in the early stages of the NFT revolution and that we need to be mindful of the potential risks and think carefully before making any decisions.

 

 

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