art credit @app
The world of NFTs and blockchain technology is constantly evolving, and the recent burn down of Bored App #1626 by @GoingParabolic is proof of that. This event has generated 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’ll take a closer look at what happened, the reaction of BAYC/Yuga co-founder Gargamel (Greg Solano), and what it means for the future of NFTs.
On February 14th, 2023, @GoingParabolic burned Bored App #1626, one of the most valuable Bored App NFTs, and minted his BAYC on BTC using Teleburn. This was a bold move as there is not much precedent for such actions in the world of NFTs. Destroying an NFT means moving it to a burn address, which is essentially a black hole in the blockchain where the NFT is permanently destroyed and cannot be recovered.
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The NFT community is gravitating towards BTC, where ordinals have resulted in a real reduction in collectibles.
I forever inscribed “The Blonde Dawn” BAYC #1626 on the world’s rarest and most secure chain, burning it with ETH forever using Teleburn.
it’s done. Above. Not coming back to ETH. pic.twitter.com/jmKpSSPybm
— Jason A. Williams (@GoingParabolic) February 12, 2023
Yuga Labs, founder of BAYC, responded to the burn
It’s not “ETH is gone forever”. It’s basically the same as any other transfer: if you move your app to an address you no longer control (even if it’s a ‘burn’ address), you’ve effectively given up your license. Have given. And no, before anyone asks, this does not mean that anyone can access the license. It’s the opposite: if the address is not in anyone’s possession, then no one can.
This action by @GoingParabolic was followed by a response from BAYC/Yuga co-founder Gargamel, who said that Burn is “not gone forever from ETH.” They explained that it was basically the same as any other transfer and that if someone moved their NFTs to an address they no longer controlled, they had 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” phase where anything can happen, and it is important to be careful when dealing with NFTs. Before sending your NFTs to the burn address, you need to think about other options around wrapping etc. This means that you can consider different methods of protecting your NFTs and ensuring that they are safe from permanent destruction.
Another interesting aspect of Kindle Bored App #1626 by @GoingParabolic is the mystery surrounding the transfer of NFTs. Although @GoingParabolic claims to have burned the NFT, it was not sent to the specific 0 burn address. Instead, it was moved to a new Ethereum wallet address, 0xcC6251db97730972A4e1875Afa27F07600DbCDcC, which has raised questions and speculation among the NFT community.
It is not clear why the NFT was not sent to the specific burn address and why it was transferred to a new wallet. This has added an extra layer of curiosity to the event, and many in the community are speculating about the reasons behind the move. Some believe this could be a new way to deal with NFT burn, while others speculate there may be a deeper reason for the move.
Regardless of the reason behind the move, this event highlights the fact that the NFT world is still in its infancy and we are likely to see new and unexpected developments in the future. The mystery surrounding the transfer of Bored App #1626 is 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 App #1626 by @GoingParabolic is an important event in the world of NFTs, as it highlights the risks associated with NFTs and the need for caution when dealing with them. The response from BAYC/Yuga co-founder 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. Is.
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It’s not “ETH is gone forever”. It’s basically the same as any other transfer: if you move your app to an address you no longer control (even if it’s a ‘burn’ address), you’ve effectively given up your license. Have given.
And no, before anyone asks, this does not mean that anyone…– Garga.eth (Greg Solano) (@CryptoGarga) February 13, 2023
Source: www.nftculture.com
