Two NFT Ordinals Gained $140,000 After Each Burned A CryptoPunk

burning cryptopunks

In a quest that demonstrated the endless possibilities in blockchain technology, two NFT ordinals platforms, Bitcoin Bandits and Bitcoin DeGods each burned a Cryptopunk last week. The two platforms have since gained collectibles have since gained about $140,000.

Watch the story here:

Punks for OMB

CirrusNFT observed and posted this on Twitter, where he wrote:

“Bitcoin Bandits and Bitcoin DeGods communities each burned a Cryptopunk last week and in return received 33 WL spots to mint OMB for 0.09 BTC a pop. They’re each up approximately $140,000 assuming they minted no rares”

How it started

It all started with a Twitter post soliciting the Bitcoin Bandit community crowdfunding for the burning of Punk #8611, acquired for $95,000 (55 ETH). In the Twitter post, Nathan Stein, a developer at Wolf Capital, explained the process as follows:

“Holders from @banditsbtc are crowdfunding to burn a CryptoPunk The idea is to use @anappbybb to burn a Punk on ETH, inscribe it on BTC and send it to Satoshi wallet! + win @OrdinalMaxiBiz WL Let’s understand how the process will work.”

With the success of the burn, we may see more NFT projects emulate this. Bitcoin Bandits and Bitcoin DeGods essentially received 33 spots on the Ordinal Maxi Biz waiting list through the smart move of burning the punks. From the image, we can see that 148 were on the list for a project that has a total supply of 2,100 collectibles.

Author: Grace