One of the well-known digital collectibles was permanently detached from circulation. An ape form of NFT Bored Ape Yacht Club (BAYC) #1626 was removed from the platform through burning. An advanced feature for Ordinals called ‘Teleburn’ is used for the burning procedure.
Recently, Bitcoin node operators have been using Ordinals, which have become a popular tool for participating in fun projects. Currently, they trade with each other over ‘small Discord channels’; there is no marketplace like OpenSea that supports the market demand.
Rob Hamilton, who partnered with Rodarmor in creating new Ordinals, said, “The idea is that you are one-way, permanently burning an asset on another chain and pointing it to the ordinal that lives on the Bitcoin chain.” In November, Bored Ape sold for 108 Ethereum, around $169,000 at the current price. In 2022, Bored Ape Yacht Club completed $1.57 billion in sales. In January, Yuga Labs recorded 34.3% of transactions.
Source: https://www.thecoinrepublic.com/2023/02/18/bored-ape-holder-burned-the-nft-to-lug-its-existence-to-bitcoin/