What Happened on May. 31st | Ethereum NFT Migrating to Bitcoin? Be Careful, it's a One Way Bridge

The bridge lets holders of Ethereum NFTs move the asset to the Bitcoin blockchain via a burn-and-mint process. The original NFT on Ethereum is sent to an inaccessible "burn" address, which means it's essentially destroyed. The asset is recreated on Bitcoin via the Ordinals protocol.

This is different from cross-chain bridges which normally use an escrow wallet in the middle and hold the original NFT or assets, then create a new version on the target chain. That makes it possible to reclaim the original asset on the original chain.

By destroying the original NFTs on Ethereum, you essentially give up all the benefits and perks tied to the original NFT.

Biggest Gainers & Losers

Headlines

Hong Kong Virtual Assets Consortium Officially Launches, to Offer Crypto Indices and Rating Services: The organization aims to promote Hong Kong as the world's largest and safest virtual asset market, offers credit rating for virtual asset exchanges and exchange-traded products, virtual asset indices, and provides investor education.

Binance Started Layoffs, Numbers Affected Uncertain

Hot projects on the market

Stargate Winds Down Fantom Pools, Stops $USDC Transfers to Fantom

dYdX is Building v4 Front-end for Web, iOS, and Android, all will be Open Source

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Fundraising

Blockchain Gaming Studio Illuvium Raises $10M from Framework Ventures

Blockchain technology Non-profit the Anoma Foundation raised $25 million, Led by CMCC Global

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