Creators of Bitcoin Ordinals Project “Burn” Valuable Inscription by Sending it to Satoshi’s Wallet
The creators of a popular Bitcoin Ordinals project called Runestone sent the original “parent” inscription, valued at 8 BTC, to a wallet believed to belong to Bitcoin creator Satoshi Nakamoto. The move was initially perceived as a mistake, but it turned out to be a joke. The developer behind a Solana meme coin called Slerf made a similar tweet, which led Crypto Twitter users to realize that the Runestone incident was just a meme as well.
Why Send the Valuable Inscription to Satoshi’s Wallet?
The decision to send the valuable Ordinals asset to Satoshi Nakamoto’s wallet was made in order to “burn” or effectively destroy the inscription. This action seals the collection on-chain and prevents any changes or additions to it. By burning the parent inscription of the Runestone collection, only 112,384 Runestones can ever exist.
The Process and Collaboration Behind Sending the Inscription
The process of sending the Runestone to Satoshi’s wallet was done in collaboration with OrdinalsBot and Marathon Digital Holdings, who partnered to mint the Runestone inscription. The sizeable Runestone itself took two Bitcoin blocks to create, and sending it to Satoshi’s wallet was no different than sending regular transactions.
- OrdinalsBot co-founder Bruffstar explained that the inscription is parsed at the time of the transaction with the Ordinals index.
- OrdinalsBot Head of Strategy Toby Lewis stated that it was always part of the design to move the block containing the inscription to Satoshi’s wallet at the end of the process.
The Recent Airdrop and Current Status of Runestone
Last week, the highly anticipated Runestone airdrop took place, rewarding early believers in the Ordinals movement with 112,383 inscriptions. After the airdrop, over 83,000 wallets hold a Runestone inscription. The Runestone collection currently has a floor price of 0.0526 BTC and a total trading volume of 882 BTC ($57.8 million) on Magic Eden’s Bitcoin marketplace.
Hot Take: The Humorous “Burn” of the Inscription
The “burning” of the valuable Runestone parent inscription by sending it to Satoshi Nakamoto’s wallet turned out to be a humorous joke. It was inspired by a similar incident involving the developer of a Solana meme coin called Slerf. This playful act effectively sealed the Runestone collection on-chain and highlighted the unique nature of the Ordinals project.
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