BRC-721E Token Standard Converts Ethereum NFTs to Bitcoin NFTs
The new token standard allows traders to burn their ERC-721 NFTs and transfer them to inscriptions on the Bitcoin network.
May 30, 2023 at 5:19 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/LPFLP6PXKRCJ3NWOQNRBZSASBQ.png)
NFTs drive Bitcoin activity (Ordinals Protocol)
A new blockchain token standard is allowing traders to convert their Ethereum-based non-fungible tokens (NFTs) to NFTs on the Bitcoin network.
On Monday, Bitcoin Miladys, the Bitcoin-based derivative of the popular Miladys NFT collection, introduced its BRC-721E token standard in collaboration with Bitcoin-based NFT marketplace Ordinals Market and Bitcoin wallet Xverse. The token standard is said to act as a bridge between the Ethereum and Bitcoin networks, allowing traders to convert their ERC-721 NFTs to BRC-721E tokens on Bitcoin.
According to the Ordinals Market website, Ethereum-based NFT holders can burn their tokens and inscribe them onto a satoshi on the Bitcoin network. Once inscribed, the tokens will automatically appear on a custom Ordinals Market collection page with complete metadata.
It’s worth noting that while the new standard allows for the conversation of ERC-721 NFTs to Ordinals NFTs, metadata is initially not stored on-chain. Ordinals Market provides a number of options that allow for on-chain previews of the NFT, which can be displayed in existing wallets or marketplaces.
According to data from Dune Analytics, ordinals surpassed 10 million inscriptions Monday, a substantial leap from the 3 million inscriptions reported in the first week of May. Last week, Bitcoin climbed to the number two spot on the leaderboard for NFT trading volumes in terms of network, according to data platform CryptoSlam, blazing ahead of Solana and trailing just behind Ethereum.
The growth is sizeable considering the Ordinal protocol has only existed since January.
More recently, NFT marketplaces have been opening up their support for Bitcoin NFTs. Earlier this month, Binance NFT added support for Bitcoin NFTs. And in March, Magic Eden opened an Ordinals marketplace to onboard creators to the growing Bitcoin NFT ecosystem.
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