A new token standard, BRC-721E, has been introduced, designed to facilitate the migration of NFTs from Ethereum to Bitcoin.
A novel token standard, known as BRC-721E, has recently been unveiled to enhance the versatility of bitcoin ordinals. This development is designed to simplify the transfer of NFTs from the Ethereum blockchain to the Bitcoin blockchain.
Essentially, the BRC-721E protocol facilitates the conversion of ethereum’s ERC-721 NFTs into ordinals, unique units that can embed text, images, and code onto a solitary satoshi.
The inception of BRC-721E is a collective endeavor by NFT ensemble Milady Maker and Ordinals Market, an exchange platform committed to the trade of ordinals.
The new standard functions by enabling users to migrate their digital assets directly from the Ethereum blockchain to Bitcoin, utilizing a bridging contract that serves as an on-chain request for inscription.
The NFTs are sent to a so-called burn address, thus rendering them obsolete on Ethereum, but paving the way for the subsequent engraving of the BRC-721E data onto Bitcoin.
This “burn” mechanism initiates an on-chain request for inscription, which combs through Ethereum transaction data to detect and log any burns that have yet to be inscribed.
Following a successful burn and inscription phase, the migrated NFT is then showcased on the Ordinals Market collection page, inclusive of associated metadata.
The BRC-721E standard is initially unable to store metadata directly on the bitcoin network, however, its creators envisage a future where this feature could be incorporated.
Recognizing the critical aspect of provenance in the realm of NFTs, both Milady Maker and Ordinals Market propose temporary solutions while the protocol matures.
Suggestions include storing a simplified image version directly on the blockchain, amalgamating BRC-721 and BRC-721E structures to furnish on-chain data, and safeguarding data directly on the blockchain in multiple components.
Following its inauguration on Jan. 21, the Ordinal Inscriptions protocol has been met with positive feedback.
In fact, its advent has largely contributed to the Bitcoin network achieving a milestone for executing the maximum number of transactions in a single day, predominantly attributed to ordinals.
The Interchain Foundation and blockchain development firm Bianjie have jointly introduced the ICS-721 NFT token standard on cosmos, which aspires to augment interoperability across chains without the requirement for a bridge.
