<p class="is-style-lead">A new token standard, BRC-721E, has been introduced, designed to facilitate the migration of NFTs from Ethereum to Bitcoin.</p>



<p>A novel token standard, known as BRC-721E, has recently been unveiled to enhance the versatility of <a href="https://crypto.news/ordinals-explained-new-era-of-nfts-on-bitcoin-network/" data-type="URL" data-id="https://crypto.news/ordinals-explained-new-era-of-nfts-on-bitcoin-network/">bitcoin ordinals</a>. This development is designed to simplify the transfer of NFTs from the Ethereum blockchain to the Bitcoin blockchain. </p>



<p>Essentially, the BRC-721E protocol facilitates the conversion of ethereum&#8217;s ERC-721 NFTs into ordinals, unique units that can embed text, images, and code onto a solitary satoshi.</p>



<p>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. </p>



<p>The new standard functions by enabling users to migrate their <a href="https://crypto.news/users-inscribing-as-many-as-5k-nfts-on-every-bitcoin-block/" data-type="URL" data-id="https://crypto.news/users-inscribing-as-many-as-5k-nfts-on-every-bitcoin-block/">digital assets</a> directly from the Ethereum blockchain to Bitcoin, utilizing a bridging contract that serves as an on-chain request for inscription. </p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Time for a brand new protocol.<br><br>👉 Permissionless bridging from ETH to BTC<br>👉 Instantly listed on marketplaces once inscribed<br>👉 Cost efficient for large collections<br>👉 From the minds of <a href="https://twitter.com/OrdinalsMarket_?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@OrdinalsMarket_</a> and <a href="https://twitter.com/BitcoinMiladys?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@BitcoinMiladys</a><br><br>Introducing BRC-721E 🥝🧵 <a href="https://t.co/J50MagEVi3" target="_blank">pic.twitter.com/J50MagEVi3</a></p>&mdash; kiwidream.eth (@kiwi_dream) <a href="https://twitter.com/kiwi_dream/status/1663266009841811457?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 29, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>The NFTs are sent to a so-called burn address, thus rendering them obsolete on <a href="https://crypto.news/price/ethereum/" data-type="URL" data-id="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">Ethereum</a>, but paving the way for the subsequent engraving of the BRC-721E data onto <a href="https://crypto.news/price/bitcoin/" data-type="URL" data-id="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a>.</p>



<p>This &#8220;burn&#8221; 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. </p>



<p>Following a successful burn and inscription phase, the migrated NFT is then showcased on the Ordinals Market collection page, inclusive of associated metadata.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            You might also like:
        </span>

    
    
        <a href="https://crypto.news/should-bitcoin-censor-brc-20-and-ordinals-the-raging-debate/" class="cn-block-related-link__link">
            Should Bitcoin censor BRC-20 and Ordinals? The raging debate        </a>

    
</div>


<p>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. </p>



<p>Recognizing the critical aspect of provenance in the realm of NFTs, both <a href="https://crypto.news/elon-musks-tweet-sends-milady-coins-price-soaring-over-3000/" data-type="URL" data-id="https://crypto.news/elon-musks-tweet-sends-milady-coins-price-soaring-over-3000/">Milady Maker</a> and Ordinals Market propose temporary solutions while the protocol matures. </p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Bitcoin Ordinals Just Got a HUGE Upgrade - What is BRC-721?" width="1020" height="574" src="https://www.youtube.com/embed/MRmOrX2KpX0?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<p>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.</p>



<p>Following its inauguration on Jan. 21, the <a href="https://crypto.news/bitcoin-community-discusses-solutions-to-ordinals-protocol-bug/" data-type="URL" data-id="https://crypto.news/bitcoin-community-discusses-solutions-to-ordinals-protocol-bug/">Ordinal Inscriptions</a> protocol has been met with positive feedback. </p>



<p>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.</p>



<p>The Interchain Foundation and blockchain development firm Bianjie have jointly introduced the ICS-721 NFT token standard on <a href="https://crypto.news/price/cosmos-hub/" data-type="URL" data-id="https://crypto.news/price/cosmos-hub/">cosmos</a>, which aspires to augment interoperability across chains without the requirement for a bridge. </p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            Read more:
        </span>

    
    
        <a href="https://crypto.news/yuga-labs-to-launch-limited-edition-nft-collection-on-bitcoin-blockchain/" class="cn-block-related-link__link">
            Yuga Labs to launch NFT collection on Bitcoin blockchain        </a>

    
</div>

BRC-721E new standard for NFT migration from ETH to BTC

crypto.news

2023년 5월 30일에 게재된 다른 기사

$FLUUS Utility, Circulation, Allocation, Vesting, Staking, and More

Bitcoin Whales Accumulate as BTC Reaches $28,000: Analysis

How to play the Bluelight.inc blockchain game: a detailed guide to mechanics

Massive OP Token Unlock: How Will it Disrupt Optimism Market?

Can XRP Hold on to $0.50 Price? Critical Levels to Watch in XRP!

Binance appoints former Singapore exec as head of regional markets

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!