The Ordinals Market and Bitcoin Miladys teams have jointly introduced the BRC-721E standard, which enables ERC-721 NFT migration to a Bitcoin-based protocol.
Our #Bitcoin Ordinals bridge is now live🌉
New token standard: https://t.co/YDERWSPPfa
— Bitcoin Miladys💞🍊💫🌸 (@BitcoinMiladys) May 29, 2023
When using the solution, collectible Ethereum assets appear on the Ordinals marketplace automatically.
A transaction is also a request to be written to the blockchain. However, metadata is not initially stored in the chain – indexers provide their representation. Thanks to them, users see complete information about the asset.
“A simple protocol that allows ERC-721 NFTs to migrate to Bitcoin on their own schedule, without first registering the entire collection. The BRC-721E encodes the data directly into a burn transaction, which assigns a bitcoin address to receive the signature, ”explained one of the Ordinals Market developers under the nickname kiwidream.eth.
🔸What is this?🔸
A simple protocol which allows ERC-721 NFTs to migrate to Bitcoin on their own schedule, without inscribing an entire collection beforehand.
BRC-721E encodes data directly into the burn TX which nominates a Bitcoin address to receive an inscription.
— kiwidream.eth (@kiwi_dream) May 29, 2023
He added that indexers significantly reduce the cost of placing data on the network while maintaining the quality of the original image.
Bitcoin Miladys claimed to be the first to use the NFT bridge.
We’re the first first brc-721e
That’s actually quite historic
— Bitcoin Miladys💞🍊💫🌸 (@BitcoinMiladys) May 30, 2023
As a result, the Milady collection of 56 tokens appeared on the Ordinals Market. The minimum underlying asset price is 0.0141 BTC – about $393 at the time of writing. The maximum value of the indicator reaches 1.725 BTC (~$48,053)
Meanwhile, the number of NFTs on the Bitcoin blockchain issued thanks to the Ordinals protocol has reached 10,141,434. More than 80% of them are related to the BRC-20 standard.
Recall that in May, Elon Musk pumped the Milady Ethereum collection by posting a picture with a meme on Twitter.
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