A week after the launch of the Ethscriptions protocol for issuing digital artifacts on Ethereum, similar to Ordinals on the Bitcoin network, the trading volume of assets exceeded 560 ETH (~$1 million), according to OpenSea.
The solution was launched on June 19 by co-founder and ex-CEO of online music encyclopedia Genius Tom Lehman. The protocol provides the ability to write arbitrary files to the Ethereum blockchain, which can serve as a replacement for the usual NFTs.
According to the creator, the launch was successful – in less than 18 hours, almost 30,000 Ethscriptions were created, including a copy of the popular CryptoPunks NFT collection.
Some of these assets are listed on the marketplace at the highest prices. However, the best offer from buyers is 0.0075 ETH and the average base price is 0.013 ETH.
Lehman used the calldata store to write to EVM, which sends data on a smart contract call or transaction. The creator of the protocol believes that Ethscriptions is a cost-effective alternative to conventional ERC-721 NFTs.
Why Does The World Need Ethscriptions?
First, let’s discuss why the world needs Ethereum. Ethereum is a cloud computing platform like AWS; however, while AWS is controlled by Amazon, Ethereum is decentralized and controlled by no one.
The world needs Ethereum not because AWS is…
— Middlemarch (@dumbnamenumbers) June 20, 2023
“Why do I believe Ethscriptions will eclipse NFTs? Because NFT is only for the rich, and Ethscriptions is for everyone!” Lehman says.
Why do I believe Ethscriptions will eclipse NFTs?
Because NFTs are only for rich people and Ethscriptions are for everyone!
When was the last time you used your NFT as a collateral for a loan?
Probably never!
Why pay extra for tech you don’t need?
— Middlemarch (@dumbnamenumbers) June 26, 2023
According to the Dune Analystics dashboard, the trading volume of the original CryptoPunks over the past seven days amounted to almost $1.65 million. During this period, NFT transactions exceeded $26.29 million on OpenSea alone, while Blur’s figure reached ~$124.5 million.
ERC-721 tokens account for over 98% of the total trading volume in the segment.
Recall that in May, the developers of Ordinals Market and Bitcoin Miladys introduced the BRC-721E standard, which ensures the migration of Ethereum-NFT to ERC-721 to a protocol based on bitcoin.
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