Bitcoin Ordinals introduces an innovative layer-2 solution for decentralized storage of digital art on the Bitcoin blockchain. With the launch of the BRC-721E standard, users can now migrate their Ethereum-based ERC-721 non-fungible tokens (NFTs) to the Bitcoin blockchain.
Introduction
This article explores the capabilities of Bitcoin Ordinals, the collaboration with the Ordinals market and Bitcoin Miladys Nft Collection, and the process of migrating NFTs using the BRC-721E standard.
Bitcoin Ordinals and the BRC-721E Standard
Bitcoin Ordinals has emerged as a leading layer-2 solution, facilitating the storage of digital art on the Bitcoin blockchain. In collaboration with the Ordinals market, an Ordinals-based marketplace, and the Bitcoin Miladys NFT collection, the BRC-721E standard was introduced. This standard enables the conversion of ERC-721 NFTs to Ordinals, offering users a new way to utilize the security and immutability of the Bitcoin blockchain.
The Migration Process
To migrate an ERC-721 NFT to the Bitcoin blockchain, the process begins with burning the NFT using an Ethereum call function. Burning an NFT is an irreversible process that serves as an on-chain inscription method. Once the NFT is burned, users can claim the ETH burn on Bitcoin by inscribing valid BRC-721E data. The bridged NFT then appears on a custom Ordinals market collection page, complete with metadata.
Ensuring Valid Inscriptions
Indexers play a crucial role in verifying the burned NFT data inscriptions. They ensure that each token has only one valid inscription and that the genesis address matches the burn transaction call data. This verification process guarantees the integrity of the migrated NFTs on the Bitcoin blockchain.
Flexibility and Evolution of the BRC-721E Standard
The Ordinals market recognizes the fundamental principles and flexibility of the BRC-721E standard. While metadata is not initially stored on-chain, the indexers' role allows the protocol to evolve over time. This flexibility ensures that the standard can adapt to future advancements and requirements in the NFT space.
Bitcoin Ordinals and the Token Minting Era
Bitcoin Ordinals has attracted significant attention from the crypto community since its launch in January 2023. In March, the introduction of the BRC-20 token standard created an experimental fungible token standard specifically designed for the Bitcoin blockchain. The combination of BRC-20 with Ordinals opened doors for minting tokens on the Bitcoin blockchain, leading to the emergence of popular BRC-20 tokens like Ordinals (ORDI), Vmpx (VMPX), and Pepecoin (PEPE).
Criticism and Debate
While Bitcoin Ordinals and the new token minting era have gained traction, they have also faced criticism from some Bitcoin proponents. These critics argue that the new method is inefficient and wasteful, highlighting concerns about resource usage on the Bitcoin blockchain.
Conclusion
Bitcoin Ordinals, in collaboration with the Ordinals market and the Bitcoin Miladys NFT collection, offers a groundbreaking solution for migrating ERC-721 NFTs to the Bitcoin blockchain using the BRC-721E standard. This innovation expands the possibilities of digital art storage and ownership, leveraging the security and immutability of the Bitcoin network. While the emergence of the BRC-721E standard and token minting era has sparked debate, the evolution of these technologies showcases the continuous growth and exploration of blockchain-based solutions in the NFT space.
Disclaimer: This article does not provide investment advice or recommendations. All investment decisions should be made after thorough research and analysis.
References:
URL: https://cointelegraph.com/news/bitcoin-ordinals-to-bridge-ethereum-nft-with-new-standard
