As the NFT landscape continues to evolve, the integration of the Ethereum and Bitcoin ecosystems through the BRC-721E standard paves the way for further innovation and expansion that may also attract more mainstream innovators to the Web 3.0 world.
recent introduction of Bitcoin (BTC) mandate and BRC-721E protocol unveiled Objective on bridging the gap between bitcoin and Ethereum (ETH), especially in the area of non-fungible token (NFT). Reportedly, the BRC-721E standard, which was jointly launched by Ordinals Markets and the bitcoin Miladys NFT collection, now serves as an important bridge between Ethereum NFTs and Ordinals.
Through the BRC-721E protocol, crypto traders will be allowed to transfer their Ethereum-based NFTs to the Bitcoin blockchain. Additionally, it will enable translation of immutable and verifiable ERC-721 NFTs into ordinals format, allowing users to store and interact with NFTs on the bitcoin network.
Converting ERC-721 NFTs to ordinals format is a big step towards integrating Ethereum-based NFTs with the bitcoin network. Previously, these two blockchain ecosystems operated separately, limiting opportunities for cross-chain NFT interactions.
However, with the release of Bitcoin Ordinals, users can now convert ERC-721 NFTs, previously associated with Ethereum, into a format that can be stored and used on the Bitcoin network.
Specifically, the migration process begins with burning ERC-721 NFTs on the Ethereum network. Burning an NFT means permanently removing the token from circulation. This process is accomplished by calling a specific function on the smart contract attached to the NFT. By burning the NFT, the user signals his intention to migrate the asset to the bitcoin network.
Furthermore, in order to claim the burned ETH and add the NFT to the bitcoin network, users must have authentic BRC-721E data imprinted on the bitcoin blockchain. This inscription process emphasizes encoding relevant information about NFTs onto bitcoin ordinals.
Notably, the BRC-721E standard defines a standardized interface for encoding and decoding this data, thereby enabling compatibility across the Ethereum and Bitcoin ecosystems.
Concept of bitcoin ordinals
BTC ordinals, a novel concept developed by the bitcoin community, allow direct embedding of data and instructions into the bitcoin blockchain. The concept uses the bitcoin scripting language to store metadata, making it possible to attach information to bitcoin transactions beyond just financial transactions.
As the NFT landscape continues to evolve, the integration of the Ethereum and Bitcoin ecosystems through the BRC-721E standard paves the way for further innovation and expansion that may also attract more mainstream innovators to the Web 3.0 world.
By allowing users to store and interact with NFTs on the bitcoin network, BTC Ordinals opens new avenues for improved security, wider market access, cross-chain interoperability and collaborative activities within the NFT ecosystem.
Notably, since its inception earlier this year, Bitcoin Ordinals has garnered a strong response from the crypto community. The demand for bitcoin ordinals has increased dramatically. according to recent reports, The total number of sequential inscriptions on the blockchain has passed the 10 million mark.
Benjamin Godfrey is a blockchain enthusiast and journalist who loves to write about real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies drives his contributions to well-known blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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