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 even attract more top innovators to the world of Web 3.0.
The recent introduction of Bitcoin (BTC) ordinals and the presentation of the BRC-721E protocol is managed in bridging the gap between Bitcoin and Ethereum (ETH), particularly in the field of non-fungible tokens (NFTs). The BRC-721E standard, jointly launched by the Ordinals marketplace and the Bitcoin Miladys NFT collection, now reportedly serves as a crucial bridge between Ethereum NFTs and Ordinals.
Through the BRC-721E protocol, cryptocurrency traders will be able to move their Ethereum-based NFTs onto the Bitcoin blockchain. Furthermore, it will enable the translation of immutable and verifiable ERC-721 NFTs to the Ordinals format, allowing users to store and interact with NFTs on the Bitcoin network.
The conversion of ERC-721 NFTs to the Ordinals format is a huge step forward in the integration of 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, which were previously connected with Ethereum, into a format that can be stored and used on the Bitcoin network.
In particular, the migration process begins with the burning of 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 in the smart contract associated with the NFT. By burning the NFT, the user signals the 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 need to register authentic BRC-721E data on the Bitcoin blockchain. This registration process involves encoding the relevant information about the NFT into Bitcoin Ordinals.
Surprisingly, the BRC-721E standard defines a standardized interface for encoding and decoding this data, allowing for compatibility between the Ethereum and Bitcoin ecosystems.
The concept of Bitcoin ordinals
BTC Ordinals, a novel concept developed by the Bitcoin community, allows for direct input of data and instructions into the Bitcoin blockchain. This concept uses the Bitcoin scripting language to store metadata, allowing information to be attached to Bitcoin transactions beyond mere 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 even attract more top innovators to the world of Web 3.0.
By allowing users to store and interact with NFTs on the Bitcoin network, BTC Ordinals open up new avenues for improved security, broader market reach, cross-chain interoperability, and collaborative activities within the NFT ecosystem.
Notably, since its creation earlier this year, Bitcoin Ordinals has garnered a strong response from the crypto community. The demand for Bitcoin Ordinals has increased dramatically. According to a recent report, the total number of ordinal signups on the blockchain has passed the 10 million mark.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about the real-life applications of blockchain technology and innovations to drive mainstream acceptance and global integration of emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based sites and media. Benjamin Godfrey is a lover of sports and agriculture.
