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BRC-721E introduced a new token standard designed to facilitate the migration of NFTs from Ethereum to Bitcoin.
Recently, a novel token standard called BRC-721E was introduced to improve the versatility of bitcoin atomic numbers. This development aims to simplify the transfer of NFTs from the Ethereum blockchain to the Bitcoin blockchain.
In essence, the BRC-721E protocol facilitates the conversion of Ethereum’s ERC-721 NFTs into ordinals, unique entities that can embed text, images, and code into a single satoshi.
The creation of BRC-721E is a joint venture between NFT ensemble Milady Maker and Ordinals Market, an exchange dedicated to trading ordinals.
The new standard allows users to migrate their digital assets directly from the Ethereum blockchain to Bitcoin using a bridging contract that serves as an on-chain request for enlistment.
The NFTs are sent to a so-called burn address, making them obsolete on Ethereum but paving the way for subsequent engraving of the BRC-721E data on Bitcoin.
This “burn” mechanism initiates an on-chain enlistment request that scans through the Ethereum transaction data to detect and log any burns that have not yet been enlisted.
After a successful burning and enrollment phase, the migrated NFT will then be displayed on the Ordinals Market Collections page, including associated metadata.
Initially, the BRC-721E standard lacks the ability to store metadata directly on the Bitcoin network, but its developers envision a future where this capability could be integrated.
Milady Maker and Ordinals Market recognize the critical aspect of provenance in the NFT space and are proposing temporary solutions while the protocol matures.
Proposals include storing a simplified image version directly on the blockchain, merging BRC-721 and BRC-721E structures to provide on-chain data, and securing data directly on the blockchain in multiple components.
After its inauguration on January 21, the ordinal inscription protocol met with a positive response.
In fact, its advent was instrumental in the bitcoin network hitting a milestone for executing the maximum number of transactions in a single day, mostly due to ordinal numbers.
The Interchain Foundation and blockchain development company Bianjie have jointly launched the NFT token standard ICS-721 on Cosmos, which aims to improve interoperability between chains without requiring a bridge.
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