Quick take:
- Three companies have teamed up to bring Ethereum NFTs to Bitcoin.
- The Miladys NFT collection, Ordinals Market and Xverse Bitcoin Wallet on Monday launched the BRC-721E Standard.
- This standard allows ERC-721 NFT holders to inscribe their NFTs on the Bitcoin blockchain.
The Miladys NFT collection, Ordinals Market and Xverse Bitcoin Wallet, three Ordinals-based projects have teamed up to launch the BRC-721E token standard. The new standard allows individual ERC-721 NFT holders to inscribe their NFTs on the Bitcoin blockchain.
Bitcoin Ordinals have become some of the most popular NFTs amid the bear market. Since launching in January 2023, more than 10.2 million NFTs have been inscribed on Ordinals.
Subsequently, the fees spent inscribing have risen to about $44.2 million cumulatively, after spiking earlier this month after Binance launched its marketplace for Bitcoin NFTs.
Previously, Solana-based NFT marketplace Magic Eden also launched its Ordinals NFT marketplace, expanding its multichain ecosystem to the Bitcoin blockchain, while leading NFT company Yuga Labs jumped on the Bitcoin NFT train with a limited edition TwleveFold NFT collection, which raised $16.5 million from the auction.
NFTs on Ordinals marketplaces use the BRC_20 token standard, which allows token transfers between buyers and sellers within the Ordinals network.
However, with the BRC-721E standard individuals will be able to transfer their ERC-721 tokens to Ordinals. The migration process starts by permanently burning ERC-721 tokens on Ethereum, making it irreversible. It concludes with users reclaiming the recreated version of the tokens on Bitcoin as BRC-721E.
Burned NFTs appear on marketplaces automatically and traders can inscribe as few as 100 bytes (JSON) when fees are low.
The Bitcoin Miladys NFT collection has 91 items listed on Ordinals while the original ETH version on OpenSea indicates it is comprised of 10,000 generative PFP NFTs.
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