A groundbreaking blockchain token standard has been unveiled, enabling traders to transform their Ethereum-based NFTs into Bitcoin-based NFTs, known as Ordinals.
Bitcoin Miladys, the Bitcoin derivative of the well-liked Miladys NFT collection, launched the BRC-721E token standard on Monday, in partnership with Bitcoin-centric NFT marketplace Ordinals Market and Bitcoin wallet Xverse. This new standard is designed to establish a bridge between the Ethereum and Bitcoin networks, providing traders the capacity to switch their Ethereum-based ERC-721 NFTs into Bitcoin-based BRC-721E tokens.
As per the information on the Ordinals Market website, holders of Ethereum-based NFTs can burn their tokens and etch them onto a satoshi within the Bitcoin network. After this process, the tokens automatically surface on a customized Ordinals Market collection page, complete with comprehensive metadata.
It's important to highlight that, while the novel standard permits the conversion of ERC-721 NFTs into Ordinals NFTs, metadata is not initially stored on-chain. However, Ordinals Market offers various options enabling on-chain previews of the NFT, which can be exhibited in existing wallets or marketplaces.
Data from Dune Analytics reveals that Bitcoin Ordinals achieved over 10 million inscriptions on Monday, representing a significant increase from the 3 million inscriptions recorded in the initial week of May. Furthermore, last week Bitcoin ascended to the second place in terms of NFT trading volumes across networks, as reported by data platform CryptoSlam, outpacing Solana and only falling short of Ethereum.
Considering that Ordinals have been around only since January, this growth is quite impressive.