BRC-721E new standard for NFT migration from ETH to BTC
A new token standard, BRC-721E, has been introduced, designed to facilitate the migration of NFTs from Ethereum to Bitcoin.
A new token standard, known as BRC-721E, has recently been unveiled to improve the versatility of bitcoin ordinals. This development is designed to facilitate the transfer of NFTs from the Ethereum blockchain to the Bitcoin blockchain.
Essentially, the BRC-721E protocol facilitates the conversion of ethereum’s ERC-721 NFTs into ordinals, unique units that can embed text, images, and code on a solitary satoshi.
The launch of BRC-721E is a collective effort of the NFT ensemble Milady Maker and Ordinals Market, an exchange platform committed to the trading of ordinals.
The new standard works by enabling users to migrate their digital assets directly from the Ethereum blockchain to Bitcoin, using a bridge contract that acts as a request for on-chain inscription.
The NFTs are sent to a so-called burn address, thus rendering them obsolete on Ethereum, but paving the way for the subsequent engraving of the BRC-721E data on Bitcoin.
This “burn” mechanism initiates an enrollment request on the chain, which combs through Ethereum transaction data to detect and log any burns that have not yet been enrolled.
After a successful burning and enrollment phase, the migrated NFT appears on the Ordinals Market collection page, including its metadata.
The BRC-721E standard is initially unable to store metadata directly on the bitcoin network, but its creators envision a future where this feature can be incorporated.
Both Milady Maker and Ordinals Market, recognizing the critical aspect of provenance in NFTs, propose 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 deliver data on-chain, and securing data directly on the blockchain in multiple components.
Following its inauguration on 21 January, the Ordinal Inscriptions protocol has been met with positive feedback.
In fact, its emergence has largely contributed to the Bitcoin network achieving a milestone of performing the maximum number of transactions in a single day, largely attributed to word of mouth.
The Interchain Foundation and blockchain development firm Bianjie have jointly introduced the ICS-721 NFT token standard on the cosmos, which aims to increase interoperability across chains without the requirement of a bridge.