Transfer your Ethereum NFTs to Bitcoin with new token standard
Bitcoin Ordinals have gained new utility with the introduction of a new token standard that aims to facilitate the migration of Ethereum-based NFTs to Bitcoin.
Called BRC-721E, the new standard allows the transformation of Ethereum’s ERC-721 NFTs into Ordinals – allowing text, images and code to be “written” on a single satoshi.
In other words, users can send their favorite digital collectibles straight to Bitcoin from Ethereum by initiating a bridge contract that acts as a single on-chain enrollment request.
The BRC-721E is a collaboration between NFT collection Milady Maker and Ordinals Market — a marketplace dedicated to buying and selling Ordinals.
The process involves transferring a user’s NFT to a burn address, effectively rendering their NFT useless on Ethereum thereafter. Once burned, users can enter valid BRC-721E data on Bitcoin.
The burning process requests an enrollment request on the chain where Ethereum transaction data is then analyzed to find and record any unenrolled burns, according to the marketplace’s website.
After a successful burn and inscription, the migrated NFT appears on the Ordinals Market collection page with associated metadata.
While the BRC-721E standard does not initially store metadata directly on the Bitcoin network, it has the capacity to change and evolve over time, its creators said.
Nevertheless, the point about NFT’s provenance is important. As such, Milady Maker and Ordinals Market offer solutions while the protocol adapts.
According to the creators, it involves either:
- Preserve a less detailed version of the image directly on the blockchain, and include a link to the original Ethereum token in the primary image data
- Using a combined structure of BRC-721 and BRC-721E to provide information in the chain, complete with evidence of the asset’s “burning” or transfer process
- Store data with multiple components directly on the blockchain, where one of those components is a valid BRC-721E JSON format data
- Exploitation of established methods such as “teleburn”, which requires users to register information in advance and send it to an unconventional “burn” address
In other words, these strategies suggest ways to embed lower-quality images and key information about digital items into Bitcoin’s public ledger, attempting to enhance their accessibility and visibility while preserving a link to their original details.
BRC-721E’s execution follows the Jan. 21 launch of the Ordinal Inscriptions protocol amid fanfare, which sought to introduce digital art use cases for the first time to the aging Bitcoin network.
The approach has been well received so far. Earlier this month, the Bitcoin network broke a record by processing the highest number of transactions in a single day, largely due to Ordinals.
Others are still trying to emulate this success across different blockchains.
Last week, Interchain Foundation in partnership with blockchain development company Bianjie introduced the ICS-721 NFT token standard on Cosmos. The hope is that the application will improve interoperability across chains without the need for a bridge.
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