Since the inception of the digital asset industry, Ethereum has been the leading player in the NFT ecosystem. However, many competitive platforms have emerged over the past few years, with none able to displace Ethereum with its exciting product offerings.
With the numerous attempts to displace Ethereum as the indisputable leader in the NFT space becoming unsuccessful, Bitcoin is the next network to challenge ETH’s top spot. Despite being the most prominent crypto asset by market cap, Bitcoin occupies second place in the NFT market.
Nevertheless, the network is poised to challenge Ethereum’s extended dominance in non-fungible tokens (NFTs). The Bitcoin network has now enabled the migration of Ethereum NFT into its protocol to achieve its aim.
In a strategic partnership, Ordinals Market, the popular Bitcoin NFT marketplace, joined forces with the renowned NFT collection Miladys to unveil an innovative platform to achieve this purpose. Together, they introduced the BRC-721E standard that seamlessly enables users to transfer their ERC-721 NFTs to the Bitcoin ecosystem.
With the advent of this innovative platform, a transformative era is set to unfold, ushering in a paradigm shift within the NFT realm where Bitcoin could assert its dominance. Despite the ongoing development of the BRC-712E protocol, NFTs on the Bitcoin network have been on the rise at an astonishing pace.
Recent data from Dune Analytics reveals a remarkable surge, with users engraving more than ten million unique ordinals on the blockchain. These transactions have generated over $44 million in fees, representing an astounding 200% surge since the ordinals’ launch in May.
Such exponential growth underscores the zeal and enthusiasm surrounding Bitcoin-based NFTs in the broader cryptocurrency community.
How BRC-721E Works
The BRC-721E token standard is a transformative mechanism that offers a pioneering solution. It bridges the gap between the two major blockchain networks and empowers individuals to navigate the transition of their prized digital collectibles effortlessly.
Furthermore, the migration process involves users transferring their ERC-721 NFTs to a designated burn address, triggering an on-chain inscription request. The token standard will then encode the metadata directly onto a burn transaction and set a Bitcoin address to serve as the recipient of the inscription.
The BRC-721E protocol employs a distinct approach, which prevents it from storing metadata directly on the Bitcoin blockchain. Instead, it utilizes a burn transaction and an advanced indexing mechanism to establish a connection between the Bitcoin network and the original Ethereum NFT.
Migrating Ethereum NFTs To Bitcoin
Users must note that actions within the blockchain ecosystem are irreversible, owing to their immutable nature. Once a transaction is set, there exists no possibility to undo or alter it.
Therefore, exercising utmost caution and diligence is strongly recommended. Hence, it is crucial to double-check every aspect before proceeding with any permanent actions.
This prudent approach ensures data integrity and prevents unintended consequences within the blockchain ecosystem. With this in mind, the first step in migrating Ethereum NFTs to the Bitcoin network is for users to burn their ERC-721 NFT using a specific ETH call on the site.
To initiate the on-chain inscription request, users must substitute the ETH address mentioned with their address. They should replace the Token ID with the specific NFT’s token ID and provide their Bitcoin address as the receiving destination.
Upon successfully transferring the ERC-721 NFT to their designated burn address, the next crucial step involves inscribing the unique BRC-721E JSON code onto the Bitcoin blockchain. This process ensures that users seamlessly transition and claim their ETH NFT from the burn address on the Bitcoin network, solidifying the cross-chain integration of their digital assets.
Users must also ensure that they substitute the token_id and contract parameters with the corresponding values specific to their NFT. After inscribing the code, the bridged NFT will emerge on a dedicated collection page within a customized Ordinal marketplace.
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