Ethereum NFTs can now bridge to Bitcoin with the launch of the BRC-721E standard Bitcoin BTC nonfungibletoken
- The Ordinals Protocol continues to shake up the non-fungible token landscape as the layer-two solution enabling decentralized storage of digital art on the Bitcoin blockchain has launched the BRC-721E standard, which allows users to migrate Ethereum ERC-721-based NFTs to the Bitcoin blockchain.
In order to claim the ETH burn on Bitcoin, valid BRC-721E data must be inscribed on a satoshi, after which the bridged NFT will appear on a custom Ordinals market collection page with complete metadata. The indexers that check NFT data inscriptions are responsible for: “finding syntactically valid inscriptions for BRC-721E, ensuring that no more than one inscription is valid for a token, verifying that the last transfer of the referenced NFT was to a burn address, verifying that the genesis address for the inscription matches the burn [transaction] calldata, and obtaining and archiving an instance of ETH metadata needed to present that inscription,” the website said.
While many in the community are excited about this newest development, some Bitcoin advocates have criticized the inscription of assets on the network for being inefficient and wasteful, especially when it comes to block space and transaction fees.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin Ordinals reaches milestone with BRC-20, but…Once criticized as a hindrance to Bitcoin's fundamentals, Ordinals are now thriving with increasing adoption. How about BRC-20 tokens?
Read more »
Dogecoin transaction count blasts past Bitcoin, EthereumDogecoin, once again, shot Bitcoin out of limelight in terms of transactions. Ethereum also fell behind, but development within the memecoin's network hasn't been splendid.
Read more »
Can BTC see recovery in June as the BRC-20 frenzy runs out of steamThe excitement that previously surrounded the BRC-20 token standard, especially Bitcoin ordinal inscriptions has since died down. Bitcoin miner revenue shrunk in the last few days as a consequence.
Read more »
Ethereum: Investors, know this before FOMO kicks in!Ethereum's recent upside has not managed to push out of the narrow 2-week price range, hence underscoring weak prevailing demand.
Read more »
Ethereum: Bulls focused on flipping $1845 to supportETH bulls gained more upper hand after clearing a key roadblock. However, there is one more obstacle to go.
Read more »
Ethereum and Lido Finance lead in revenue generation as prices…Ethereum and Lido Finance soar as revenue juggernauts, amassing millions while influencing DeFi's Total Value Locked. Price trends paint a good picture, fueling their triumph.
Read more »