Developers launch NFT conversion feature from Ethereum to Bitcoin
The new mechanism can also be used to conduct airdrops
30.05.2023 - 10:45
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What’s new? The Ordinals Market, in collaboration with the developers of the MiladyNFT collection, has announced the launch of the BRC-721E standard, as well as a bridge for moving non-fungible tokens from the Ethereum blockchain to the bitcoin network. The bridge allows users to convert ERC-721 standard assets into Ordinals, while automatically placing collections on the marketplace. The new standard encodes data directly into a transaction that assigns an address to receive an NFT and dynamically collects all metadata. The mechanism can also be used to perform airdrops.
Time for a brand new protocol.👉 Permissionless bridging from ETH to BTC👉 Instantly listed on marketplaces once inscribed👉 Cost efficient for large collections👉 From the minds of @OrdinalsMarket_ and @BitcoinMiladysIntroducing BRC-721E 🥝🧵 pic.twitter.com/J50MagEVi3
— kiwidream.eth (@kiwi_dream) May 29, 2023
The BRC-20 standard and the Ordinals protocol allow Bitcoin-based fungible and non-fungible tokens (NFTs) to be issued. With Ordinals, launched in early 2023, one can tie data/digital assets/NFTs to satoshi, the smallest fractional part of BTC (0,00000001 part of the coin). Bitcoin-NFTs are also called inscriptions.
What happened before? On May 18, the daily trading volume of the Bitcoin Frogs NFT collection on the Bitcoin network amounted to $2,23 million, with more than 600 transactions made with the assets.
Later, former MicroStrategy CEO Michael Saylor noted that the first instances of the BRC-20 standard could be seen as the issuance of unregistered securities. In this, he assessed Ordinals as a positive phenomenon on the Bitcoin network.
Binance will add support for NFTs on the bitcoin blockchain
To trade tokens will be possible to use accounts on the exchange
On May 25, the US company Stably launched the Stably USD stablecoin based on the BRC-20 standard and the Ordinals protocol on the Bitcoin network. The asset with the symbol #USD is backed by the US dollar at a 1:1 ratio, its reserves are deposited with a regulated US bank and will be audited monthly by a third-party company.
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