The Ordinals Market and Bitcoin Miladys teams jointly introduced the BRC-721E standard, which enables migration NFT to ERC-721 in a Bitcoin-based protocol.
Our #Bitcoin Ordinals bridge is now live?
In collaboration with @OrdinalsMarket_ & @xverseApp?
Bridge: https://t.co/T9UhTNVp4W
New token standard: https://t.co/YDERWSPPfa
Marketplace: https://t.co/UTzAzBsO9P
Let’s take over #Bitcoin! pic.twitter.com/Ki9dGfxuuJ
— Bitcoin Miladys???? (@BitcoinMiladys) May 29, 2023
When using the solution, collectible Ethereum assets appear automatically on the Ordinals marketplace.
“A simple protocol that allows ERC-721 NFTs to migrate to Bitcoin on their own schedule, without inscribing an entire collection beforehand. BRC-721E encodes data directly into the burn TX which nominates a Bitcoin address to receive an inscription,”
— explained one of the Ordinals Market developers, kiwidream.eth.
?What is this??
A simple protocol which allows ERC-721 NFTs to migrate to Bitcoin on their own schedule, without inscribing an entire collection beforehand.
BRC-721E encodes data directly into the burn TX which nominates a Bitcoin address to receive an inscription.
— kiwidream.eth (@kiwi_dream) May 29, 2023
He added that indexers significantly reduce the cost of storing data on the network while preserving the quality of the original image.
Bitcoin Miladys said they were the first to use the NFT bridge.
We’re the first first brc-721e
Forever
That’s actually quite historic
As a result, on Ordinals Market a Milady collection of 56 tokens appeared. The minimum base price of the assets stands at 0.0141 BTC — about $393 at the time of writing. The maximum value of the metric reaches 1.725 BTC (~$48 053)
Meanwhile the number of NFTs on the Bitcoin blockchain, issued via the Ordinals protocol, reached 10,141,434. More than 80% of them are linked to the BRC-20 standard.
Earlier in May, Elon Musk pumped the Milady Ethereum collection, posting a meme image on Twitter.