A week after the Ethscriptions protocol launched on Ethereum to issue digital artefacts in the Bitcoin Ordinals mould, trading volume of assets exceeded 560 ETH (~$1m), according to OpenSea.
Launched on June 19 by the co-founder and former CEO of the online music encyclopedia Genius, Tom Lehman, the protocol provides the ability to record arbitrary files on the Ethereum blockchain, which could serve as an alternative to the conventional NFT standard ERC-721.
According to the creator, the launch was successful — in under 18 hours nearly 30,000 Ethscriptions were created, including a copy of the popular NFT collection CryptoPunks.
Some of these assets are listed on marketplaces at the top quotes. However the best bid from buyers stands at 0.0075 ETH, and the average base price is 0.013 ETH.
Leman used a calldata storage in the EVM, which sends data via a call to a smart contract or a transaction. The protocol’s creator believes Ethscriptions offer an economically efficient alternative to the ERC-721 NFT standard.
Why Does The World Need Ethscriptions?
First, let’s discuss why the world needs Ethereum. Ethereum is a cloud computing platform like AWS; however, while AWS is controlled by Amazon, Ethereum is decentralized and controlled by no one.
The world needs Ethereum not because AWS is…
— Middlemarch (@dumbnamenumbers) June 20, 2023
Why do I believe Ethscriptions will eclipse NFTs? Because NFTs are only for rich people and Ethscriptions are for everyone!
Why do I believe Ethscriptions will eclipse NFTs?
Because NFTs are only for rich people and Ethscriptions are for everyone!
When was the last time you used your NFT as collateral for a loan?
Probably never!
Why pay extra for tech you do not need?
— Middlemarch (@dumbnamenumbers) June 26, 2023
According to the dashboard on Dune Analystics, the trading volume of original CryptoPunks over the last seven days was almost $1.65m. During this period only on OpenSea did NFT trades exceed $26.29m; on Blur the figure reached about $124.5m.
ERC-721 tokens account for more than 98% of total trading volume in the segment.
In May, developers of Ordinals Market and Bitcoin Miladys introduced the BRC-721E standard, which provides migration of Ethereum NFT to ERC-721 on a Bitcoin-based protocol.