What if I say you can now migrate your Ethereum ERC-721-based nonfungible tokens (NFTs) to the Bitcoin blockchain? Yes, this is now possible with the launch of the latest token standard and layer two solution- BRC-721E token. This will allow the conversion of immutable, verifiable ERC-721 NFTs to Ordinals.
Ordinals are referred to as satoshis which is simply the smallest unit of BTC (i.e. 1 Satoshi= 0.0000001 BTC).
However, before we delve deeper into this, let’s understand what is the ERC-721 token standard, the emergence of BRC-721E along with the need for Bitcoin ordinals!
ERC-721 is a non-fungible token (NFT) standard on the Ethereum blockchain that was created in 2018. It defines a set of rules for creating and managing NFTs, such as how they are minted, transferred, and tracked. ERC-721 tokens are unique and cannot be replaced by another token of the same type. This makes them ideal for representing digital assets such as collectibles, art, and in-game items.
ERC-721 is a more complex standard than the ERC-20 standard for fungible tokens, such as ETH. This is because NFTs need to be able to track ownership and uniqueness. ERC-721 tokens are also more expensive to mint and transfer than ERC-20 tokens.
Despite the higher costs, ERC-721 has become the de facto standard for NFTs. This is because it offers a number of advantages over other standards, such as:
As the NFT market continues to grow, ERC-721 is likely to become even more popular. It is the standard that most NFT projects use, and it offers a number of advantages over other standards.
Here are some examples of ERC-721 tokens:
These are just a few examples of the many ERC-721 tokens that are available. As the NFT market continues to grow, we can expect to see even more ERC-721 tokens being created.
Bitcoin Ordinals is a new layer-2 concept enabling individuals to store digital art on the Bitcoin blockchain. They allow users to attach arbitrary data to individual satoshis, the smallest unit of Bitcoin currency. This data can be anything, such as images, videos, or text.
The platform has recently launched the BRC-721E token standard, which enables the migration of Ethereum NFTs to Bitcoin Ordinals. We’ll understand the details about the BRC-721E token standard below.
The BRC-721E standard is a token standard that is compatible with both the Ethereum and Bitcoin blockchains where users can mint BRC-721E tokens on Ethereum and then bridge them to Bitcoin Ordinals. Once the tokens have been bridged, they will be stored on the Bitcoin blockchain and will be accessible to Bitcoin Ordinals users.
BRC-721E is a token standard that allows users to transfer their Ethereum NFTs to the Bitcoin blockchain. It was created by Ordinals Market and Bitcoin Miladys NFT Collection. The BRC-721E token standard is a significant development for the NFT space. It allows users to access the security and reliability of the Bitcoin blockchain while also enjoying the benefits of the Ethereum NFT ecosystem.
The BRC-721E protocol is a significant development for the NFT space. It allows users to access the security and reliability of the Bitcoin blockchain while also enjoying the benefits of the Ethereum NFT ecosystem.
The BRC-721E standard works by using a process called “burning.” When a user mints a BRC-721E token on Ethereum, the token is burned on the Ethereum blockchain. The burning process is irreversible and ensures that the token cannot be double-spent.
Once the token has been burned, it is then minted on the Bitcoin blockchain. The minting process is done by using a Bitcoin Ordinals node. The node will create a new Bitcoin Ordinals address for the user and then mint the BRC-721E token on that address.
The BRC-721E token will be stored on the Bitcoin blockchain and will be accessible to Bitcoin Ordinals users. Users will be able to view, transfer, and sell their BRC-721E tokens on the Bitcoin Ordinals marketplace.
BRC-721E token standard is a significant development for the NFT space and is likely to have a major impact on the NFT market.
The BRC-721E protocol offers a number of benefits for users. These benefits include:
These are just a few of the potential use cases for Bitcoin Ordinals. As the technology continues to develop, we can expect to see even more innovative and exciting applications for Bitcoin Ordinals.
As Bitcoin ordinals continue to develop, we can expect to see them used in even more innovative and exciting ways. They have the potential to revolutionize the way we use Bitcoin and the way we interact with the world around us.
Overall, the future of Bitcoin ordinals is promising. If this technology can be adopted by a wide range of users and developers, this will simply transform the way we store data, create digital assets, and develop financial applications.
Become an early adopter of the BRC-721E token standard and leverage it into your business now. Antier can be your digital partner in this journey. Book a free consultation now.
