BRC-721E standard bridges Ethereum NFTs and Bitcoin ordinals

The recent introduction of Bitcoin (BTC) Ordinals and the unveiling of the BRC-721E protocol aim to connect Bitcoin and Ethereum (ETH), particularly in the field of Non-Fungible Tokens (NFTs). The BRC-721E standard, jointly launched by the Ordinals market and the Bitcoin Miladys NFT collection, serves as a crucial bridge between Ethereum NFTs and Ordinals.

With the BRC-721E protocol, crypto traders can move their Ethereum-based NFTs to the Bitcoin blockchain. It also enables the translation of immutable and verifiable ERC-721 NFTs to the Ordinals format, allowing users to store and interact with NFTs on the Bitcoin network.

The conversion of ERC-721 NFTs to the Ordinals format is a huge step forward in integrating Ethereum-based NFTs with the Bitcoin network. Previously, these two blockchain ecosystems operated separately, limiting the opportunities for cross-chain NFT interactions.

To migrate the asset to the Bitcoin network, the user must burn the ERC-721 NFTs on the Ethereum network. This process is accomplished by calling a specific function on the smart contract associated with the NFT. The user then inscribes authentic BRC-721E data on the Bitcoin blockchain to claim the burned ETH and add the NFT to the Bitcoin network.

The BRC-721E standard defines a standardized interface for encoding and decoding this data, enabling compatibility across the Ethereum and Bitcoin ecosystems.

The Concept of Bitcoin Ordinals

BTC Ordinals is a novel concept developed by the Bitcoin community, allowing for the direct embedding of data and instructions into the Bitcoin blockchain. This concept utilizes the Bitcoin scripting language to store metadata, making it possible to attach information to Bitcoin transactions beyond mere financial transactions.

The integration of Ethereum and Bitcoin ecosystems through the BRC-721E standard paves the way for further innovation and expansion in the NFT landscape, attracting more mainstream innovators into the Web 3.0 world.

By allowing users to store and interact with NFTs on the Bitcoin network, BTC Ordinals open up new avenues for improved security, wider market reach, cross-chain interoperability, and collaborative activities within the NFT ecosystem.

The demand for Bitcoin Ordinals has increased dramatically since its inception earlier this year, with the total number of ordinal inscriptions on the blockchain surpassing the 10 million mark, according to a recent report.