A groundbreaking blockchain token standard, introduced by Bitcoin Miladys, is radically transforming the world of non-fungible tokens (NFTs) by allowing traders to convert their Ethereum-based NFTs into Ordinals, or NFTs on the Bitcoin network. This revolutionary move, resulting from a collaboration between Bitcoin Miladys, Ordinals Market, and Bitcoin wallet Xverse, effectively builds a bridge between Ethereum and Bitcoin networks.
As per the Ordinals Market website, Ethereum-based NFT owners can burn their tokens, inscribing them onto a satoshi in the Bitcoin network. In turn, the tokens appear on a custom Ordinals Market collection page, complete with metadata. However, it is essential to mention that the initial metadata is not stored on-chain. The marketplace offers a range of options enabling on-chain previews of the NFTs, thus lending greater compatibility with existing wallets or marketplaces.
The impact of this innovative standard is already evident. Data from Dune Analytics reveals that Bitcoin Ordinals surged past an impressive 10 million inscriptions on Monday—a notable rise from 3 million inscriptions at the beginning of May. These statistics are remarkable, considering Ordinals have only been in existence since January.
Moreover, according to data platform CryptoSlam, Bitcoin climbed to the second position on the leaderboard for NFT trading volumes concerning networks last week, surpassing Solana and trailing just behind Ethereum. The growth demonstrates the potential of the new token standard and the lucrative opportunities it may hold for traders.
It is also worth mentioning the increasing support from NFT marketplaces for Ordinals. Binance NFT added support for Bitcoin NFTs earlier in the month, and, in March, Magic Eden opened an Ordinals marketplace to welcome creators to the burgeoning Bitcoin NFT ecosystem.
This exciting development raises important questions about the future direction of the NFT landscape. Will Ethereum manage to maintain its dominant position? Or will the new standard trigger an exodus to the Bitcoin network? The answers to these queries remain unseen; what is certain is that the BRC-721E token standard has opened up fascinating new horizons for NFT enthusiasts and traders alike.
Source: Coindesk
