Another day, another exciting development in the world of Ordinals. NFT collection, Bitcoin Miladys, in collaboration with Ordinals Market and Xverse, has introduced the BRC-721E token standard.
Let’s delve into what BRC-721E is, explore its differences from native ordinals, and understand the bridging process.
What Is BRC-721E?
BRC-721E acts as a bridge, enabling a seamless transition of ERC-721 NFTs from Ethereum to the Bitcoin network. The process involves sending the ERC-721 token to a burn address, effectively removing it from Ethereum, and then inscribing the NFT onto the Bitcoin network.
Once this bridging process is complete, users can view the NFT and its metadata on the ordinals.market website, facilitating buying and selling of these bridged assets.
Previously, migrating NFTs from Ethereum to Bitcoin presented challenges due to the complexity of the process. It required users to navigate through risky and unfamiliar procedures. However, the introduction of the BRC-721E token standard simplifies this migration a great deal.
What Are The Key Differences of BRC-721E?
You may be wondering how this new standard differs from standard ordinal inscriptions, or the more recently introduced BRC-20 tokens you’ve seen being talked about. These are the key differences:
- Native Ordinals. Native Ordinals NFT store images for each token, which can result in high minting fees and – as we’ve seen during the more manic periods of inscribing – take up a significant amount of Bitcoin network space. In contrast, BRC-721E only needs to save the image once during deployment, reducing minting fees and network space usage. Moreover, BRC-721E allows storing images off-chain using services like IPFS, which saves Bitcoin space and offers flexibility in token attributes.
- BRC-20 Tokens. BRC-721E and BRC-20 serve different token types. BRC-721E is designed for NFTs, while BRC-20 is used for fungible tokens. Unlike BRC-20, which requires an inscription to be minted before transferring, BRC-721E leverages ordinals inscriptions for direct transfers, which again reduces costs.
How To Bridge
Full instructions can be found at https://www.bitcoinmiladys.com/bridge. However, in a nutshell, the process is relatively straightforward and does not demand extensive technical knowledge:
- Create a Bitcoin wallet at Xverse
- Copy your Ordinals & BRC-20 Tokens wallet address from the “Receive” option in your Xverse wallet
- Submit the copied address on the bridging page’s form
- Refresh the page
- Input the ID of the Bitcoin Milady and commence the burning of the ERC-721 version
Essentially, this is the extent of the process – making it significantly easier to bridge than previous methods such as using Emblem Vault – which you can view here.
It’s important to note that once you have bridged to Bitcoin, that’s that. There is no reversal of the process, so bear that in mind if you decide to become a bridgooor.
The big takeaway from this development is it opens up a new gateway for users to undertake previously complicated and risky actions with far greater ease. Although the standard is still in its infancy, with such issues involved as bridging potentially taking days to complete, there’s no doubt that over time the functionality, speed and user experience will only continue to improve.
Navigating NFTs on Bitcoin has been a point of friction for the broader market, leading many to stick with the familiarity of Ethereum until Bitcoin’s infrastructure is further developed. However, with the introduction of the innovative BRC-721E standard, we have yet again seen a clear indication of rapid infrastructure expansion that has become synonymous with the Ordinals space in it’s short existence.
The market generally rewards the early adopters, but with this news plus giants such as Binance publicly declaring their interest in Ordinals, it begs the question of how much longer the early adopter phase will last.
- Bitcoin Miladys Twitter: https://twitter.com/BitcoinMiladys
- Bitcoin Miladys ETH: https://blur.io/collection/bitcoin-miladys
- Bitcoin Miladys BTC: https://ordinals.market/collection/ordinals/bitcoin-miladys
- Bitcoin Miladys Website: https://www.bitcoinmiladys.com/
- Xverse Twitter: https://twitter.com/xverseApp
- Xverse Website: https://www.xverse.app/
- Ordinals Market Twitter: https://twitter.com/OrdinalsMarket_
- Ordinals Market Website: https://ordinals.market/
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