A tri-part collaboration between Bitcoin Miladys, Ordinals Market, and XVerse, you can now bridge ERC-721 NFTs to Bitcoin.

What is BRC-721E?

A new Bitcoin token standard that allows you to convert Ethereum-based NFTs onto Bitcoin. ERC-721 to Ordinals.

kiwidream.eth

@kiwi_dream

Time for a brand new protocol.

Permissionless bridging from ETH to BTC
Instantly listed on marketplaces once inscribed
Cost efficient for large collections
From the minds of @OrdinalsMarket_ and @BitcoinMiladys

Introducing BRC-721E

757

3:28 PM • May 29, 2023

How does this work?

1. Transfer your NFT to a burn address (this NFT will no longer exist on Ethereum)

2. This call acts as an on-chain inscription request

3. After burn, BRC-721E data gets inscribed onto a satoshi on the Bitcoin network

4. Collections that bridge using BRC-721E automatically appear on Ordinals Marketplace

Where is the metadata stored?

None of the metadata is actually stored onchain.

Right now, you can only see onchain previews of your NFTs, by:

• Storing a lower quality preview image onchain

• Combining BRC-721 and BRC-721E to supply onchain data

• Store multipart data onchain

• Use teleburn (inscribing in advance)

vectorized.eth

@optimizoor

It’s basically trading receipts for jpegs on BTC.

17

4:51 AM • May 30, 2023

pleurer.eth⚡️

@PleurerP

Interesting idea. If the image is ultimately on an ipfs, it now has three points of failure rather than two (BTC, ETH, and three ipfs).

How is this superior than having an NFT directly on ETH?

10

7:33 PM • May 29, 2023

Some news & updates:

🤑 Crypto

☀️ Tether sets aside funds for Bitcoin mining in Uruguay

🇨🇳 Beijing publishes Web3 innovation and development whitepaper

🇯🇵 Binance Japan prepares launch of regulated subsidiary

🖼️NFTs

🦉 Moonbird partners with Spotify to offer token-gated playlists integration 🤝 Binance launches NFT loan service 👠 Paris Hilton NFT collection launches today

We saw the explosion of BRC-20, wizards at BTC Miami, and even DeGods on the orange chain. Is Bitcoin finally moving beyond its status as digital gold?

What I find interesting about this recent explosive interest is that it parallels to what had propelled Ethereum into mainstream consciousness: NFTs.

Just as CryptoKitties, BAYC, and Punks allowed NFTs to become a household term, Ordinals are once again ushering Bitcoin into the limelight. Love them or hate them, NFTs are the most important drivers in crypto interest and awareness.

Ordinals vs Inscriptions

Until 2023, Bitcoin NFTs weren’t really a thing. This all changed when software engineer casey Rodarmor launched the ordinals protocol, which enables users to inscribe up to 4 MB of data onto a Bitcoin block (originally 1 MB).

Using Ordinal Theory, a way to number each individual satoshi (smallest individual unit of Bitcoin), users can now create Bitcoin NFTs. The contents within these Ordinals are known as inscriptions, which can be an image, audio, text, etc.

BRC-20

Similarly to how Ordinal Theory enables JPEGs, video, or audio to be inscribed to satoshis, so are BRC-20 tokens. An anon developer launched this new experimental token standard on March 9, 2023. A sharp contrast to other popular EVM chains is BRC-20 does not require smart contracts. Instead, users store a JSON script file on Bitcoin, which assign token to individual satoshis.

Although they are easier to create on the Bitcoin blockchain, they are more limited than ERC-20 tokens, which pack in greater programmability.

Bitcoin NFTs vs Ethereum NFTs

There are three important distinctions between Ordinals NFTs and Ethereum NFTs:

Data Storage

Due to block size limits and blockchain storage limits, most NFT metadata is stored either on centralized servers (e.g AWS) or distributed storage systems like IPFS. Ordinals data are stored fully on-chain, which leads us to the second point and third point

Immutability

Once inscribed, Ordinals are immutable. This means users cannot go back and tamper with metadata - what the NFT looks like during inscription will remain the same forever.

No Smart Contracts

In Ethereum, NFTs are created via deploying smart contracts. There’s also dynamic NFTs (ERC-1155), which allow for changes in NFTs (appearance, behaviors, etc) in response to external events and embedded code in the smart contracts.

There’s also been arguments that because Ordinals do not use smart contracts, users are not exposed to smart contract vulnerabilities and hacks:

trevor.btc

@TO

Ordinal Inscriptions & BRC-20s

Are digital assets without smart contracts

The benefit is you don’t need a smart contract and you can’t get rugged by a smart contract

193

8:27 PM • May 17, 2023

In the next article, we look at how to inscribe an Ordinal and some trending Bitcoin Ordinals in the current market.