thecoinrepublic.com
- 1 With the launch of BRC-721E, Bitcoin Ordinals will facilitate NFT transfer on the Blockchain.
- 2 Ordinals was launched in January 2023, and inscriptions crossed the 10 Million mark recently.
Bitcoin Ordinals, launched in January 2023, is now bridging with Ethereum NFTs with the launch of the newest layer two solutions, BRC-721E. Casey Rodarmor launched the standard intending to create an immutable on-chain presence for a piece of text, video, or art.
Our #Bitcoin Ordinals bridge is now live🌉
— Bitcoin Miladys💞🍊💫🌸 (@BitcoinMiladys) May 29, 2023
In collaboration with @OrdinalsMarket_ & @xverseApp🧡
Bridge: https://t.co/T9UhTNVp4W
New token standard: https://t.co/YDERWSPPfa
Marketplace: https://t.co/UTzAzBsO9P
Let’s take over #Bitcoin! pic.twitter.com/Ki9dGfxuuJ
Ordinals hiked six weeks after its creation in February 2023. However, this exciting feature has received mixed reviews among the community members.
Bitcoin Ordinals Creating a Bride for Ethereum NFTs Transfer
The inception of ordinals was with a pixel art of a skull inscribed by the Ordinal’s creator on December 14, 2022. Theoretically, they are concerned with satoshis, the smallest unit of BTC. 1 satoshi equals 0.00000001 BTC. This representation allows each inscription to have a unique identity. Helping them to be tracked, transferred, and instill meaning.
With the launch of the BRC-721E standard, the Ordinals would allow users to migrate their Ethereum ERC-721-based Non-Fungible Tokens (NFTs). The standard was jointly launched by the Ordinals-based marketplace called Ordinals and an NFT collection known as Bitcoin Milady.
During the conversion process, initially, the metadata is not stored on-chain, and the users could keep a low-quality preview image while adding the reference to ETH burn in the raw image data. The migration is initiated by burning ERC-721 NFT with the ETH call function.
It is well known that burning is an irreversible process in the crypto industry. It also acts as a non-chain inscription method. To claim the ETH burn on the BTC blockchain, the user must first inscribe valid BRC-721E Data. After this step is completed, the bridge NFT will appear on the customized Ordinals market collection page with a complete set of metadata.
The indexes would then be with the burned NFT data inscription ensuring that the token has one and only one valid inscription. Also, the Genesis address is matched with the burn transaction call data. A step is essential in ensuring data integrity and authentication.
The Ordinals market claims that BRC-721E’s fundamental principles and underlying flexibility facilitate the evolution of standards over time. This claim is even though the metadata of transferred NFT is not initially stored on data.
On March 8, 2023, a new BRT-20 tokens standard was introduced as an experimental standard for fungible tokens designed explicitly for the Blockchain. The unique combination of BRC-20 standards and Ordinals opened new avenues for minting tokens on the world’s biggest Blockchain.
Since then, the community has witnessed the emergence of many popular BRC-20 tokens like Ordinals (ORDI), Pepe Coin (PEPE), and Vmpx (VMPX). The number of tokens skyrocketed from a few hundred in the first week to over 8.4 Million at press time.
Mixed Reviews from the Community
The advent of ordinals garnered mixed reviews from the community. This would open new horizons for the Blockchain by increasing the use cases and fueling the rally. While clothes criticized the method, arguing it to be wasteful and insufficient.
I haven't been able to give ord the attention it deserves, so I am pleased to announce that @raphjaph has agreed to step up as lead maintainer!
— Casey (@rodarmor) May 28, 2023
Raph is an impoverished student, and his work on ord will be entirely funded by donations. If you can, please consider donating!…
On May 28, 2023, Ordinals creator Casey Rodarmor announced on Twitter about stepping down as the project’s caretaker. However, the number of ordinal inscriptions surpassed the 10 Million mark days after his descent. Also, the sharp increase in this activity caused the BTC transaction fees to reach a multi-year high.
It also caused network congestion as multiple users lined up to gush Bitcoins into Minting new tokens via Ordinals inscription.