BRC-721E: Convert Ethereum NFT to Bitcoin NFT | coindesk JAPAN | Coindesk Japan

A new blockchain token standard, BRC-721E, has made it possible to convert Ethereum-based NFTs to Bitcoin NFTs.

Our #Bitcoin Ordinals bridge is now live

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

— Bitcoin Miladys (@Bitcoin Miladys) May 29, 2023

On May 29, Bitcoin Miladys (the Bitcoin version of the popular NFT collection “Miladys”) collaborated with the Bitcoin-based NFT marketplace “Ordinals Market” and Bitcoin wallet “Xverse” to launch a new standard “BRC- 721E” was introduced.

BRC-721E will act as a bridge between the Ethereum blockchain and the Bitcoin blockchain, allowing traders to convert NFTs based on the ERC-721 standard to the BRC-721E standard on the Bitcoin blockchain. ing.

According to Ordinals Market, holders of Ethereum-based NFTs can burn their NFTs and write them to Satoshi on the Bitcoin blockchain. Once written, it will appear on a dedicated page on the Ordinals Market.

According to Dune Analytics, Ordinals, or so-called Bitcoin NFTs, surpassed 10 million on the 29th, up from 3 million reported in the first week of May. According to data platform CryptoSlam, bitcoin surpassed Solana in NFT trading volume last week to move into second place behind Ethereum. Considering the Ordinal protocol came out in January, the growth rate is amazing.

More recently, multiple NFT marketplaces have started supporting Bitcoin NFTs. Binance NFT earlier this month and Magic Eden already supported Bitcoin NFT in March.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Ordinals Protocol
｜Original: BRC-721E Token Standard Converts Ethereum NFTs to Bitcoin NFTs