Ordinals Market, XVerse and Bitcoin Miladys Team Up to Launch BRC-721E Token Standard
In Brief
Ordinals Market, Xverse, and Bitcoin Miladys team up to launch the new BRC-721E token standard which will allow people to migrate their ERC-721 NFTs to Ordinals on Bitcoin.
Ordinals Market, Xverse, and Bitcoin Miladys – the Bitcoin-based derivative of the popular Miladys NFT collection – have teamed up to launch the new BRC-721E token standard. It is a Bitcoin Ordinals bridge that allows people to migrate their ERC-721 NFTs to Ordinals on Bitcoin. Miladys were the first to bridge their ETH NFT collection to Bitcoin using the new token standard.
Instructions for bridging are provided on the Ornidals Market website. Ethereum NFT holders can burn their ERC-721 NFT to make an on-chain inscription request. To claim their ETH burn on Bitcoin, indexers would have to inscribe the valid BRC-721E JSON (JavaScript Object Notation) provided. It’s a one-way bridge, meaning those who burned their Ethereum NFT to inscribe it on Bitcoin cannot undo the action and get their NFT back.
Once inscribed, bridged NFTs will automatically appear on a custom Ordinals Market collection page with full metadata. Indexers should ensure that no more than one inscription is valid for a token and verify that the last transfer of the referenced NFT was to a burn address.
While metadata is not stored on-chain, Ordinals Market says, “the core principle of BRC-721E (nominating a Bitcoin address during a burn) and flexibility from indexers allows for the protocol to adapt over time.” For instance, indexers could store a lower-res preview image on-chain and embed a reference to the ETH token within the raw image data; use a combined format containing BRC-721 + BRC-721E to supply on-chain metadata with burn evidence; store multipart data on-chain; and more.
According to Dune Analytics data, total daily inscriptions on Bitcoin have surpassed 10 million, with all-time fees of $44,463,452 spent on inscriptions.
The milestone comes as Casey Rodarmor, the creator of Ordinals protocol, announced on Sunday that he would step down from his role as the protocol’s lead maintainer.
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About The Author
Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
