How To Migrate Ethereum NFTs To Bitcoin
By Kapil Rajyaguru
Ethereum’s undisputed dominance in the NFT industry has remained unchallenged since the inception of the digital asset. Many competitors have emerged over the years, offering exciting solutions, yet none have been able to dethrone Ethereum from its reign.
However, with Bitcoin’s resurgence in the NFT sector,Ethereum’s supremacy could be under threat.Bitcoin, the reigning king of cryptocurrencies, has swiftly ascended the ranks, securing the second spot in the market within afew months. Now, the network is set on overthrowing Ethereum’s long-standing supremacy in the NFT industry.
How is it planning to do so?
By enabling the migration of Ethereum NFTs into its network. On Friday, May 30, Ordinals Market, the largest Bitcoin NFT market, in collaboration with NFT collection Miladys, jointly published the BRC-721E standard allowing users to migrate ERC-721 NFTs to Bitcoin.
The new protocol is a game-changer and could signal a seismic shift in the NFT landscape by allowing Bitcoin to reign supreme. However, before Bitcoin can do that, it’s important to note the BRC-712E protocol is still in its early stages.
Nevertheless, NFTs on Bitcoin have been spreading like wildfire. According to Dune Analytics, users have inscribed over ten million ordinals on the network and have generated over $44 million in fees – a 200% increase since the first week of May.
So let’s cut across to our esteemed guest Mr. Sahil Bansal, CMO of NFTVoyage to get his views on this development.
Well… The BRC-721E token standard allows users to convert their Ethereum-based ERC-721 NFTs into Bitcoin Ordinals by using a
bridge between both networks.
The process involves sending ERC-721 NFTs to a burn address to trigger an on-chain inscription request. The token standard then encodes the metadata directly onto a burn transaction, which nominates a Bitcoin address to receive the inscription.
By doing so, the BRC-721E protocol doesn’t store metadata directly on the Bitcoin but instead points to the original Ethereum NFT using the burn transaction and an indexer.
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