Ordinals-Like Tokens Volume Surge Past $1 mn
Ethscriptions, which is inspired by Bitcoin Ordinals, by which Tokens are created have exceeded 560 ether which is $1 million, in trading volume since its inception in mid-June, according to OpenSea data.
Ethscriptions, popularly known by its users as the ESC-20 token standard, allows users to generate unique tokens by exploiting transactional calldata on the Ethereum blockchain.
Ethscriptions, an open-source project, uses transaction calldata to generate unique NFT-like image artifacts embedded within Ethereum transactions. With a surge in trading volume to over $1 million within weeks, Ethscriptions has sparked interest among traders. One prominent Ethscriptions is the CryptoPunks NFT collection. Despite its speculative phase and lack of a clear value proposition, Ethscriptions is considered a cost-effective alternative to Ethereum NFTs. The protocol’s creator, Tom Lehman, believes it offers a cost-effective alternative to Ethereum NFTs.
(With inputs from Shikha Singh)
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