Bridge between Bitcoin and Ethereum allows transfer of NFTs
A bridge between Bitcoin and Ethereum allows the transfer of NFTs. Users looking to leave ETH for the Ordinals can now do so with a first collection. Caution is advised. The decision is irreversible. The developers believe in an increasing importance of BTC in the niche.
Bridge between BTC and ETH allows transfer of NFTs
A new bridge between the largest blockchains Bitcoin and Ethereum allows the transfer of NFTs. The project emerged from a cooperation between Ordinals Market , the Xverse Wallet and the well-known NFT project Miladys.
Together, the developers worked out a new token standard based on the Ordinals protocol , which is called BRC-721E. Ethereum NFTs of the ERC-721 standard can be transferred to Bitcoin thanks to the bridge.
However, users should exercise caution in their decision. The Ethereum NFT is irreversibly destroyed by the blockchain through a burn . The Bitcoin NFT is then created. This process can take several days. The burned NFT cannot be recovered on ETH.
Initially, the bridge only supports NFTs from the Milady Maker collection . The Bitcoin equivalent of the collection actually based on Ethereum is called Bitcoin Miladys . Whether other NFT collections use the system remains questionable.
NFT market on Bitcoin to continue growing
In the spring of 2023, ordinals will be the hot topic among Bitcoiners. With his invention, developer Casey Rodarmor allows the creation of NFTs on the largest blockchain without requiring a layer 2 solution.
However, Rodarmor does not call the new non-fungible tokens NFTs, but inscriptions. Other inventions were based on his technology – such as the BRC-20 token standard, which allows the creation of user-generated tokens.
The developers of the BRC-721E standard believe in further growth of the NFT market on Bitcoin. The standard they developed is adaptable and can therefore undergo significant improvements in the future in order to meet technological innovations.
Both the Bitcoin NFTs and a large number of fungible BRC-20 tokens have been very popular over the past few months. However, due to the lack of smart contract functionality in Bitcoin, the digital systems do not have the same options as the models on Ethereum.
Ethereum NFTs have managed to gain some popularity as gaming content, among other things. The fungible ERC-20 tokens are also popular as utility tokens within specific ecosystems or as governance tokens. Bitcoin’s offshoots cannot fulfill such roles.
So far, however, ordinals have enjoyed success as simple pixel artworks . A first stablecoin on Bitcoin was created a few days ago.
