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New Token Standard Allows Ethereum NFTs to Move to Bitcoin

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Ethereum NFT

If you are a fan of NFTs, you might have wondered how to transfer your digital collectibles from Ethereum to Bitcoin. After all, Bitcoin is the most secure and decentralized blockchain in the world, and you might want to enjoy its benefits while owning your NFTs. Well, thanks to a new token standard called BRC-721E, you can now do that easily and seamlessly.

BRC-721E is a token standard that allows you to transform your ERC-721 NFTs on Ethereum into Ordinals on Bitcoin. Ordinals are a type of NFT that can be inscribed on a single satoshi, the smallest unit of Bitcoin. They can store text, images, and code on the Bitcoin network, making them ideal for digital art and other creative use cases.

The New Token Makes the Transfer Easier and Quicker

To move NFTs from Ethereum to Bitcoin, users can use a bridging contract that creates a single request for an on-chain inscription. This means that the NFT is sent to a special address where it becomes unusable on Ethereum. Then, the user can write valid BRC-721E data on Bitcoin, which is a new standard for Ordinals. 

Ethereum NFT

The inscription request checks the Ethereum transaction data to find and record any NFTs that have been burned and not yet inscribed, as explained on the marketplace’s webpage.

The Ordinals Market collection page displays the NFT that has been successfully burned and inscribed with its metadata. The creators explained that the BRC-721E standard does not store metadata on the Bitcoin network at the moment, but it has the potential to do so in the future.

However, the provenance of the NFTs is a crucial aspect. Therefore, Milady Maker and Ordinals Market provide solutions as the protocol evolves.

To put it differently, these methods propose ways to store low-quality images and essential data about digital assets on Bitcoin’s public ledger, trying to improve their availability and visibility while maintaining a connection to their original details.

BRC-721E’s implementation follows the launch of the Ordinal Inscriptions protocol on Jan. 21, with a lot of excitement, that aimed to introduce digital art use cases for the first time to the old Bitcoin network.

The approach has been well-received so far. Earlier this month, the Bitcoin network reached a record by processing the highest number of transactions in a single day, mostly due to Ordinals.