Bitcoin Miladys, the Bitcoin-based derivative of the popular Miladys NFT collection, in collaboration with Bitcoin wallet Xverse and Bitcoin-based NFT marketplace Ordinals Market, has introduced a new token standard called BRC-721E. This novel token standard acts as a bridge between the Ethereum and Bitcoin networks, allowing traders to convert their ERC-721 NFTs into BRC-721E tokens on Bitcoin.
As per the Ordinals Market website, holders of Ethereum-based NFTs can "burn" their tokens and inscribe them onto a satoshi on the Bitcoin network. Once inscribed, these tokens automatically appear on a custom Ordinals Market collection page complete with metadata.
It's important to note that the new standard allows for the conversion of ERC-721 NFTs to Ordinals NFTs, but the metadata isn't initially stored on-chain. Ordinals Market, however, offers several options that allow for on-chain previews of the NFT, which can be displayed in existing wallets or marketplaces.
Data from Dune Analytics reveals that Ordinals surpassed 10 million inscriptions on Monday, up significantly from the 3 million inscriptions reported in the first week of May. Bitcoin recently climbed to second place on the NFT trading volume leaderboard, outpacing Solana and only behind Ethereum, according to CryptoSlam data.
This growth is remarkable, considering the Ordinal protocol has only been in existence since January.
