A trio of key players in the Bitcoin non-fungible tokens (NFT) ecosystem have rolled out the BRC-721E token standard on Monday, a feature that allows traders to move their ERC-721 tokens, a standard that enables ownership of Ethereum-based NFTs, to the Bitcoin network.
See related article: Ordinals inscriptions slow down but Bitcoin congestion lingers
Fast facts
- The initiative launched on Monday as a collaboration between Ordinals.market, Bitcoin Miladys NFT collection and the Xverse Bitcoin wallet.
- The new token standard permanently burns the ERC-721 NFTs on Ethereum and allows users to claim the recreated version of the digital asset on Bitcoin as a BRC-721E inscription. This transfer process is irreversible.
- The launch of the BRC-721E standard occurred on the same day as a significant milestone for Ordinals, an iteration of NFTs on the Bitcoin network, as it surpassed its 10 millionth inscription, according to data from analytics platform Dune Analytics.
- “The enabling of non-fungibility on Bitcoin with Ordinal theory is opening up a wide array of NFT use cases that we have seen develop on Ethereum from 2018-2022,” said Yohann Calpu, chief marketing officer of Forkast Labs. “Many Ethereum NFT holders buy into the Bitcoin concept of increased decentralization, immutability and scarcity.”
- NFT sales on Bitcoin fell 18.50% to US$4.09 million, in the 24 hours leading up to 8:50 p.m. in Hong Kong, according to CryptoSlam.
- Ethereum NFT sales surged 16.7% in the same period.
- The sales spike has not translated into an overall uplift for the Ethereum NFT market. The Forkast ETH NFT Composite, an index designed to track the performance of the Ethereum NFT market, is down 0.26% over the past day and 6.21% on the month. The index encompasses up to 250 eligible smart contracts, providing a comprehensive snapshot of the market’s status.
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