The Bitcoin Miladys and Ordinals Market teams have jointly announced the BRC-721E standard, allowing ERC-721 based NFTs to be migrated to a Bitcoin protocol.
Thanks to this solution, Ethereum-based collectibles will automatically appear on the Ordinals market.
Each request to write something to a blockchain is also a transaction, and the accompanying metadata is not originally stored in a chain – it is provided by indexers.
This helps customers to see all the relevant data about a specific asset.
Kiwidream.eth, one of the developers from the Ordinals Market, provided comments about the protocol, stating:
“It consists of a burn transaction, which allots a bitcoin address to receive a signature, and the BRC-721E code, which encodes the data directly. This ensures that the entire collection doesn’t have to be registered first, allowing NFTs a migration schedule on their own.”
He added that indexers are able to minimize the cost of placing data in the network, while maintaining the accuracy of the original image.