New Token Standard Allows Users To Transfer ETH NFTs To The BTC Blockchain
A new token standard called BRC-721E has been released that allows users to transfer their Ethereum-based non-fungible tokens (NFTs) to the Bitcoin blockchain.
The BRC-721E standard was developed by Bitcoin Miladys, a Bitcoin-based version of the Miladys NFT collection, as part of a collaboration with an NFT marketplace and a Bitcoin wallet that supports Ordinals.
In order to transfer an Ethereum NFT to Bitcoin, users have to first burn it on the Ethereum blockchain. After that, the NFT can be inscribed onto a satoshi on the Bitcoin blockchain using the BRC-721E standard. Once the NFT has been inscribed onto Bitcoin, it will be viewable to users across the community.
The BRC-721E standard is being hailed as a significant development for NFT users and has been met with positive reactions from many in the NFT community, since it allows users to transfer their NFTs to the Bitcoin blockchain, which is more secure and decentralized than any other blockchain.
The BRC-721E standard’s release has also been put forward as a sign that the NFT space on Bitcoin is maturing and that users are looking for better blockchains on which to store their NFTs – millions of Ordinals inscriptions have been processed on the Bitcoin blockchain so far, and tens of thousands more appear to be currently awaiting confirmation in the mempool.
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