Bitcoin Miladys Introduces Standard for Converting Ethereum NFTs to Bitcoin Ordinals
Bitcoin Miladys, a Bitcoin-based derivative of the Miladys NFT collection, has introduced the BRC-721E token standard in collaboration with Ordinals Market and Xverse. This new token standard enables traders to convert their Ethereum-based ERC-721 NFTs to NFTs on the Bitcoin network.
Using the Ordinals Market platform, Ethereum NFT holders can burn their tokens and inscribe them onto a satoshi on the Bitcoin network, which will then appear on a custom Ordinals Market collection page with complete metadata. Although metadata is initially not stored on-chain, Ordinals Market offers options for on-chain previews of the NFTs.
The growth of Bitcoin NFTs has been notable, with Ordinals surpassing 10 million inscriptions on Monday, compared to 3 million inscriptions in early May. In terms of trading volumes, Bitcoin has secured the second spot on the leaderboard, trailing just behind Ethereum.
Notably, Binance NFT and Magic Eden have also expanded their support for Bitcoin NFTs in recent months, reflecting the increasing interest in the Bitcoin NFT ecosystem. The BRC-721E token standard bridges the gap between Ethereum and Bitcoin, providing traders with the opportunity to convert and explore new possibilities for their NFT assets.