Ethereum NFTs can now be transferred to Bitcoin

The Bitcoin (BTC) network keeps surprising us with new possibilities. In addition to BRC-20 and the first stablecoin on the network, a new standard has been added: BRC-721E. This makes it possible non-fungible tokens (NFT) of Ethereum (ETH) transfer to the Bitcoin network.

Last Monday tweeted Bitcoin Miladys that the NFT collection is already using the new standard. Miladys is an NFT collection on the Ethereum network characterized by an ‘anime’ style. The digital art objects can be transferred for the first time via the Ordinals Market.

To move NFTs from Ethereum to Bitcoin, users must “burn” their NFTs on Ethereum. Burning, in the context of cryptocurrency and blockchain technology, refers to the process of permanently deleting tokens. The NFT is transferred to the Bitcoin network via subscription. With the Ordinals protocol it is possible to link information to individual satoshis. Once linked, the tokens can be seen on the Ordinals Market.

Bitcoin community watches with skepticism

The Ordinals protocol has sparked a wave of activity on the Bitcoin network, opening up possibilities that were previously unimaginable. Since its introduction in January 2023, the project has received a range of responses from the crypto community. The launch of the BRC-20 standard caused a storm memecoins which put a considerable strain on the network and caused a significant increase in transaction costs. The number of BRC-20 tokens has increased exponentially from several hundred in the first week to more than 25,000 today.

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Although the transaction volume has now decreased, the number of inscriptions is still increasing. According to information from Dune Analytics the number has now passed 10 million. The NFT trading volume even came in second place, above Solana (SOL). The Rise of Ordinals and the mint of new tokens and NFTs is not unanimously welcomed. In particular, the inefficiency of the protocol has been criticized.

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