Crossing the Divide: Ethereum NFTs Link to Bitcoin, But There’s No Return Path

Ethereum is currently the most popular platform for trading NFTs in terms of trading volume and value. However, Bitcoin has gained much attention in the NFT space with the emergence of the Ordinals protocol. Now, a migration solution is available for those who own Ethereum NFTs and prefer to be on the Bitcoin network. It’s important to note that this migration is a one-way journey and cannot be reversed.

Milady Maker profile pictures are available in different versions on Bitcoin Miladys. Miladys facilitates the migration of artwork and data from Ethereum to Bitcoin with the Ordinals Market and Xverse wallet. Creating the BRC-721E token standard allowed seamless artwork and data transfers.

The Migration Solution: Ethereum NFTs Transfer to Bitcoin, But No Return Path

The bridge lets Ethereum NFTs (represented by the ERC-721 token standard) transfer to Bitcoin. Burn-and-mint is what makes this happen.  The original Ethereum NFT is burnt on the Ethereum chain using a special “burn” address. However, the Ordinals protocol creates a new version of the asset on the Bitcoin blockchain.

The original Bitcoin Miladys was created on Ethereum. For that reason, we built a bridge so Bitcoin Milady’s holders could convert their NFTs into Bitcoin. However, according to Ordinals Market, the BRC-721E token standard and bridge work with any Ethereum NFT. Basically, you can use the bridge to move Ethereum NFTs to Bitcoin.

A cross-chain bridge might use an escrow wallet to hold the original NFT or asset. Ultimately, it generates a new version of the asset on the blockchain. You can reclaim the original asset on the original blockchain by destroying the secondary version. Basically, deleting the duplicate version will give you the original.

Using the BRC-721E process, NFTs transferred to Bitcoin cannot be retrieved. Migration results in a one-way trip for the user by removing the original NFT.

Despite this, migration may appeal to Bitcoin enthusiasts or owners of NFTs that expect their migrated NFTs to rise in value. Understanding the risks associated with switching blockchains is crucial before migrating from one to another.

Increasing Adoption of Ordinals: Over 10 Million Inscriptions and the Rise of BRC-20 Tokens on Bitcoin

In February, a Bored Ape Yacht Club NFT owner decided to burn their original Ethereum NFT and create a new version of Bitcoin using Ordinals. However, one of the co-creators of Bored Ape Yacht Club mentioned on Twitter that the holder had essentially given up the benefits and perks associated with owning the original Bored Ape NFT.

People can “inscribe” digital media like artwork, profile pictures (PFPs), apps, and games onto the Bitcoin blockchain using the Ordinals protocol. Bitcoins are divided into satoshis, each worth a fraction of a bitcoin.

As of Monday, over 10,342,110 inscriptions have been made using Ordinals. At the beginning of the month, there were only 3 million inscriptions. The recent increase has been mainly driven by adopting the BRC-20 standard, which utilizes Ordinals inscriptions to enable the minting of fungible tokens on Bitcoin, including meme tokens.

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