Reading Time: 2 minutesBitcoin Miladys has unveiled a bridge to allow smooth migration of NFTs from Ethereum to Bitcoin where they become Ordinals inscriptions
Through a new standard called BRC-721E, it only allows the movement of NFTs to Bitcoin and not vice versa
The new feature comes a few days after the Bitcoin Ordinals creator stepped down as lead maintainer

Bitcoin Miladys NFT project has unveiled a bridge to allow a smooth migration of NFTs from Ethereum to Bitcoin where they become Ordinals inscriptions. Through a new standard known as BRC-721E, the bridge employs a burn-and-mint process and only allows the movement of NFTs to Bitcoin and not vice versa. The bridge comes a few days after the Ordinals creator, Casey Rodarmor, stepped down and announced a new individual pseudonymously known as Raphjaph as his replacement.

Only ERC-721-based NFTs are Allowed

Developed by the NFT project in conjunction with Ordinals Market and other entities focusing on the Bitcoin NFT space, it allows the transfer of both the artwork and associated data over to the Bitcoin blockchain.

Our #Bitcoin Ordinals bridge is now live

In collaboration with @OrdinalsMarket_ & @xverseApp

Bridge: https://t.co/T9UhTNVp4W

New token standard: https://t.co/YDERWSPPfa

Marketplace: https://t.co/UTzAzBsO9P

Let’s take over #Bitcoin! pic.twitter.com/Ki9dGfxuuJ

— Bitcoin Miladys (@BitcoinMiladys) May 29, 2023

During the migration process, an Ethereum NFT is first sent to an unreachable Ethereum address before it resurrects on the Bitcoin blockchain. The bridge employs extra measures to ensure that only NFTs using Ethereum’s ERC-721 token standards become part of the Ordinals family while also ensuring that there are no duplicate inscriptions.

Migration Voids IP Rights?

While some NFT holders think that moving their collections from Ethereum to Bitcoin increases their NFTs’ value, the process has in the past birthed some gray areas on intellectual property rights. For example, Yuga Labs holds that moving a Bored Ape from Ethereum to another chain voids the benefits associated with the NFT.

With the total Bitcoin Ordinals inscriptions hitting over 10 million inscriptions to date, it’s yet to be seen whether the bridge’s adoption will match that of the BRC-20 token standard.

 

The post Bitcoin Miladys Unveils One-way Ethereum-Bitcoin “Bridge” appeared first on FullyCrypto.

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Filed under: Bitcoin - @ May 31, 2023 10:13 am