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1/8 In this thread, I'm going to share my thoughts about the @BRC_721 protocol - a standard interface that's designed to verify the authenticity of Bitcoin Ordinals collections. I see a lot of potential in this technology and I'm excited to delve into its future possibilities 🧵 
2/8 Right now, creators define collections on Ordinals by publishing a list of inscription IDs associated with their collection. For instance, with our @polychainmon Ordimon collection, we sent all inscription IDs to @MEonBTC, the main platform where Ordimon are traded.
3/8 While I don't think this approach is necessarily poor, I do believe it could be improved upon. With a protocol level definition similar to #BRC20, tools such as marketplaces, wallets, and analytics platforms could query Ordinal collections in a standardized way.
4/8 This kind of standardization was a significant driver behind the success of Ethereum-based ERC721 NFTs. So, it's plausible to anticipate similar progress in the Bitcoin ecosystem.
5/8 What's intriguing about BRC721 is its off-chain metadata storage capability - like on IPFS. This enables creators to associate Ordinals with higher quality artwork, avoiding unnecessary block space consumption and excessive inscription costs.
6/8 This strategy isn't strictly correct or incorrect. While I have an appreciation for fully on-chain NFTs/Ordinals, it also makes sense to only have a hash of the image data on-chain. Ethereum NFTs like the CryptoPunks were not on-chain initially and only linked to their… twitter.com/i/web/status/1…
7/8 In the future, I'm hoping for a solution where Ordinal holders can choose to have their artwork on-chain, potentially in a low-resolution format. This would strike a balance between cost-efficiency and preserving the authenticity of the original work.
8/8 As a firm believer in experimentation and the promise of emerging standards, I'm thrilled to have deployed Ordimon Gen721X as the 4th BRC721 collection. It's a fascinating journey, and I look forward to what comes next. #BRC721
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