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May 31 11 tweets 3 min read Twitter logo Read on Twitter
🚨Bitcoin Ordinals Introduces BRC-721E for Seamless Migration to the #Bitcoin Blockchain🔥

🧵Get ready to explore the incredible potential of the BRC-721E standard, a game-changer for non-fungible tokens (NFTs). 🚀 Image
1/🧵

Let's dive into this exciting development and discover its possibilities!🚀

➡️The BRC-721E standard allows seamless transfer of #Ethereum ERC-721 NFTs to the #Bitcoin blockchain

➡️This layer-2 solution expands the possibilities for NFT collectors and decentralized storage
2/🧵

How BRC-721E Works:

➡️ Users can migrate their ERC-721 NFTs to the Bitcoin blockchain using the BRC-721E standard.

➡️ The migration process involves burning the ERC-721 NFT on Ethereum, acting as an on-chain inscription method.
3/🧵

➡️ Metadata is not initially stored on-chain, but a lower-quality preview image and a reference to the #ETH burn are stored in the raw image data.

Claiming the Migration:

➡️ To claim the ETH burn on Bitcoin, users need to inscribe valid BRC-721E data.
4/🧵

➡️ Once completed, the bridged NFT appears on a custom Ordinals market collection page with complete metadata.

➡️The transition from Ethereum to Bitcoin for NFT holders becomes seamless.
5/🧵

Indexers and Migration Integrity:

➡️ Indexers play a crucial role in verifying the burned NFT data inscriptions.

➡️ They ensure each token has only one valid inscription and match the genesis address with the burn transaction call data.
6/🧵

Features :

1️⃣ Fractional Ownership 💼

👉 Break your NFT into smaller, tradable shares.

👉 Enable collective ownership and access to high-value assets.

👉 Open doors for investment and broader participation.
7/🧵

2️⃣ Dynamic Royalties 💰

👉 Set royalties for subsequent sales of your NFT.

👉 Earn a percentage of value whenever it's resold.

👉 Empower artists, musicians, and content creators to earn ongoing income.
8/🧵

Future Developments:

➡️ BRC-721E standard bridges the gap between Ethereum and Bitcoin for NFT migration.

➡️ Ordinals sees the BRC-721E standard as a foundation for future developments.

➡️ The Ordinals aims to further enhance decentralized storage and tokenization… twitter.com/i/web/status/1…
9/🧵

👉 BRC-721E sets the stage for NFT revolution.

👉 Unlock new use cases and endless possibilities.

👉 From fractional ownership to gaming and beyond, get ready for an incredible journey!🔥
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