- Bitcoin 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.
