- Bitcoin Miladys rolls out a “bridge” that lets Ethereum NFT users migrate to the Bitcoin Network through Ordinals.
- The process automatically destroys the original NFT on Ethereum when transferred, earning the tag “a one-way trip”
- The move puts BTC enthusiasts in a frenzy as they count on the benefits of having sought-after Ethereum NFTs on their network.
Six months after its launch and with over 10 million inscriptions, Ordinals is paving the way for top developers looking to integrate the Bitcoin (BTC) ecosystem with the cryptoverse.
The developers behind Bitcoin Miladys have announced the possibility of Ethereum non-fungible token (NFT) holders transferring their assets to the Bitcoin Network. Still, there is a little caveat, the Ethereum copy gets permanently destroyed.
The project was launched in partnership with Xverse Bitcoin Wallet, and Ordinals Market leverages a burn and mint process to move assets between both networks. The BRC- 721E token standard bridge, as it is fondly called, sends the Ethereum NFTs to a burn address, making it completely inaccessible to the holder after it is destroyed. The token is then re-created on Bitcoin through Ordinals.
Several cross-chain bridges act as escrow platforms that hold user tokens even after minting secondary tokens on another network. If the user wants to reclaim the primary asset in the future, the secondary asset is burned.
Although more beneficial to users, this escrow process is not compatible with the BRC-721E process as it is only a one-way trip. This process can lead to issues for NFT holders, including loss of assets if not implemented properly. A similar issue occurred earlier this year when a Bored Ape Yacht Club (BAYC) holder burned his NFT on Ethereum and tried to mint it on Bitcoin.
Community laud BTC Ordinals’ development
Earlier this year, there were endless debates on the utilities of Ordinals to the Bitcoin Network. While many saw it as an opportunity to bolster an upward momentum, others felt the network should be left as it was without “worthless tokens.”
Recent events may have proved doubters wrong as users now BTC Ordinals have ignited forces even outside the network to create tools for its expansion. The BRC-721E projects can swing millions into the Bitcoin ecosystem and place it in direct competition with Ethereum and Solana.
The project which enables immutable and verified Ethereum NFTs to Bitcoin has been described as “the turning point.” The project works with all Ethereum NFTs and is not limited to Miladys, according to the Ordinal Market page.