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The Crypto Roundup: 31 May 2023 | CryptoCompare.com

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Bitcoin Ordinals have become the latest layer-2 solution to enable storing of art directly on the Bitcoin blockchain, allowing users to migrate their Ethereum ERC-721-based non-fungible tokens (NFTs) onto the Bitcoin blockchain.

The move is possible through the launch of the BRC-721E standard, which was unveiled through a joint effort between the Bitcoin Milady’s NFT collection and Ordinals protocol marketplace, Ordinals market.

The new BRC-721E standard enables the conversion of verifiable ERC-721 NFTs to Ordinals. While the metadata isn’t stored on-chain initially, it offers users the possibility to house a lower-grade preview image, including a reference to Ether’s raw image data.

To migrate an NFT, users have to first burn the ERC-721 token with an ETH call function in an irreversible action serving as an on-chain engraving method. For the ETH burn to be claimed on Bitcoin, the user needs to engrave valid BRC-721E data, subsequent to which the bridged NFT will manifest on a specialized Ordinals market collection page featuring comprehensive metadata.

This process is overseen by indexers that scrutinize the engraved NFT data to ensure each token has no more than one valid engraving and that the genesis address aligns with the burn transaction call data.

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