BRC-721E

• From Decentral Park Capital (8-6-2023):

"This is a simple protocol which allows Ethereum-based ERC-721 NFTs to migrate to Bitcoin on their schedule, without inscribing an entire collection beforehand.

The new standard was developed by Bitcoin Milady’s, a Bitcoin copy of the Milady’s NFT collection on Ethereum, in collaboration with Ordinals Market, an Ordinals NFT marketplace, and Xverse, a Bitcoin native wallet solution.

You can think of this as a bridging function for Ethereum-based NFTs to the Bitcoin Network, in which owners of Ethereum-based ERC-721 NFTs burn their NFTs on the Ethereum chain before generating them on the Bitcoin Network. BRC-721E has the potential to remove the need for Bitcoin’s NFT ecosystem to develop from the ground up.

BRC-721E encodes the relevant data directly into the burn transaction, which nominates a Bitcoin address to receive an inscription. To this extent, the burn transaction acts as an onchain inscription request. Indexers will then gather the relevant data on both chains, allowing the transfer of metadata to the Bitcoin Network which points to the underlying NFT.

BRC-721E inscriptions are estimated to be approximately 100 bytes, driven by the offchain hosting of the jpg file associated with the NFT. This means that it’s significantly cheaper than inscribing the image itself while enhancing the quality of the image."