The BRC-721E standard is a new protocol that allows users to move their Ethereum-based NFTs to the Bitcoin blockchain. The standard was jointly launched by the Ordinals market and the Bitcoin Miladys NFT collection.
The BRC-721E standard works by burning ERC-721 NFTs on the Ethereum network. Burning an NFT means permanently removing the token from circulation.
This process is accomplished by calling a specific function on the smart contract associated with the NFT. By burning the NFT, the user signals the intent to migrate the asset to the Bitcoin network.
To claim the burned ETH and add the NFT to the Bitcoin network, users must inscribe authentic BRC-721E data on the Bitcoin blockchain. This inscription process entails encoding the relevant information about the NFT onto Bitcoin Ordinals.
The BRC-721E standard defines a standardized interface for encoding and decoding this data, enabling compatibility across the Ethereum and Bitcoin ecosystems.
The introduction of the BRC-721E standard is a significant development in the NFT space. The standard allows users to store and interact with NFTs on the Bitcoin network, which opens up new avenues for improved security, wider market reach, cross-chain interoperability, and collaborative activities within the NFT ecosystem.
