- As Bitcoin Ordinals are gaining traction, developers created the BRC-721E standard.
- Ethereum’s NFT dominance may come into question.
- Owners of individual high-profile NFTs already migrated to Bitcoin.
As Bitcoin Ordinals gain traction, a new development puts Ethereum’s NFT market squarely in its sights. A new protocol allows users to transfer Ethereum NFTs to Bitcoin’s Network.
On Monday, May 29, the Ordinals market and the Bitcoin Miladys NFT project jointly launched the BRC-721E standard. The technology enables the conversion of ERC-721 NFTs to Bitcoin Ordinals.
A Potential Shift in NFT Dominance
The advent of Bitcoin Ordinals and the BRC-721E standard could signal a seismic shift in the NFT landscape. So far, Ethereum has been the go-to platform for NFTs, but if high-profile NFT collections move to Bitcoin, Ethereum’s dominance could be in jeopardy.
For instance, in February 2023,…
