Bitcoin Miladys NFTs — a recent non-fungible token project specializing in creating derivatives from the Ethereum-based Milady Maker PFP collectibles — unveils a bridge enabling Ethereum assets to join the Bitcoin blockchain.

Quick Takes: 

  • Bitcoin Miladys introduces a method that enables the migration of Ethereum NFTs to the Bitcoin blockchain.
  • The relocation process of these assets includes a one-way ‘burn-and-mint’ function. As such, original Ethereum NFTs are sent to a ‘burn’ address before being recreated on the Bitcoin network.
  • Despite the risks of this migration method, Bitcoin Miladys will likely appeal to those wishing to enhance their Ethereum NFTs through the rising popularity of the Ordinals protocol.

Miladys to ‘Take Over Bitcoin’ 

Ethereum’s reputation as the prime network for NFT transactions resonates across the digital landscape, thanks to its adept execution and sophisticated infrastructure. However, a compelling development is on the horizon.

Bitcoin, the pioneering blockchain network in the cryptocurrency sphere, establishes a unique identity in the NFT world. Further bringing the network into the NFT realm includes Bitcoin ordinal inscriptions hitting a 10 million milestone and the intriguing concept of Bitcoin Miladys.

Bitcoin Miladys, in partnership with Ordinals Market and the Xverse Bitcoin wallet, aims to enhance the possibilities inherent in Bitcoin’s blockchain network, signaling a new era for these digital assets. So much so that, in a bold statement, the recently launched NFT project revealed plans to “take over Bitcoin”!:

The Cutting-Edge Migration Process

Bitcoin Miladys migration solution leverages the BRC-721E token to bridge the NFT project’s data and artwork from Ethereum to Bitcoin via the Ordinals protocol, opening new avenues for collectors and creators alike.

The collectibles are initially minted on the Ethereum blockchain, allowing collectors to transfer their NFTs to the blockchain. However, BRC-721E’s flexibility means the bridge is more expansive than Miladys alone — the token facilitates the transportation of all compatible Ethereum NFTs to the rival chain.

Moreover, this transition includes sending an original Ethereum asset to an inaccessible ‘burn’ address via a ‘burn-and-mint’ method, destroying all Ethereum NFTs before recreating them on the Bitcoin blockchain through the Ordinals protocol.

It’s also important to note that, unlike other cross-chain bridges using an escrow wallet to recover NFTs, the BRC-721E’s token standard is a one-way street. Therefore, these assets are irretrievable once destroyed on the Ethereum network.

This latest transformation finding is likely appealing to Bitcoin enthusiasts and NFT holders who speculate that the growing prominence of the Ordinals protocol can boost the value of their migrated NFTs. However, the Miladys migration process is not free of risks. Notably, after relocating to Bitcoin, the Bored Ape Yacht Club owner lost the licensing rights to his Ethereum NFT worth $169k.

Nevertheless, Bitcoin Miladys can transform the NFT landscape, presenting a migration solution that has never been seen before, opening new and exciting opportunities.

As the industry evolves, more dynamics like this will likely redefine how the NFT ecosystem works.

Subscribe to the NFT Lately newsletter to receive news covering the latest NFT-related drops, releases, reviews, and more.





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

top