Bitcoin NFT marketplace Ordinals Market announced the launch of BRC-721E standard in collaboration with NFT project Bitcoin Miladys, as well as an NFT bridge from Ethereum to the Bitcoin network. The bridge allows users to migrate their ERC-721 NFTs to Ordinals.
When migrating, the ERC-721 NFT will be burned, and the burn transaction will act as an on-chain inscription request. BRC-721E encodes data directly into the burn transaction. When the inscription is confirmed, the BRC-721E NFT will be sent to the user's Bitcoin address, and will be automatically listed on Ordinals Market.
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