According to Cointelegraph, Bitcoin ordinals are the trending layer-2 solution that stores digital art on the Bitcoin blockchain. Ordinals are expected to enable users to exchange Ethereum ERC-721-based non-fungible tokens (NFTs) to the Bitcoin blockchain while maintaining the BRC-721E standard.
Sources revealed that the BRC-721E standard was created through the collaboration of the Ordinals market, an Ordinals-based marketplace and Bitcoin Miladys NFT collection. It is believed that users can store a lower-quality preview image and include a reference to the Ether (ETH $1,909) and burn the raw image data, Cointelegraph added.
As per Cointelegraph, in order to avail ETH burn on Bitcoin, the user should have valid BRC-721E data. Furthermore, the bridged NFT can appear on a custom Ordinals market collection page with complete metadata, Cointelegraph concluded.
(With insights from Cointelegraph)
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