Bitcoin Miladys NFTs Establish an Ethereum-Bitcoin Bridge

Share This Post

Bitcoin Miladys NFTs — a recent non-fungible token project specializing in creating derivatives from the Ethereum-based Milady Maker PFP collectibles — unveil a bridge that enables 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.
Bitcoin Miladys NFTs

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.

spot_img

Related Posts

Void 2122 to Unlock a New Era of Combat Card Gaming with NFTs

The pioneering force in the Web3 landscape, Void 2122,...

Magic Eden Adopts Solana’s Compressed NFTs

Magin Eden, the distinguished NFT marketplace, recently announced its...

Friend.tech Returns With Surging NFT Trading Volumes

Friend.tech, the decentralized social media app, has shown an...

CoinMarketCap and HELLO Labs to Premiere TV Series, Killer Whales

An official trailer for the Web3 television series 'Killer...

Machi Proposes 11M $APE Sends NFTs to Museums Worldwide

An intriguing week-long vote surrounding OG NFTs kick-started today! Machi Big Brother,...

Related Posts

Gala Games Shifts NFTs to GalaChain and Levels Up with Elixir

Gala Games has made significant strides this week: transferring its...

Top 10 NFT Marketplaces to Look Out For and Why

How numerous NFT marketplaces make hunting for digital collectibles...

Coinbase Puts Bored Ape Movie Trilogy on Hold

Reasons for Coinbase putting its Bored Ape movie trilogy...

Why Experts Predict Bitcoin NFTs Will Reach $4.5B by 2025

The Bitcoin non-fungible token (NFT) ecosystem — which wasn't...

The Top 10 Most Expensive NFTs Sold

7 out of the 10 most expensive NFTs sold...

Sony’s PlayStation Dives Deeper Into Web3 Sector With a New Use Case of NFTs

Sony PlayStation filed a new patent, hinting that they...