What Happened on May. 31st | Ethereum NFT Migrating to Bitcoin? Be Careful, it's a One Way Bridge

TI Research

Bitcoin NFT marketplace Ordinals Market launch BRC-721E standard in collaboration with NFT project Bitcoin Miladys, as well as an NFT bridge from Ethereum to the Bitcoin network. But, it is a one way bridge.

The bridge lets holders of Ethereum NFTs move the asset to the Bitcoin blockchain via a burn-and-mint process. The original NFT on Ethereum is sent to an inaccessible "burn" address, which means it's essentially destroyed. The asset is recreated on Bitcoin via the Ordinals protocol.

This is different from cross-chain bridges which normally use an escrow wallet in the middle and hold the original NFT or assets, then create a new version on the target chain. That makes it possible to reclaim the original asset on the original chain.

By destroying the original NFTs on Ethereum, you essentially give up all the benefits and perks tied to the original NFT.

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