TechFlow reports, on June 8, regarding the new feature launched by Ordinals Market—the migration of Ethereum NFTs to Bitcoin—SlowMist founder Yu Xian commented on Twitter that moving Ethereum NFTs to Bitcoin is a one-way trip, at least for currently mainstream NFTs. You send your Ethereum NFT to a black hole address, and in return, Ordinals Market engraves a piece of JSON data for you on the Bitcoin network. As previously discussed, this type of standard, whether BRC-20 or the current BRC-721E, relies on centralized mechanisms requiring additional consensus for accounting on the Bitcoin network.
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