“30,000 Ethereum ‘Ethscriptions’ – Be Alert, Ordinals!”

Ethscriptions Protocol Launched on Ethereum Network

Ethereum users now have access to a new protocol that allows them to create non-fungible tokens (NFTs) and other digital assets on the blockchain.

Launched on June 17, the protocol known as “Ethscriptions” pays homage to the Bitcoin (BTC) Ordinals protocol, where assets are referred to as “inscriptions.”

Tom Lehman, who goes by the alias Middlemarch on Twitter and is a co-founder of the music website Genius.com, developed Ethscriptions. On June 17, Lehman shared a series of tweets in which he proclaimed the project a “huge success,” citing that almost 30,000 Ethscriptions had been produced within the first 18 hours of the protocol being launched.

Lehamn states that Ethscriptions assets employ Ethereum’s “calldata” – the information within a smart contract – to give a “less expensive” and “more decentralized” minting process when compared to traditional smart contract-based techniques.

Users are currently restricted to engraving images only, however, Lehamn has stated that the protocol will enable the uploading of different file types in the future. At present, users can “ethscribe” any image provided it is no bigger than 96 kilobytes.

Lehman’s initial venture utilizing the Ethscriptions protocol, entitled “Ethereum Punks”, garnered a highly favorable response from the public, with all 10,000 assets being snapped up almost immediately.

Lehman reported that the launch of the project generated so much user engagement that the API interface for the official Ethscriptions website experienced a temporary outage.

BRC-721E Connects Ethereum NFTs to Bitcoin Ordinals

The launch of BRC-721E will facilitate a connection between Ethereum NFTs and Bitcoin Ordinals through the use of bridges.

Given the existing infrastructure that facilitates the generation of NFTs and other digital assets on the Ethereum network, it is uncertain whether Ethscriptions will experience the same level of acceptance as Bitcoin Ordinals has.

In less than half a year, the amount of Ordinals inscribed on Bitcoin jumped from nothing to ten million. This tremendous increase in activity was largely due to people taking advantage of the opportunity to produce assets, which eventually included completely new tokens through the BRC-20 token standard, on the Bitcoin network.

“Holy cow, I’ve seen that!” – Coldie’s NFTs featuring Snoop Dogg, Vitalik, and McAfee.