NFT
The Bitcoin Miladys Project has released a bridge for Ethereum NFTs to transfer to the Bitcoin blockchain.
This is part of the explosion of NFTs on Bitcoin, under the Ordinals umbrella – something that has led to rising rewards for Bitcoin miners.
Currently, most Ordinals are created natively on the Bitcoin blockchain, including tokens representing common Ethereum collections (such as Bitcoin Miladys) and brand new projects. But with the new bridge, pre-existing collections can be effectively transferred to Bitcoin, potentially leading to closer collaboration between the ecosystems on both blockchains.
There’s only one snag.
“Yes, it is a one-way bridge,” the Bitcoin Miladys project told The Block via Twitter direct message. They explained that the original Ethereum NFT will be burned – rendered inaccessible and effectively destroyed – and a new token will be created on Bitcoin representing and linked to it.
This is similar to projects that have burned and “turned” real objects, including expensive works of art, into NFTs. There is still debate about the connection between the two.
Bitcoin Miladys said a target location is written into the transaction when the NFT is burned. Moreover, in the newly created Bitcoin NFT, a signature links back to the original painting. This creates a link between the original NFT and the new version, which is arguably stronger than destroying a physical object.
Since the Bitcoin NFT now links back to the Ethereum NFT, you can do a lot more things with your NFT, such as dynamic metadata or just rich metadata in general, which was not possible on Bitcoin before,” said Bitcoin Miladys.
This is the idea that the larger amount of metadata in the original Ethereum NFT would still be relevant to the Bitcoin NFT – and expand the effective metadata.
Bitcoin Miladys considered how a two-way, no-permission bridge would work, one that would allow such NFTs to return to Ethereum. They said this requires the NFTs to be placed in escrow and released as soon as the blockchain detects the transfer.
But they asked how you would get them back to the right address, given that the NFT could have been bought on Bitcoin, meaning it shouldn’t go back to the person who originally transferred it.
In the meantime, it is now up to NFT owners to choose whether to burn their thousand-dollar NFT in the hopes that it will hold its value on another chain.