The BRC721 Voyage and Our Exciting Leap Forward
Hello, dear trailblazers, art connoisseurs, and digital pioneers! Buckle up as we're about to navigate the thrilling seas of a breakthrough in the digital art world that's causing waves in the Bitcoin ocean. If you are already an Emily holder or planning to participate in the next wave of mints make sure to read this one until the end.
As we prepare to depart on this new adventure, we're thrilled to declare that we're charting a course for the BRC721 island, setting the stage for our new, experimental collection. But before we head out, let's gather 'round to understand the intriguing landscape of BRC721 and why we think it's the next logical step in Bitcoin NFT's landscape .
The concept of ordinal NFTs was made possible by the Segregated Witness (SegWit) and Taproot updates to the Bitcoin Protocol in 2017 and 2021 respectively. These updates increased the amount of arbitrary data that can be stored on-chain within a block, unintentionally paving the way for ordinal NFTs by allowing images, videos, and even games to be stored on the Bitcoin blockchain
Cut to present times and already some of the necessary infrastructure has been built for both inscription and trading. Thanks to the creation of the Ordinal Wallet and Magic Eden's BRC marketplace almost 10 million inscriptions have been made, the secondary trading volume has surpassed Ethereum NFT's in the last couple days and the community has seen an exponential growth in numbers over the past couple months.
Ordinal Theory Explained
Ordinal NFTs are created by attaching data, such as images, videos, and more, to an individual satoshi (the smallest unit of Bitcoin) on the base Bitcoin blockchain.
Unlike traditional NFTs on Bitcoin, which exist on a separate layer from Bitcoin (like Counterparty and Stacks), ordinal NFTs exist directly on the Bitcoin blockchain. They use a system known as "ordinal theory" to assign each individual satoshi a unique number, making each satoshi "non-fungible".
This makes ordinal NFTs completely Bitcoin-native: they work without changes to the Bitcoin protocol, don't require any extra layers, and are backward compatible with the network.
Think of Ordinal theory as a special pair of goggles that allows you to see the Bitcoin blockchain in a new light, revealing the extra information associated with each satoshi and enhancing its inherent value.
If you are interested in learning more we recommend reading these articles: https://blog.chain.link/ordinals-bitcoin-nfts/ https://www.bitstamp.net/learn/blockchain/what-are-bitcoin-ordinals/
The Riddle of BRC721
BRC721, what's in a name? Picture this. It's the key that unlocks a treasure chest of unique digital assets on the Bitcoin blockchain, very much like the trusty ERC721 did on Ethereum's terrain. These digital treasures, also known as non-fungible tokens (NFTs) or "Ordinals," each carry a unique signature, marking ownership of a specific artifact or piece of content. Although the standards is a little complex in comparison to regular inscription, it unlocks tons of new possibilities for business and creators interacting with ordinals. Learn more about the new protocol here - https://www.brc721.com/ Make sure to follow their twitter - @BRC_721
Like a compass guiding us through the open seas, the BRC721 standard brings much-needed direction to the stormy Bitcoin ecosystem. The lack of a defined protocol has so far led to creators listing their collections in a less streamlined manner. E.g list of Inscriptions would have to be sent to the marketplace's for batching in order to be presented as a complete collection. With BRC721, however, our compasses can now point to Ordinal collections in a unified fashion instead of tracking individual inscriptions. This paves the way for marketplaces, wallets, and analytics platforms to navigate the ecosystem with greater ease and precision.
BRC721: The Off-Chain Guidebook
Think of BRC721 as a carefully curated travel guide for the Bitcoin ecosystem, outlining where each unique point of interest (in this case, data) is located.
This emerging standard allows us to map our Ordinals to high-resolution artwork stored off-chain, such as on the InterPlanetary File System (IPFS) or Arweave, without burdening the Bitcoin blockchain or incurring excessive inscription costs. The Bitcoin blockchain holds only the directions (references to the data), not the attractions themselves, striking a perfect balance between cost and authenticity.
Our Special Announcement
Now, to the part we've all been eagerly waiting for - our special announcement!
In the spirit of innovation and progression, we're excited to announce that we will be adopting the BRC721 standard for our new experimental collection that will be running in parallel with our Ethereum minting Waves. We're looking forward to rewarding our loyal holders and venturing into this new exploration together.
Although we are staying open-minded towards partnerships with other communities, as it stands right now the first stages of the new collection will be awarded exclusively to '$EMILY Holders. In the coming weeks, we'll be releasing more information on how this exciting exploration will take place and what it means for you as a collection holder. We can't wait to embark on this exciting journey together, pushing boundaries, and exploring the future of digital art.
P.S we have updated our onboarding form - In case you want to get ahead of all, drop your OrdinalSafe wallet address ;)
Register Here - https://www.whoisemily.com/whitelist
Stay tuned for more updates! We thank you for your continuous support and enthusiasm. As always, we're eager to hear your thoughts, questions, or feedback. Let's embrace this new chapter in our collective digital art journey! Join the conversation on Discord ;)
From Emily, with Love ❤️