- Ethscriptions, a new protocol offering an innovative way to generate NFTs on Ethereum, was launched on June 17.
- The first 18 hours of the protocol’s life saw the creation of nearly 30,000 Ethscriptions, marking an impressive start for the project.
Ethereum blockchain users have a fresh and efficient mechanism to craft nonfungible tokens (NFTs) and other digital assets, courtesy of the recently launched protocol, Ethscriptions. This ingenious platform, unveiled on June 17, draws inspiration from the Bitcoin Ordinals protocol, where assets are christened “inscriptions”.
Behind Ethscriptions is the creative genius of Tom Lehman, co-founder of the music website Genius.com, who operates under the pseudonym Middlemarch on Twitter. Lehman enthusiastically announced the protocol’s “huge success” in a series of tweets, citing the creation of nearly 30,000 Ethscriptions within the first 18 hours of operation.
Lehman illuminates the uniqueness of Ethscriptions’ architecture, explaining how it utilizes Ethereum’s “calldata,” or the data enclosed within a smart contract. This inventive use of “calldata” paves the way for a more economical and decentralized minting process compared to the traditional smart contract-based methods.
Currently, the scope of Ethscriptions extends only to images, with the capacity for ethscribing any image provided it’s under 96 kilobytes in size. However, Lehman assures that this limitation will soon give way to the inclusion of other file types.
Ethereum Punks, Lehman’s inaugural project on the Ethscriptions protocol, has elicited considerable applause from the community, with all 10,000 assets being snapped up almost instantaneously. The overwhelmingly positive response even caused the API interface for the official Ethscriptions website to crash temporarily.
However, the future popularity of Ethscriptions is still in the balance, especially considering the already robust infrastructure on the Ethereum network for NFTs and other digital asset creation. Bitcoin Ordinals witnessed a meteoric rise in its first six months, from nil to 10 million inscriptions. This success was propelled primarily by users’ newfound ability to mint unique assets, including novel tokens via the BRC-20 token standard, on the Bitcoin network.
As we stand at the precipice of this new endeavor, we can only speculate whether Ethscriptions will be able to capture the same degree of popularity and user enthusiasm as its Bitcoin counterpart.
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