- Ethscriptions akin to BTC inscriptions are a new way for users to create non-fungible tokens on Ethereum.
- Barely 48 hours after the launch, the project has recorded over 30,000 image NFTs with slight congestion on the blockchain.
- Unlike BTC ordinals, the project has received widespread optimism among developers and users, although some feel it’s just a “copycat.”
Ethereum developers have drawn inspiration from Bitcoin in non-fungible tokens (NFTs), an area of speciality for the decentralized blockchain giant.
A new protocol that offers users a new way to create NFTs hit Ethereum over the weekend with lots of buzzes over its possibilities. Developed by Tom Lehman, the co-founder of Genius.com, the project is termed Ethscriptions, coined like inscriptions in Bitcoin because of the shared similarities.
Ethscriptions allow for non-financial data to be written on the Ethereum network so far as it is under 96 kilobytes. It currently only allows for image-based NFTs, but developers say it will be expanded in the future. Lehman noted that Ethscriptions utilize “call data” which is data derived within a call to a smart contract making it cheaper and more decentralized than others.
“It guarantees global uniqueness of the content of all valid Ethscriptions. it’s skating to where the puck is going in an L2 world,” he added.
The launch has already sparked significant interest in major players in the Ethereum network. Within hours of its launch, over 10,000 inscriptions were recorded. The figure grew to over 30,000 over the weekend, with its debut project, “Ethereum Punks” being claimed in a few hours.
Lehman hailed the project as a success, claiming that its high adoption almost led to a temporary crash of the official Ethscription site.
Modelled along the lines of Bitcoin Ordinals, the developers Ethscriptions hope to achieve the same results as the community moved in unison, at least for now. BTC Ordinals was launched with huge dissenting views, with many calling it an “attack” against the normal use of the network.
These views got louder when the blockchain was congested due to the high inscription volume recorded in May. For Ethscriptions, most users focus on the positives calling for more innovation and adoption. Adam McBride, an NFT enthusiast, capped off the community’s sentiment with his views.
“The exciting thing for me about Ethscriptions, similar to Ordinals, is that developers are playing around again with blockchain technology. It’s this experimentation that drives innovation and adoption,” he stated.
Despite this, McBride also noted that technology has existed on the network for years with few artists deploying it, noting that this would be the first time it gets massive publicity.