Ethereum’s ‘Ethscriptions’ Make New Wave In The NFT Market

Ethereum’s ‘Ethscriptions’ Make New Wave In The NFT Market – Inscriptions Hit 170K In Just Days

Updated: 22 June 2023

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The new form of non-fungible tokens hosted on Ethereum, the second-largest blockchain network after Bitcoin, called “Ethscriptions,” continues to make waves in the NFT market. Ethscriptions mirror the popular Bitcoin NFTs, distinguished as Ordinals in the NFT market.

Ethscriptions Make New Wave In The NFT Market

Launched on June 17, Ethscriptions is a new type of NFT protocol discovered by music website Genius.com co-creator “Tom Lehman,” also known as Middlemarch on Twitter. Inspired by Bitcoin Ordinals inscriptions, Ethscriptions offer a new way of minting NFTs on Ethereum.

Let’s take a moment to appreciate that after 6 years of stagnation on Bitcoin where other chains did all of the innovation, Ethereum is now copying the innovation happening on Bitcoin.

Bitcoin is back. pic.twitter.com/6CmzEB6xuB

— Leonidas.og (@LeonidasNFT) June 18, 2023

Ethscriptions digital assets utilize Ethereum “calldata,” the data within a smart contract, to allow for a “cheaper” and “more decentralized” minting process compared to other protocols, such as conventional smart contract-based methods.

Named after the inscription process used to create ordinals, Ethscriptions allow images, files, or text under 96kb to be stored on-chain using almost any Ethereum transaction type. It’s a heck of a lot cheaper than storing on-chain data using smart contracts’ storage.

During the launch, Lehman described the new project as a huge success in Ethereum history. The debut project on the Ethscriptions protocol, dubbed “Ethereum Punks,” saw a rapid positive response from the crypto community, with all 10,000 assets being claimed near-instantaneously.

Ethscriptions Stir Up Market Rivalry For Bitcoin Ordinals

The new Ethscriptions have attracted heated contest to other NFTs like Bitcoin Ordinals in the non-fungible token market. Bitcoin Ordinals came into the spotlight earlier after Bitcoin developer Casey Rodamar inscribed NFTs using Ordinal theory.

This year so far, Bitcoin Ordinals saw the number of inscribed assets skyrocket from zero to more than 10 million. This dramatic increase in activity, primarily fueled by users’ interest in minting assets, has later extended to entirely new token creation via the BRC-20 token standard on the Bitcoin network. BRC-20 tokens are similar to the popular Ethereum standard token ERC-20.

In the meantime, Bitcoin Ordinals continues gaining mainstream adoption among investors, with the total ordinal inscribed hitting 13 million. Ethscriptions are also rapidly gaining massive adoption among investors, reaching 170,000 in less than seven days.

Wall St Memes Raises $9M From Its “$WSM” Token Presale

Elsewhere, Wall St Bulls is another non-fungible token taking the crypto community by storm. The ordinal collection was launched last month by Wall St Memes, the legendary team behind the Ethereum NFTs Wall St Bulls, which sold out in 32 minutes in 2021. The team, which has more than two million followers on Instagram, also has a rapidly selling presale. Wall St Bull, “$WSM,” has already raised over $9 million in less than one month.