With the new BRC-721E token standard, ERC-721 token holders can convert their Ethereum-based NFTs to Ordinals on the Bitcoin network. camgthompson reports
According to the Ordinals Market website, Ethereum-based NFT holders can burn their tokens and inscribe them onto aon the Bitcoin network. Once inscribed, the tokens will automatically appear on a custom Ordinals Market collection page with complete metadata.
It’s worth noting that while the new standard allows for the conversation of ERC-721 NFTs to Ordinals NFTs, metadata is initially not stored on-chain. Ordinals Market that allow for on-chain previews of the NFT, which can be displayed in existing wallets or marketplaces.
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