The appearance of Bitcoin Ordinals in January 2023 brought tough competition to the blockchains, including Ethereum and Solana. Inspired by Bitcoin Ordinals, Ethscriptions was introduced to the crypto marketplace, offering a new way to design image-based NFTs over the Ethereum network.
What do Ethscriptions actually do? Let’s uncover the mystery.
Ethscriptions at a Glimpse
Inspired by Bitcoin Ordinals, Ethscriptions was launched on June 17, 2023, by Tom Lehman as a new type of NFT protocol. Ethscriptions is a digital artifact streaming over the Ethereum network, enabling a new type of on-chain NFT through the inscription of image data.
The new form of NFTs comes with new waves in the NFT marketplace. Unlike other NFT projects, Ethscriptions depends on transaction calldata, the information contained in an Ethereum transaction. Other NFT projects, on the other hand, use the ERC-721 protocol, which uses smart contracts.
What’s the need for innovation?
Imprinting non-financial data on the Ethereum network is the main reason behind Ethscription’s launch. In addition to this, cost efficiency and a more decentralized approach make the concept much more popular in the crypto industry.
Ethereum Punks, a collection of 10,000 punks on Ethereum, is one of the best examples of the Ethscription collection.
How to Create Ethscriptions
After knowing the core concept of Ethscriptions, you are all set to understand the creation of Ethscriptions on the Ethereum network.
Let’s create one within minutes.
The very first step is to take an image and convert the image to base 64-encoded data. Remember, the maximum size of the image can be 90KB and can be converted using base64-image.de or similar tools. At present, the protocol only supports images but it is expected to support file types soon.
The next step is to convert the Uniform Resource Identifier (URI) to a hex using tools like Hexhero or other similar tools.
Next, you need to send the transaction to the address with the hex data embedded in a ‘hex data’ field. The respective address holds the Ethscription at a transaction cost of 0 ETH.
If you don’t want to do this, you can also have another option. You can connect your wallet and design your own Ethscriptions on the website.
Congratulations! You have created an Ethscription.
Like other NFT projects, you can trade Ethscription on OpenSea. You just need to link the Ethscriptions trading page with the OpenSea platform. Also, you need to remember some of the things you learned while working with Ethscriptions.
The input data of Ethereum transactions must include a valid URI, which needs to be unique. Also, to validate the Ethscriptions transfer, the sender is required to be the owner of the Ethscription and include a valid Ethscription hash.
Conclusion
Ethscriptions, inspired by Bitcoin Ordinals, is all set to boom the NFT and crypto landscape. It is a new type of NFT protocol enabling a new type of on-chain NFT through the inscription of image data. Introduced by Tom Lehman, Ethscriptions is to give tough competition to the Bitcoin and Solana networks.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/10/01/a-complete-guide-to-creation-of-ethscriptions-on-ethereum-network/