A new protocol called Ethscriptions has emerged in the Ethereum ecosystem, providing users with an innovative way to create NFTs and digital assets on the blockchain. Inspired by the Bitcoin Ordinals protocol, Ethscriptions introduces a unique approach to minting assets, offering a more cost-effective and decentralized process.
On June 17, Ethscriptions was officially launched, and it has already been hailed as a "huge success" by its creator, Tom Lehman (also known as @Middlemarch on Twitter), the co-founder of Genius.com. Within just 18 hours of its launch, nearly 30,000 Ethscriptions were created, showcasing the protocol's popularity among users.
Ethscriptions leverages Ethereum "calldata," which refers to the data within a smart contract, to facilitate the creation of assets. This unique approach enables a cheaper and more decentralized method for minting NFTs compared to traditional smart contract-based methods. By utilizing calldata, Ethscriptions aims to make the process more accessible to a broader range of users.
Currently, Ethscriptions only support image-based inscriptions. Users can ethscribe any image as long as it is below 96 kilobytes in size. However, Lehman has plans to expand the protocol to accommodate different file types in the future. This expansion will allow for greater flexibility and creativity in asset creation within the Ethscriptions ecosystem.
One of the notable projects launched on the Ethscriptions protocol is "Ethereum Punks." This project received an overwhelmingly positive response from the community, with all 10,000 assets being claimed almost instantly. The immense user activity surrounding the launch event led to a temporary crash of the official Ethscriptions website's API interface, highlighting the high demand and enthusiasm for Ethscriptions.
While Ethscriptions has gained traction within the Ethereum community, it remains to be seen whether it will achieve the same level of popularity as Bitcoin Ordinals. Ethereum already has existing infrastructure for NFT creation, unlike Bitcoin, which contributed to the rapid growth of Ordinals. However, Ethscriptions brings a fresh perspective and additional options for asset creation within the Ethereum ecosystem.
Ethscriptions represent a new era of NFT creation on the Ethereum blockchain. With its cost-effective and decentralized approach, this protocol offers users an alternative method for minting assets. Although it may not reach the same level of popularity as Bitcoin Ordinals, Ethscriptions introduces innovative possibilities for asset creation and expands the Ethereum ecosystem's creative potential.