TokenDices

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30,000 'Ethscriptions' Arrive on Ethereum - Beware, Ordinals

30,000 ‘Ethscriptions’ Arrive on Ethereum – Beware, Ordinals

Ethscriptions is a new protocol that allows Ethereum users to create nonfungible tokens (NFTs) and other digital assets on the blockchain. Developed by Tom Lehman, co-founder of music website Genius.com, Ethscriptions uses Ethereum “calldata” to allow for a cheaper and more decentralized minting process compared to conventional smart contract-based methods. Currently, users are limited to image-only inscriptions, but the protocol will allow for different file types to be uploaded in the future. The debut project on the Ethscriptions protocol, “Ethereum Punks,” witnessed a positive response from the community, with all 10,000 assets being claimed near-instantaneously. However, it remains unclear if Ethscriptions will witness the same level of popularity as Bitcoin Ordinals, which saw a surge in activity driven by users embracing the novelty of being able to mint assets.