Decoding the Ethscription protocol for creating NFTs on Ethereum using transaction dataDecoding the Ethscription protocol for Ethereum NFT creation using transaction data.
Over the past 4 days, more than 130,000 Ethscriptions have been created on OpenSea, with a trading volume of over 260 ETH ($447,000). What are Ethscriptions? Cryptocurrency KOL historic-crypto.eth explains Ethscriptions from the aspects of creation, search, and future development.
Ethscriptions uses the calldata of Eth, which is a memory component for storing function call parameters during smart contract interactions. This allows for efficient NFT minting within existing smart contracts, thus reducing gas costs. Developed by Tom Lehman, co-founder and former CEO of Genius, the project has garnered great interest with nearly 30,000 Ethscriptions created within the first 18 hours.
Anyone can connect their wallet here and create an Ethscription, but note that there are size limits for images, so compression may be necessary. All Ethscriptions stored and minted on OpenSea will be displayed on the operating system page. Ethscriptions display a number representing their creation order on the website.
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Can Ethscriptions reach the level of Bitcoin Ordinals? Within six months, Ordinals increased from zero to 10 million. Can Ethscriptions do the same? I personally believe that the Ethscription trend is just getting started.
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