Ordinals: A New Perspective on Inscription Collections and Interpretation of Generative ERC-721 Standards

New Perspective on ERC-721 Inscription Collections and Interpretation

Bitcoin’s on-chain fees remain high, but Generative BRC-721 can optimize the use of ordinals block space. Cryptocurrency KOL xiyu introduces the Generative BRC-721 standard from the perspectives of background, operations, advantages, and disadvantages.

Generative BRC-721 Introduction: Using the “deploy” operation to create a generative BRC-721 collection with unique on-chain storage features. Then, the “mint” operation generates non-fungible tokens referencing the features deployed. This process reduces block space utilization by 50% to 90%. The front-end will need to adapt to recreate and display images from minted token text data.

Advantages: 1) Optimizes space usage for tokens by deploying components as JSON during deployment and referencing the information within during minting, reducing the volume of mint text. The entire collection can save on transaction fees during on-chain processes. 2) Convenient for managing collections, with tags such as IDs included in the mint operation for easy management in future projects. 3) Completely on-chain and theoretically decentralized. From a decentralization perspective, there is no difference from regular tokens, only the display format differs.

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Disadvantages: 1) The saved transaction fees are not significant. The official ordibots project only saved 55%, which I believe is still insufficient. The amount saved also depends on the size of the images, with larger images resulting in greater savings. 2) Requires front-end collaboration, which is a difficult consensus to achieve. Wallets and trading markets are unlikely to proactively collaborate in developing front-end interfaces unless the market size reaches a certain level.

Reference: https://twitter.com/ohxiyu/status/1663396930049957888

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