Over the weekend, Ethereum launched Ethscriptions, a new protocol for creating NFTs, which quickly gained popularity and recorded over 30,000 inscriptions in just 48 hours.
Key Points
- Ethscriptions, a new protocol for creating NFTs on Ethereum, launched over the weekend.
- Users can write non-financial data on Ethereum using Ethscriptions, with plans for expansion.
- Ethscriptions has gained widespread optimism within 48 hours, with over 30,000 inscriptions recorded.
- Despite similarities to Bitcoin Ordinals, Ethscriptions has received a positive response for innovation and adoption potential.
Over the weekend, Ethereum was abuzz with the launch of a new protocol that offers users a fresh way to create non-fungible tokens (NFTs). Called Ethscriptions, the project drew inspiration from Bitcoin’s inscriptions, resulting in its catchy name. Developed by Tom Lehman, the co-founder of Genius.com, Ethscriptions has already garnered widespread optimism among developers and users within just 48 hours of its launch.
With almost 30k Ethscriptions in <18 hours, the launch was a huge success!
Thank you for seeing the massive potential here!
I am on Ethscriptions 24/7, but I need your help!
DM @proroketh to join our protocol Twitter chat. Ideas, bug reports, NO alpha, NO trading, NERDS ONLY! pic.twitter.com/udKdsVT0L8
— Middlemarch (@dumbnamenumbers) June 17, 2023
How Ethscriptions work
Ethscriptions enable users to write non-financial data on the Ethereum network, as long as it remains under 96 kilobytes. While it currently only supports image-based NFTs, developers plan to expand its capabilities in the future. One key feature of Ethscriptions is its use of “call data,” which is derived within a call to a smart contract, making it more affordable and decentralized compared to other options.
Lehman emphasized the protocol’s ability to guarantee global uniqueness of all valid Ethscriptions content, describing it as aligned with the direction of Layer 2 solutions. He confidently stated, “It’s skating to where the puck is going in an L2 world.”
Record-breaking adoption
Major players within the Ethereum network quickly took notice of Ethscriptions. In just a few hours after its launch, more than 10,000 inscriptions were recorded. By the end of the weekend, that number skyrocketed to over 30,000, with the debut project, “Ethereum Punks,” being claimed in a matter of hours. The overwhelming interest in Ethscriptions even caused the official Ethscription site to experience temporary crashes.
End Note
Despite its similarities to Bitcoin Ordinals, which faced significant backlash upon its launch, Ethscriptions has received a predominantly positive response. While Bitcoin Ordinals was viewed by many as an “attack” on the network, most users of Ethscriptions are focusing on the potential for innovation and widespread adoption. One NFT enthusiast, Adam McBride, expressed his excitement about Ethscriptions and its contribution to driving innovation and adoption within the blockchain technology space.
However, McBride also acknowledged that Ethscriptions is not entirely new technology and has existed on the Ethereum network for years, albeit with limited artist deployment. Nevertheless, with the massive publicity surrounding Ethscriptions’ launch, it is anticipated to bring this technology into the spotlight like never before.
