I believe that friends who have participated in NFT on ETH must be familiar with the concept of "collection". A collection usually consists of thousands or tens of thousands of NFTs. Typical first-line blue-chip NFT collections such as Cryptopunk and Boring Ape have 1,000 NFT collections.

After Bitfrog's trading volume exceeded that of all Ethereum NFTs, many people saw clearly that Bitcoin NFTs would be the highlight of this bull market. Many people take one step at a time and are not sensitive enough to the new trends in the market. Currently, Bitcoin NFT lacks collection specifications and metadata standards. Creation and verification are highly dependent on centralized platforms. BRC721, something new, solves this problem.

ERC721

The price of NFTs depends not only on personal preference but also on the rarity of each NFT attribute. ERC721 is a set of non-homogeneous token protocol standards that facilitate the creation, collection and management of NFTs. It was first proposed by Dieter Shirley, technical director of Axiom Zen, in January 2018. Axiom Zen is also the company behind CryptoKitties. Therefore, CryptoKitties is the first NFT to implement the ERC721 standard.

Pain points:

We first need to observe the pain points of the current Ordinal NFT collection management method:

Centralization: The collection specification document of each trading market must be filled out, it needs to be reviewed and the creator needs to be trusted to include your inscription in the collection.

Lack of collection specifications: Currently, the collection documents of various trading markets are often very different, and it will be troublesome to list the same collection on multiple exchanges.

Lack of metadata standards and rarity display mechanisms: Currently, there is no rarity ranking plug-in similar to TraitsSniper in Ordinal's NFT ecosystem. This is because there has not yet been a recognized metadata standard specification to facilitate the development of plug-ins.

BRC721

Who is RC721? The name and connotation come from the ERC721 next door. BRC721 uses the collection list, inscription list and display list to clarify the collection specification and metadata standard of Bitcoin NFT. Is it progress? yes. The BRC721 standard may be rolled out in the future.

The entire BRC721 protocol is based on the following three lists: collection list, inscription list and display list. Each list has protocol and version fields to allow third-party services to understand the specification.

Development progress

The entire BRC721 protocol is promoted by the developer whose Twitter nickname is Poyo. As of the time of writing, NFT is about to be produced, and the official Twitter has already issued a notice.

However, the ordinal protocol was originally designed to solve the problem that NFTs on ETH can be tampered with. As a result, the implementation logic of ERC721 may not be recognized by the market. In fact, Metadata can also be cast into inscriptions and then quoted, so that they cannot be tampered with.

Finally, how can we ordinary players participate? Since there is no product launched yet, we can only continue to track the latest development trends. BRC20 is popular, and the concept of BRC721 is likely to be hyped. We need to quickly go after the first NFT collection that adopts this standard appears. Casting, while paying attention to other BRC721 standard NFT collections on the market, and conducting horizontal comparisons. In the end, which one has the most consensus is determined by the market. What we have to do is to seize the first one.

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