- It allows you to issue “inscriptions” in image format and up to 96 KB in weight
- In the first 18 hours, about 30,000 NFTs were issued
- The “Ethereum Punks” collection was sold out in hours
On Saturday, June 17, developer Tom “Middlemarch” Lehman introduced a new protocol called “Ethscriptions”. In fact, it is an analog of Ordinals, which allows you to create “inscriptions” on the Ethereum network.
Later, he said that in the first 18 hours, about 30,000 new-style NFTs have been minted. He also invited everyone to join the development team to support the project.
The protocol uses transaction data (calldata) to write certain content directly to the blockchain. The file must be no larger than 96 kilobytes.
For now, we are only talking about images.. But Lehman said he is already working on supporting other formats.
The first collection based on the protocol was the Ethereum Punks project. The demand for tokens was so high that the API of the official website of the service could not withstand the load.
Despite the reported popularity of “Ethscriptions” raises at least two questions. The first one is whether the solution will continue to be in demand, given the existing Ethereum infrastructure. The second is, if so, how this will affect the network itself.
Remind that the sheer number of “inscriptions” in Bitcoin has led to a significant delay and an increase in the average commission. Core team members even advocate a built-in protocol limitation.
The Core team members even advocate a built-in protocol limitation.