- It allows you to produce “inscriptions” in image format and up to 96 KB in size.
- About 30,000 NFTs were issued in the first 18 hours
- The “Ethereum Punks” collection was dismantled in a matter of hours
On Saturday, June 17, developer Tom “Middlemarch” Lehman introduced a new protocol called “Ethscriptions”. In fact, this is an analogue of Ordinals, which allows you to create “inscriptions” on the Ethereum network.
Later he declaredthat in the first 18 hours about 30 thousand NFTs of a new type were 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. In this case, the file size should not exceed 96 kilobytes.
For now, it’s just images. But Lehman said that he is already working on support for other formats.
The first collection based on the protocol was the Ethereum Punks project. The demand for tokens turned out to be so high that the API of the official website of the service could not withstand the load.
Despite its claimed popularity, “Ethscriptions” raises at least two questions. The first is whether the solution will continue to be in demand given the existing Ethereum infrastructure. The second is, if so, how it will affect the network itself.
Recall that the huge number of “inscriptions” in Bitcoin led to a significant delay and an increase in the average commission. Members of the Core team are even advocating a built-in protocol limit.