Ethscriptions: Ethereum Unleashes 30,000 Unique NFTs, Paving the Way for Creative Expression

• Ethereum users now have another way to create nonfungible tokens (NFTs) and other digital assets on the blockchain.

• Users created nearly 30,000 Ethscriptions within the first 18 hours of the protocol’s launch.

With the launch of a new protocol, Ethereum users now have another way to create nonfungible tokens (NFTs) and other digital assets on the blockchain. This new protocol, “Ethscriptions,” was launched on June 17. It is worth noting Tom Lehman, co-founder of the music website Genius.com who uses the pseudonym Middlemarch on Twitter, developed Ethscriptions, taking inspiration from the Bitcoin protocol where assets are known as “inscriptions.

Lehman expressed his excitement about the project’s progress in a series of tweets on June 17, highlighting the creation of nearly 30,000 Ethscriptions within the first 18 hours of the protocol’s launch.

Ethscriptions can incorporate non-financial and arbitrary data into the primary Ethereum blockchain. Users can engrave various file types if they do not exceed 96 kilobytes. Nevertheless, per the creator’s statement, the current functionality is limited to images, but plans are to expand it.

These inscriptions use Ethereum “calldata,” which pertains to the data provided during a call to a smart contract. Lehman states this protocol provides a more cost-effective and decentralized alternative than contract storage. The creator expressed on Twitter that the [protocol]ensures the global uniqueness of the content found in all valid Ethscriptions. 

They further remarked that it is “skating to where the puck is going in an L2 world,” implying its alignment with the future direction of Layer 2 (L2) solutions. Lehman, possibly seeking recognition, appealed publicly for the renowned NFT collection Crypto Punks to be “ethscribed.” 

This call generated a tremendous response, resulting in a frenzy where users successfully inscribed copies of the 10,000 images within hours. 

https://twitter.com/dumbnamenumbers/status/1669822912579223552?s=20

The launch of Ethscriptions mirrors the introduction of Ordinals on Bitcoin, as both protocols enable the inclusion of NFT-style images and non-financial data in the primary ledger of their respective blockchains. Nevertheless, the unveiling of Ordinals on Bitcoin sparked disappointment and concern among many within the maximalist community.

The contrast in reception arises from the Ethereum community’s evident willingness to embrace innovation and experimentation.  “What excites me about Ethscriptions, much like Ordinals, is the renewed engagement of developers in exploring the possibilities of blockchain technology,” said Lehman, indicating a shared enthusiasm for pushing the boundaries of blockchain innovation.

Similar to the frenzy surrounding Ordinals, this weekend witnessed a remarkable surge in interest from new protocol users. Consequently, Ethscriptions experienced multiple downtimes, prompting Lehman to express on Twitter, “Apologies for the crashes! The influx of users has overwhelmed the system.”

Within less than six months, the cumulative count of Ordinals on the Bitcoin blockchain skyrocketed from zero to 10 million. This significant surge in activity was primarily fueled by users eagerly embracing the novelty of minting assets. Notably, this extended to creating entirely new tokens by utilizing the BRC-20 token standard within the Bitcoin network.

The ultimate verdict on whether Ethscriptions will be a passing trend or a thrilling new phenomenon lies in the hands of the community.