Ordinals Face Competition: 30,000 'Ethscriptions' Arrive on Ethereum

Ordinals Face Competition: 30,000 'Ethscriptions' Arrive on Ethereum
A new protocol called "Ethscriptions" has been introduced in the Ethereum community, offering users an additional method to generate nonfungible tokens (NFTs) and various other digital assets on the blockchain. 

The protocol, launched on June 17, was created by Tom Lehman, co-founder of the music website Genius.com, who is known as Middlemarch on Twitter. 

Lehman expressed his satisfaction with the project's outcome through a series of tweets on June 17, stating that it has been a "tremendous success." He also highlighted that the protocol witnessed the creation of nearly 30,000 Ethscriptions within the first 18 hours since its launch.

Lehman explained that Ethscriptions assets make use of Ethereum's "calldata," which refers to the data within a smart contract. This approach enables a more cost-effective and decentralized process for creating assets compared to traditional methods based on smart contracts.

Currently, users can only create image-based inscriptions, but Lehman has plans to incorporate support for various file types in the future. As of now, users can "ethscribe" any image as long as it doesn't exceed 96 kilobytes in size.

Lehman's initial project on the Ethscriptions protocol, known as "Ethereum Punks," received an overwhelmingly positive response from the community. All 10,000 assets were quickly claimed by users.

Lehman also mentioned that the launch of the project resulted in such a high level of user engagement that the API interface of the official Ethscriptions website experienced a temporary crash.

Considering the existing infrastructure that already enables the creation of NFTs and digital assets on the Ethereum network, it remains uncertain whether Ethscriptions will achieve the same level of popularity as Bitcoin Ordinals.

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