- Ethscriptions are NFTs without NFTs.
- Ethscriptions are only limited to images.
What are Ethscriptions?
Ethscriptions are Ethereum-based on-chain digital artifacts such as Bitcoin ordinals. Ethereum call data is required to create them, which stores the information in the blockchain.
In simpler terms, Ethscriptions can be called “NFTs without NFTs”. NFTs have always functioned as smart contracts, being the property of a single owner and being managed on a blockchain.
Ethscriptions give the NFT status to the whole blockchain with the blockchain’s data acting as its own separate NFT. Currently, only images can be shared as Ethscriptions without requiring the need to create ERC-721 tokens, which refer to NFTs on the Ethereum network. The creator of these Ethscriptions claims that they are more decentralized and cheaper when compared to their token equivalents.
Difference between Ethscriptions and NFTs
Let us look at the key differences between NFTs and Ethscriptions
- Unlike NFTs which use smart contracts to store metadata on a third-party storage platform, Ethscriptions employ Ethereum call data to store digital artifacts.
- Ethscription does not require any ETH. They only require some hex data for transactions, which makes it cheaper than NFTs.
- It can be argued that Ethscriptions are more decentralized as compared to NFTs because the Ethscription data remains scattered on Ethereum’s blockchain whereas the NFT data is stored on a third-party storage platform.
- Currently, these Ethscriptions are only limited to images but they have still been in great demand. The creator of Ethscriptions claims that the limited variety of Ethscriptions shall soon be overcome.
- While NFTs only support smart contracts, Ethscriptions are equipped to support all kinds of URIs.
How can Ethscriptions be created?
Creating Ethscriptions is not rocket science. Ethscriptions can be created in the following steps:
- First, convert an image with a maximum size of 90 kilobytes into 64-encoded data using tools like base64-image.de or something similar.
- Now using Hexhero or similar hexing tools, convert the URI into a hex.
- The next step is to send a transaction to the selected address by entering the hex data in the “Hex data” field. This Ethscription will be owned by the address, which means that no ETH will be charged for the transaction.
- The network also allows you to connect your wallet and create your own Ethscriptions.
Are Ethsriptions a Good Investment?
Ethscriptions have gained popularity in recent times. Being relatively new, they have garnered the interest of investors. Investors that have purchased their choice of Ethscriptions at a lower price can easily get significant returns. This concept holds a lot of potential as it allows developers to create their own NFT collections.
Adding NFTs directly to the Ethereum blockchain can enhance its application in the crypto community. Ethscriptions have gained popularity among short-term traders, who typically hold their investments for 30 days or less.
It is important to note that the current investment value of Ethscriptions is largely due to the hype surrounding it, which may not last for a long time. Moreover, the only use of Ethscriptions is their collectibility, and once people get enough of that, its price may fall significantly.
