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.
Let us look at the key differences between NFTs and Ethscriptions
Creating Ethscriptions is not rocket science. Ethscriptions can be created in the following steps:
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.
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