10 months ago
While publically mocking non-fungible token (NFTs) during a podcast, Tesla CEO and billionaire Elon Musk appears to person inadvertently highlighted the lawsuit for Bitcoin Ordinals, besides known arsenic Bitcoin NFTs.
“The comic happening is the NFT is not adjacent connected the blockchain — it’s conscionable a URL to the JPEG,” said Musk successful an Oct. 31 released interview connected The Joe Rogan Experience.
Musk said NFT projects should astatine slightest encode the JPEG on-chain:
“You should astatine slightest encode the JPEG successful the blockchain. If the institution lodging the representation goes retired of business, you don’t person the representation anymore.”On societal media, Bitcoiners argued Musk’s comments really summed up the usage lawsuit for Bitcoin Ordinals. Bitcoin’s mentation of NFTs launched successful January by developer Casey Rodarmor, which was made imaginable by the Taproot brushed fork successful November 2021.
Cryptocurrency expert Will Clemente was among those that praised Musk’s comments, noting determination are 38 cardinal and counting Ordinals inscriptions that volition everlastingly beryllium connected Bitcoin’s blockchain.
.@elonmusk you conscionable laid retired the lawsuit for Bitcoin ordinals - image/text inscriptions straight connected the astir unafraid unfastened root monetary web connected the planet. There are presently 38 cardinal of these inscriptions connected the Bitcoin blockchain. pic.twitter.com/WASj1qpkz8
— Will Clemente (@WClementeIII) November 1, 2023“This is wherefore Ordinals volition proceed to grow,” said Rohun “Frank” Vora, the creator of NFT projects DeGods and y00ts. “It's the astir elegant solution to 1 of the astir cosmopolitan criticisms of NFTs.”
Ordinals developer known arsenic “Leonidas” liked Musk’s comments truthful overmuch that they inscribed the 19-second video into Bitcoin’s blockchain astatine artifact 814,773:
Video of Elon Musk inscribed connected Bitcoin’s blockchain via the Ordinals protocol. Source: Ord.ioThe criticisms from Musk toward NFTs aren’t new. In December 2021, helium mocked NFTs arsenic a motion of intelligence unwellness successful a meme showing a diligent lying connected a therapist’s couch.
— Elon Musk (@elonmusk) December 16, 2021Musk’s comments nevertheless don’t basal existent for each NFT projects connected Ethereum.
For example, Larva Labs moved its Cryptopunks NFTs on-chain successful August 2021 aft they lived off-chain for the archetypal 4 years.
“Storing them on-chain successful this mode would further cement the semipermanent endurance of the Cryptopunks images and attributes, and guarantee that they tin beryllium afloat accessed by anyone with lone an Ethereum client,” Larva Labs successful the statement.
.@elonmusk is close that having NFT simply supply an http nexus to someone's domain is silly.
However, with uncommon exceptions, it's besides silly to importune NFT contented beryllium connected chain,
IPFS links, with the contented backed by whoever owns the NFT is the earthy solution.
Related: Are NFT markets successful a decease spiral oregon acceptable for a resurgence?
Metagood, the squad down the Ethereum-native OnChainMonkeys, announced successful September that it would migrate its NFTs to Bitcoin.
While the firm’s CEO Danny Yang didn’t straight code the JPEG dilemma, helium explained that NFTs “will triumph connected Bitcoin” due to the fact that it is simply a much unafraid web to enactment from:
“The Bitcoin Ordinal protocol is amended designed for decentralization and information than the Ethereum NFT protocol. High-value NFTs volition triumph connected Bitcoin.”However, Ethereum inactive remains location to 84% of each NFT trading volumes, according to CoinGecko, sourcing information from June. Bitcoin and ImmutableX came successful 2nd and 3rd with marketplace shares of 11% and 2.5% respectively.
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