Elon Musk criticized NFTs and offered a solution that seemed to praise bitcoin Ordinals because they solve the problem that the Tesla CEO highlighted.
X (formerly Twitter) president Elon Musk recently spoke on a podcast mocking non-fungible tokens (NFTs). However, as he spoke, Elon Musk appeared to inadvertently defend bitcoin NFTs, known as bitcoin Ordinals.
In a recent interview On The Joe Rogan Experience podcast hosted by comedian Joe Rogan, Musk said that “the funny thing is that the nft isn’t even on the blockchain, it’s just a URL to the JPEG.” He then offered an opinion on what NFTs should really be like:
“You should at least encode the JPEG on the blockchain. If the company that hosts the image closes, you will no longer have the image.”
Reactions to Elon Musk’s Comment on NFTs from the bitcoin Ordinals Community
X users have responded with opinions on Musk’s comment. Many of them pointed out that the comments explain the use case for bitcoin Ordinals, which are NFTs on the bitcoin blockchain.
Developer Casey Rodarmor launched bitcoin NFTs in January. These bitcoin Ordinals are made possible by the Taproot update implemented in 2021. However, Taproot did not enjoy much popularity until Ordinals.
One bitcoin-ordinals” target=”_blank” rel=”noopener”>comment crypto analyst Will Clemente mentioned Musk and appeared to promote Ordinals, describing NFTs as “image/text inscriptions directly into the most secure open source monetary network on the planet.” Clemente added that there are currently “38 million of these registrations” on the bitcoin blockchain.
More reactions came, with an Ordinals developer known as “Leonidas” highlighting the difference between bitcoin Ordinals and many other NFTs. Leonidas inscribed Elon Musk’s video saying that NFTs “aren’t even on the blockchain” on the bitcoin blockchain, essentially making it one of the bitcoin Ordinals. The creator of the y00ts and DeGods nft projects, Rohun “Frank” Vora, later answered:
“That’s why Ordinals will continue to grow. “It is the most elegant solution to one of the most universal criticisms of NFTs.”
Vora’s comment is true, considering Musk’s comment is a criticism of NFTs. However, CryptoPunks nft creator Larva Labs moved tokens onto the chain in August 2021. In a Official statement, Larva Labs said the move was necessary to ensure the “long-term survival” of Cryptopunks. The statement also added that the company wants to ensure that anyone with an ethereum client can access a CryptoPunk nft.
bitcoin Ordinal Milestones
In May, just a few months after its launch, bitcoin Ordinals surpassed 10 million signups on the bitcoin blockchain. At that time, Rodarmor announced that he would step down from leading the project and that pseudonymous coder Raphjaph would take over.
In July, bitcoin Ordinals NFTs reached a new milestone, reaching over 350,000 new sign-ups in one day. This was a 250% jump since Ordinals launchpad Luminex launched the bitcoin Request for Comment (BRC)-69 token standard less than two weeks earlier. The standard is a modified BRC-20 standard initiated to reduce the cost of Ordinal registrations by more than 90%.
Many had criticized bitcoin Ordinals for its enrollment method, describing it as wasteful and inefficient. This is due to transaction fees and required block space.
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Tolu is a Lagos-based cryptocurrency and blockchain enthusiast. He likes to demystify cryptocurrency stories down to the basics so that anyone anywhere can understand them without too much prior knowledge. When he’s not neck-deep in cryptocurrency stories, Tolu enjoys music, loves to sing, and is an avid movie lover.
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