- Elon Musk highlighted the benefits of Bitcoin Ordinals on Joe Rogan’s podcast.
- Musk criticized conventional NFTs’ inability to store metadata on the blockchain.
- Bitcoin Ordinals are resistant to link decay and corporate collapses.
In a recent installment of the Joe Rogan podcast, Elon Musk unintentionally underscored the benefits of Bitcoin Ordinals, a type of Non-Fungible Tokens (NFTs) that exist on Bitcoin’s blockchain. Concurrently, he mocked conventional NFTs’ inability to store metadata directly on the blockchain.
Musk pointed out that most NFTs merely incorporate a URL link instead of embedding the JPEG image on the blockchain. He stated, “Should the company that hosts the image go under, the image would no longer be accessible.”
Elon Musk’s latest remarks on NFTs coincide with a period of instability in the NFT market. Musk suggested that NFT creators incorporate their artwork into the blockchain metadata, stating, “You should at least encode the JPEG in the blockchain.” Will Clemente, a co-founder of a cryptocurrency research company, observed that Musk “just presented the argument for Bitcoin Ordinals.”
Ordinals can be considered as Bitcoin’s equivalent of NFTs, which are essentially imprints of pictures or written content indelibly recorded into Bitcoin’s blockchain transactions. Per the information sourced from Dune Analytics, the Bitcoin ledger currently holds around 37 million such Bitcoin Ordinal inscriptions.
Contrary to NFTs on Ethereum that are hosted on centralized servers, Bitcoin Ordinals are solely present on its decentralized blockchain ledger. This characteristic makes them highly resistant to link decay and corporate collapses. Musk has previously criticized NFTs, labeling them as a “symptom of mental illness” in a 2021 post on X. The Milady NFT collection experienced a substantial surge in popularity in May 2023, following a reference by Elon Musk.
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