Elon Musk slams NFTs but ends up arguing the case for Bitcoin Ordinals

Elon Musk argued that NFT projects “should at least encode the JPEG in the blockchain,” to the delight of many Bitcoiners.While publicly mocking non-fungible token (NFTs) during a podcast, Tesla CEO and billionaire Elon Musk appears to have inadvertently highlighted the case for Bitcoin Ordinals, also known as Bitcoin NFTs.

“The funny thing is the NFT is not even on the blockchain — it’s just a URL to the JPEG,” said Musk in an Oct. 31 released“You should at least encode the JPEG in the blockchain. If the company housing the image goes out of business, you don’t have the image anymore.”

On social media, Bitcoiners argued Musk’s comments actually summed up the use case for Bitcoin Ordinals. Bitcoin’s version of NFTs launched in January by developer Casey Rodarmor, which was made possible by the Taproot soft fork in November 2021. headtopics.com

Cryptocurrency analyst Will Clemente was among those that praised Musk’s comments, noting there are 38 million and counting Ordinals inscriptions that will forever exist on Bitcoin’s blockchain.you just laid out the case for Bitcoin ordinals – image/text inscriptions directly on the most secure open source monetary network on the planet. There are currently 38 million of these inscriptions on the Bitcoin blockchain.Rohun “Frank” Vora, the creator of NFT projects DeGods and y00ts.

While the firm’s CEO Danny Yang didn’t directly address the JPEG dilemma, he explained that NFTs “will win on Bitcoin” because it is a more secure network to work from: “The Bitcoin Ordinal protocol is better designed for decentralization and security than the Ethereum NFT protocol. High-value NFTs will win on Bitcoin.”to CoinGecko, sourcing data from June. Bitcoin and ImmutableX came in second and third with market shares of 11% and 2.5% respectively. headtopics.com

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