- In a current Joe Rogan podcast, Elon Musk mentioned Bitcoin Ordinals and criticized mainstream NFTs.
- Most NFTs solely comprise a URL hyperlink as an alternative of encoding the precise JPEG picture on the blockchain, which Musk highlighted as a possible subject.
- Musk argued for embedding paintings instantly into blockchain metadata.
In a current episode of the Joe Rogan podcast, Elon Musk inadvertently highlighted the benefits of Bitcoin Ordinals, that are Non-Fungible Tokens (NFTs) on Bitcoin’s chain, whereas concurrently ridiculing mainstream NFTs for his or her failure to retailer metadata on-chain.
Musk famous that almost all NFTs solely comprise a URL hyperlink reasonably than encoding the precise JPEG picture on the blockchain. “If the corporate internet hosting the picture goes bust, you don’t have the picture anymore,” he stated.
Elon Musk’s current remark about NFTs comes at a time when the NFT realm will not be in its greatest form. Musk argued that NFT creators ought to embed paintings into the blockchain metadata, saying, “You need to at the least encode the JPEG within the blockchain.” Will Clemente, co-founder of a crypto analysis agency, famous that Musk “simply laid out the case for Bitcoin Ordinals.”
Ordinals are basically Bitcoin’s model of NFTs—inscriptions of photographs or textual content encoded completely into transactions on Bitcoin’s blockchain. In line with the information from Dune Analytics, there are at the moment roughly 37 million Bitcoin Ordinal inscriptions on Bitcoin’s ledger.
Not like Ethereum-based NFTs hosted on centralized servers, Bitcoin Ordinals exist solely on its distributed blockchain ledger. This makes them ultra-resilient towards hyperlink rot and firm failures.Musk has derided NFTs earlier than, as soon as calling them a “signal of psychological sickness” in a 2021 put up on X. In Might 2023, the Milady NFT assortment noticed a major enhance in recognition following a point out by Elon Musk.
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