HomeWEB3Elon Musk Fuels the Argument for Bitcoin Ordinals’

Elon Musk Fuels the Argument for Bitcoin Ordinals’


Elon Musk lately sparked a debate about NFTs on an episode of the Joe Rogan Expertise podcast. His critique, suggesting that NFT initiatives ought to “encode the JPEG in the blockchain,” has drawn important consideration to the idea of in-chain storage for digital property.

Bitcoin Ordinals: The Case for On-Chain NFTs

Musks feedback highlighted the case for Bitcoin Ordinals, a comparatively protocol launched by developer Casey Rodarmor. These so-called Bitcoin NFTs inherently retailer JPEGs on the blockchain, aligning with Musk’s argument.

Bitcoin Ordinals, launched in January following the Taproot delicate fork in November 2021, have made substantial strides. With over 38 million Ordinals inscriptions now on Bitcoin’s blockchain, these imprints are there to remain indefinitely.

NFT Creators’ Response to Musk’s Critique

Critics have usually questioned the off-chain storage of NFTs. Responding to Musk’s remark, NFT undertaking creators argue that Bitcoin Ordinals represents essentially the most elegant answer to this widespread criticism. This provides much-needed credence to on-chain storage options.

Opposite to Musk’s generalizations, not all NFT initiatives function off-chain. Effectively-known examples like Larva Labs have taken the on-chain route, shifting its CryptoPunks NFTs on-chain as early as August 2021.

In mild of Bitcoin Ordinals’ launch and an rising curiosity in safe networks, a number of Ethereum-native NFT undertaking builders are asserting their plans emigrate to Bitcoin’s blockchain.

Ethereum Stays Dominant

Regardless of the rise of Bitcoin Ordinals and the rising assist for on-chain NFT initiatives, Ethereum takes the lion’s share in NFT buying and selling volumes. As of June, an astounding 84% market share belonged to Ethereum, signifying its stronghold within the NFT market.

Elon Musk’s critique of NFTs has inadvertently sparked a vital debate within the crypto world, shifting focus towards the significance of on-chain storage. Whereas Ethereum continues to dominate the NFT panorama, the appearance of Bitcoin Ordinals is signaling a shift within the trajectory.


Please enter your comment!
Please enter your name here


Bitcoin Nears Silver Market Cap as BTC Price Tops $67K; Ether (ETH) Hits New 2-Year High Amid DOGE, SHIB Rally

Final week, bitcoin-focused exchange-traded merchandise as a gaggle attracted "massive inflows" of $1.73 billion, their second largest week on report, asset supervisor CoinShares reported...

ZTX Unveils Genesis Homes for Metaverse Real Estate

ZTX, a Web3 social metaverse platform, is about to broaden its digital panorama with an modern strategy to digital actual property. Scheduled for relaunch...

Heroes of Mavia hits 2.6 million MAUs

Whereas slowing down since its preliminary launch at the start of February 2024, the expansion of Skrice Studios’ Heroes of Mavia has remained regular. Inside...

Nokia Prepares for a Metaverse-Driven Future with Strategic 2030 Plan

Nokia is positioning itself on the forefront of technological evolution, getting ready for a major enhance in community demand by 2030, pushed by the...

Most Popular