03/11/2023 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.

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

While publicly mocking nonfungible tokens (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 releasedinterviewonThe Joe Rogan Experience.

NBA legend Shaquille O’Neal signs $11M Astrals NFT settlement
NFTs weekly sales surge 94% as crypto market continues bullish run
EV Biologics Announces NFT Dividend

Musk said NFT projects should at least encode the JPEG on-chain:

“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 was launched in January by developer Casey Rodarmor, which was made possible by the Taproot soft fork in November 2021.

Cryptocurrency analyst Will Clemente was among those who praised Musk’s comments, noting there are 38 million and counting Ordinals inscriptions that will forever exist on Bitcoin’s blockchain.

.@elonmuskyou 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.pic.twitter.com/WASj1qpkz8

— Will Clemente (@WClementeIII)November 1, 2023

“This is why Ordinals will continue to grow,”saidRohun “Frank” Vora, the creator of NFT projects DeGods and y00ts. “It’s the most elegant solution to one of the most universal criticisms of NFTs.”

Ordinals developer known as “Leonidas”likedMusk’s comments so much that they inscribed the 19-second video into Bitcoin’s blockchain at block 814,773:

Video of Elon Musk inscribed on Bitcoin’s blockchain via the Ordinals protocol. Source:Ord.io

The criticisms from Musk toward NFTs aren’t new. In December 2021, he mocked NFTs as a sign of mental illness in a meme showing a patient lying on a therapist’s couch.

pic.twitter.com/Wv6iJDuTge

— Elon Musk (@elonmusk)December 16, 2021

Musk’s comments, however, don’t stand true for all NFT projects on Ethereum.

For example, Larva Labsmovedits CryptoPunks NFTs on-chain in August 2021 after they lived off-chain for the first four years.

“Storing them on-chain in this way would further cement the long-term survival of the Cryptopunks images and attributes, and ensure that they can be fully accessed by anyone with only an Ethereum client,” Larva Labs said in the statement.

.@elonmuskis correct that having NFT merely provide an http link to someone's domain is silly.

However, with rare exceptions, it's also silly to insist NFT content be on chain,

IPFS links, with the content backed by whoever owns the NFT is the natural solution.

— Arthur B. (@ArthurB)November 1, 2023

Metagood, the team behind the Ethereum-native OnChainMonkeys, announced in September that it would migrate its NFTs to Bitcoin.

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 securer 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.”

However, Ethereum still remains home to 84% of all NFT trading volumes,according to CoinGecko, sourcing data from June. Bitcoin and ImmutableX came in second and third with market shares of 11% and 2.5%, respectively.

Arts

https://cointelegraph.com/news/elon-musk-slams-nfts-jpeg-url-argues-case-bitcoin-ordinals

Interesting NFTs
MUSHROOMSIMP - Spells of Genesis
Spells of Genesis is the first NFT collection on the Bitcoin blockchain. The cards tell the history of crypto, starting with the creator - Satoshi Nakamoto, and the creation of the first block - The Genesis Block. View contents of NFT by expanding Properties Below and at Emblem.Finance
#77075
By OthersideDeployer
Forms of Love
The ever changing piece, that took you to understand the 10 forms of love. attach string to each of it,connect and try to understand it. how do you perceive it? it's up to you, it's part of me but also part of you at the same time. just don't use logic too much, we never live there anyway from the start.
Bored Ape Yacht Club #8135
The Bored Ape Yacht Club is a collection of 10,000 unique Bored Ape NFTs— unique digital collectibles living on the Ethereum blockchain. Your Bored Ape doubles as your Yacht Club membership card, and grants access to members-only benefits, the first of which is access to THE BATHROOM, a collaborative graffiti board. Future areas and perks can be unlocked by the community through roadmap activation.
The Moth Catcher
In this psychologically bed-headed portrait, a creature sets in a trance; his eyes devolved and vestigal, his third eye open but hardened and in a form resembling a Sharingan. The imagery therefore expresses an awareness existing in corporeal introspection. The creature’s mind sprouts, on the left side, an emerging face, grinning. To the right side of the head, red tentacles and fingers intertwine–a collaboration of invertebrate and vertebrate consciousness cooperatively handling paint brushes of the sort used to build an oil painting. The neck and throat bristle with random thorns, as from a rose or the upper portions of a beak sprouting from its flesh. The neck itself disassociates into layers of membranous material, terminating upon an abstracted base of convoluted forms composing its body. The nose is virtually non existent, more a sinus reiterative of the shape of the third eye. Set against the exposed teeth peering out of thick, meaty cheeks, a skeleton-like impression results. That impression sets behind a visceral set of lips and tongue, which is the creature’s prime seat of awareness. Sensual, organic, the tongue organ hangs, meaty, and with consciousness of a sea cucumber. It illuminates at the tip, drawing the attraction of a nearby moth–with mystery of purpose.