Elon Musk recently mentioned Bitcoin Ordinals and critiqued traditional NFTs in a podcast with Joe Rogan.
Inadvertently, Elon Musk promoted Bitcoin Ordinals, which are Non-Fungible Tokens (NFTs) on the Bitcoin chain, while mocking traditional NFTs for their inability to hold information on-chain, in a recent edition of the Joe Rogan podcast.
Rather of putting the actual JPEG picture on the blockchain, as Musk pointed out, most NFTs just include a URL link. He warned that losing a picture was possible if the firm hosting it went out of business.
The timing of Elon Musk’s latest statement regarding NFTs could not be worse. To support his claim that NFT developers should include artwork in the blockchain’s metadata, Musk stated, “You should at least encode the JPEG in the blockchain.” One crypto research business co-founder, Will Clemente, said that Musk “just laid out the case for Bitcoin Ordinals.”
Ordinals function similarly to NFTs in that they are embedded into Bitcoin transactions in a permanent manner. Dune Analytics estimates that as of right now there are 37 million Bitcoin Ordinal entries on the Bitcoin ledger.
Bitcoin Ordinals, in contrast to Ethereum-based NFTs maintained on centralized servers, are unique to the Bitcoin blockchain. This makes them ultra-resilient to link rot and corporate failures.On X in 2021, Musk referred to NFTs as a “sign of mental illness” in his previous criticism of them. After Elon Musk brought attention to the Milady NFT line in May 2023, sales skyrocketed.
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