Elon Musk’s View on NFTs
Elon Musk, the CEO of Tesla, recently shared his thoughts on non-fungible tokens (NFTs). He described NFTs as URL pointers to JPEGs that are not stored on the blockchain. This is because the Ethereum ERC-721 standard, which is widely used for NFTs, serves as a digital certificate or pointer standard.
Hey @elonmusk almost a year ago @rodarmor created the Ordinals protocols which is NFTs on Bitcoin and they are 100% immutable pic.twitter.com/vDi1nc44hl
— Bongo 🥁 (@bongobongonft) October 31, 2023
However, there is a new NFT standard being developed on the Bitcoin network that Elon Musk might be interested in. It is called Bitcoin Ordinals and it involves inscribing digital collectibles directly onto Satoshis, the units of Bitcoin. This provides a higher level of security and ownership as the data becomes immutable once inscribed on the Bitcoin blockchain.
Bitcoin Ordinals offers a permanent record of the digital content, ensuring authenticity and protecting it from censorship. This aligns with Elon Musk’s expectations for NFTs to be more than just JPEGs. It also opens up possibilities for artists and creators who face censorship in certain parts of the world.
Bitcoin Ordinals Market Update
After losing some initial hype, Bitcoin Ordinals are gaining traction again in the NFT market. Since their introduction earlier this year, they have become popular among collectors. According to data from CryptoSlam.io, a data aggregator, Bitcoin Ordinals have seen increased trading activity in the past week.
In the last seven days, Bitcoin Ordinals have been the fourth most traded NFT collection, with a trading sales volume of $6.6 million. This represents a 56.32% increase in sales compared to the previous week.
Hot Take: The Potential of Bitcoin Ordinals
Bitcoin Ordinals present an innovative approach to NFTs by leveraging the security and robustness of the Bitcoin blockchain. The inscribed data on Satoshis cannot be altered or tampered with, ensuring its longevity and authenticity.
This fusion of art, technology, and economics challenges traditional notions of digital content ownership and culture. With no central entity controlling Bitcoin, Bitcoin Ordinals offer true freedom of expression and protection against censorship.
As Elon Musk shows interest in NFTs and their potential, it wouldn’t be surprising to see him explore Bitcoin Ordinals as a future adoption. The market strength regained by Bitcoin Ordinals indicates a growing interest and demand for this unique NFT collection.
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