Elon Musk Supports Ordinal Inscriptions on Bitcoin Blockchain
Elon Musk has indirectly shown his support for Ordinal inscriptions, a form of data stored on the BTC blockchain. Addressing the topic of non-fungible tokens (NFTs) and their connection to external content, Musk suggested encoding the jpeg of the NFT on the blockchain. This aligns with Musk’s previous criticisms of the current implementation of NFTs, where the token is simply a URL to an image. Ordinal inscriptions and Stamps, on the other hand, allow users to directly save media on the Bitcoin blockchain, ensuring its longevity. However, the rise of inscriptions has sparked debates about their impact on the blockchain’s capacity, as some mining pools consider them to be “spam.”
The Origin of the Discussion
The discussion began with a post containing a video and song about NFTs, which Musk shared on his Twitter account. Later, it was revealed that the video had been inscribed on the Bitcoin blockchain by an anonymous user who paid a significant fee for the transaction. This inscription, known as Inscription 51,887,020, has a file size of 366.57 KB.
Hot Take: Elon Musk Advocates for Inscriptions on Bitcoin Blockchain
Elon Musk has expressed support for Ordinal inscriptions, a means of preserving media on the Bitcoin blockchain. By suggesting that the jpeg of an NFT be encoded on the blockchain, Musk highlights the flaws in the current NFT implementation. Ordinal inscriptions and Stamps provide a solution by directly saving media on the blockchain, ensuring its long-term storage. However, debates surrounding the impact of inscriptions on blockchain capacity have surfaced. The recent inscribed video shared by Musk sparked discussions on the fair use of blockchain space. Musk’s endorsement of inscriptions reflects a growing interest in enhancing the functionality and longevity of NFTs through blockchain technology.
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