The Creation of an Ordinal NFT with Gary Gensler’s Tweet
An artist named Billy Restey has created an Ordinal NFT featuring a tweet by Gary Gensler, the president of the SEC. The tweet in question was when Gensler announced that the SEC’s Twitter account had been compromised. Restey’s intention with this initiative is to immortalize the tweet on the Bitcoin blockchain, ensuring that it remains unchangeable and secure.
The Process and Details of the NFT Ordinal
The image of Gensler’s tweet was saved on the Bitcoin blockchain using the technology of Ordinals. The image is a webp file that weighs only 24.32 KB. It was included in block 825,059 of the Bitcoin blockchain through a specific transaction. Notably, Restey spent over $117 to register this transaction.
Gensler’s Mistakes and Controversies
In capturing Gensler’s tweet, Restey highlighted some mistakes made by Gensler and the SEC. One mistake was Gensler referring to the SEC’s Twitter account being compromised when Twitter had actually changed its name to X months ago. Additionally, Gensler’s failure to activate two-factor authentication allowed for the hacker attack on the SEC profile. These mistakes, along with previous controversies involving Bitcoin spot ETFs, have led some US senators to call for Gensler’s removal from his position.
About Ordinals and Their Impact on Bitcoin Transactions
Ordinals are files or texts that can be saved on the Bitcoin blockchain using Inscriptions technology. Although they are not traditional NFTs, they serve similar purposes and allow for on-chain saving of image files. The popularity of Ordinals has recently declined, but creating them still requires transactions on the Bitcoin blockchain, leading to increased fees for miners. The boom in Ordinals during December caused average daily fees to rise significantly, although they have since dropped.
Hot Take: Gary Gensler’s Tweet Immortalized as an Ordinal NFT
Today, an artist created an Ordinal NFT featuring Gary Gensler’s tweet about the compromise of the SEC’s Twitter account. By saving this image on the Bitcoin blockchain, it is now immortalized and unchangeable. However, this initiative highlights Gensler’s mistakes and controversies surrounding his leadership at the SEC. The use of Ordinals has also impacted Bitcoin transactions, with fees increasing during the boom in creating these files. Despite a decline in popularity, Ordinals continue to have an impact on the blockchain ecosystem.
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