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Elon Musk Accidentally Praised Bitcoin Ordinals While Talking About Nfts.

  • Posted on November 2, 2023 9:19 PM
  • 167 Views

Musk pointed out that most NFTs are worthless and many are just pieces of digital collectibles, while he emphasized that Bitcoin Ordinals have real value.

Elon Musk's comments during a podcast about NFTs sparked some discussions in the cryptocurrency world. Bitcoin Ordinals, especially popular among collectors, represents a collection of rare and unique digital artworks in the form of NFTs. These NFTs can often have high values and play a significant role in the crypto art world.

Elon Musk's praise inadvertently highlights how NFTs are perceived and valued in the complex and diverse world of cryptocurrencies. NFTs in the crypto world have garnered significant attention as they enable the tokenization of digital artworks, collectibles, and digital assets. However, the value and quality of these artworks can vary significantly, necessitating careful evaluation.

During a podcast on October 31, as part of The Joe Rogan Experience, Musk made remarks mocking NFTs, saying, "What's funny about NFTs is that they don't even exist on the blockchain. It's just a URL leading to a JPEG." He also emphasized that NFT projects should encode at least the JPEG image on the blockchain, stating:

"At the very least, you should encode the JPEG on the blockchain. If the company hosting the image goes bankrupt, you can no longer own the image."

On social media, Bitcoin investors claimed that Musk's comments inadvertently summarized the use case of Bitcoin Ordinals. Bitcoin's NFT version was made possible with the Taproot soft fork in November 2021 and was launched in January by developer Casey Rodarmor. Crypto analyst Will Clemente, among those praising Musk's comments, highlighted that there are 38 million Ordinals inscriptions that will forever exist on the Bitcoin blockchain.

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