BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home NFT

Elon Musk’s Sarcasm Unintentionally Bolsters the Case for Bitcoin Ordinals Over Traditional NFTs

by Dan K
Nov 2, 2023 - 1:00 pm
in NFT
Elon Musk at an event discussing the future of payments on the X platform.

Musk’s Jest at NFTs Reveals a Serious Point

While poking fun at the nonfungible tokens (NFTs) in a recent podcast, Tesla’s CEO, Elon Musk, unexpectedly made a compelling argument for Bitcoin Ordinals, a variant of Bitcoin-based NFTs. His point highlighted a significant drawback in many NFT projects—the lack of on-chain JPEG storage.

During his Oct. 31 appearance on The Joe Rogan Experience, Musk pointed out that a typical NFT doesn’t store the actual digital asset on the blockchain, but merely a URL link to it, which could potentially lead to loss of the asset if the hosting company shuts down. Musk emphasized, “You should at least encode the JPEG in the blockchain. If the company housing the image goes out of business, you don’t have the image anymore.”

Bitcoin Community Backs Musk’s Stance

Bitcoin enthusiasts were quick to agree with Musk’s perspective, pointing out that this is exactly what Bitcoin Ordinals achieve by encoding JPEGs on-chain. This feature ensures the longevity and authenticity of digital assets, addressing one of the common criticisms of traditional NFTs.

Cryptocurrency analyst Will Clemente and NFT project creators like Rohun “Frank” Vora lauded Musk’s remarks, noting the growing number of Ordinals inscriptions on the Bitcoin blockchain.

Bitcoin Ordinals: A Step Ahead in NFT Evolution

Ordinals, introduced in January by developer Casey Rodarmor following the November 2021 Taproot soft fork, brings a more secure and decentralized approach to digital asset ownership. Unlike many Ethereum-based NFTs, Bitcoin Ordinals allow for on-chain storage of digital assets, ensuring their survival regardless of third-party platforms’ fate.

For instance, Larva Labs and Metagood are among the entities that recognized the benefits of on-chain storage and have taken steps towards migrating or storing their NFTs on Bitcoin.

The Broader Implications

Danny Yang, CEO of Metagood, highlighted the security and decentralization advantages of Bitcoin over Ethereum for NFTs, affirming that “High-value NFTs will win on Bitcoin.” Yet, despite these technical advantages, Ethereum continues to dominate the NFT market share.

This episode serves as a reminder of the evolving nature of blockchain technology and how a sarcastic remark from a tech billionaire can spark meaningful discussions in the cryptocurrency community, nudging the industry towards more robust solutions like Bitcoin Ordinals.

Tags: BitcoinElonMuskNFT
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Bar chart showing June 2025 NFT sales volume by blockchain including Ethereum, Immutable, Bitcoin, and Polygon

NFT Market Rebounds Slightly as Bitcoin Surges Past $105K

June 8, 2025

NFT sales rise 1.95% to $106.2M as Bitcoin surges to $105K. Buyer participation jumps 55% amid steady growth...

Bar chart showing June 2025 NFT sales volume by blockchain including Ethereum, Immutable, Bitcoin, and Polygon

NFT Lending Volume Collapses 97% From Peak as Market Activity Dries Up

May 28, 2025

NFT lending has collapsed 97% from its peak, with borrower activity down 90% and lenders 78%, reflecting a...

Hester Peirce of the SEC discusses NFT royalties and securities law

SEC’s Hester Peirce Clarifies NFT Royalties Don’t Make Tokens Securities

May 21, 2025

NFT royalties don’t make tokens securities, says SEC’s Hester Peirce, stressing that artist earnings are not tied to...

OpenSea logo with a digital asset background symbolizing NFT trading and U.S. regulations

OpenSea Urges SEC to Exclude NFT Marketplaces from Securities Regulation

April 10, 2025

OpenSea urges the SEC to clarify that NFT marketplaces aren’t brokers or exchanges under federal law, seeking relief...

Press Releases

png 115

BTC Miner: Earn $100-$100,000 Daily – The Fastest Growing Crypto Mining Platform of 2025!

June 25, 2025

BTC Miner, the fastest growing platform in 2025, opens a new era of inclusive cryptocurrency mining, allowing everyone to participate...

image2

Could XYZVerse Overtake DOGE and SHIB? Analysts Say $0.003333 Could Explode to $10!

March 30, 2025

XYZVerse aims to outpace DOGE and SHIB, with bold $10 price goals, strong community rewards, and rising demand as it...

image1 1

Massive Institutional BTC Buys Could Launch the Next Bull Market: 5 Altcoins to Watch

March 29, 2025

Institutional Bitcoin buys may trigger a market surge. Five altcoins, including $XYZ, stand to gain—early investors could see major ROI...

image1

XRP Faces Strong Resistance While XYZVerse Gains Early Investor Attention With 10 Billion $XYZ Airdrop

March 28, 2025

XRP struggles at resistance, while XYZVerse grabs early investor attention with a 10B token airdrop and rapid growth toward a...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise