Fun

News Feed - 2023-11-02 01:11:29

Brayden Lindrea4 hours agoElon Musk slams NFTs but ends up arguing the case for Bitcoin OrdinalsElon Musk argued that NFT projects “should at least encode the JPEG in the blockchain,” to the delight of many Bitcoiners.3999 Total views25 Total sharesListen to article 0:00NewsJoin us on social networksWhile publicly mocking nonfungible tokens (NFTs) during a podcast, Tesla CEO and billionaire Elon Musk appears to have inadvertently highlighted the case for Bitcoin Ordinals, also known as Bitcoin NFTs.


“The funny thing is the NFT is not even on the blockchain — it’s just a URL to the JPEG,” said Musk in an Oct. 31 released interview on The Joe Rogan Experience.


Musk said NFT projects should at least encode the JPEG on-chain:“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.”


On social media, Bitcoiners argued Musk’s comments actually summed up the use case for Bitcoin Ordinals. Bitcoin’s version of NFTs was launched in January by developer Casey Rodarmor, which was made possible by the Taproot soft fork in November 2021.


Cryptocurrency analyst Will Clemente was among those who praised Musk’s comments, noting there are 38 million and counting Ordinals inscriptions that will forever exist on Bitcoin’s blockchain..@elonmusk you just laid out the case for Bitcoin ordinals - image/text inscriptions directly on the most secure open source monetary network on the planet. There are currently 38 million of these inscriptions on the Bitcoin blockchain. pic.twitter.com/WASj1qpkz8— Will Clemente (@WClementeIII) November 1, 2023


“This is why Ordinals will continue to grow,” said Rohun “Frank” Vora, the creator of NFT projects DeGods and y00ts. “It’s the most elegant solution to one of the most universal criticisms of NFTs.”


Ordinals developer known as “Leonidas” liked Musk’s comments so much that they inscribed the 19-second video into Bitcoin’s blockchain at block 814,773:Video of Elon Musk inscribed on Bitcoin’s blockchain via the Ordinals protocol. Source:Ord.io


The criticisms from Musk toward NFTs aren’t new. In December 2021, he mocked NFTs as a sign of mental illness in a meme showing a patient lying on a therapist’s couch.pic.twitter.com/Wv6iJDuTge— Elon Musk (@elonmusk) December 16, 2021


Musk’s comments, however, don’t stand true for all NFT projects on Ethereum.


For example, Larva Labs moved its CryptoPunks NFTs on-chain in August 2021 after they lived off-chain for the first four years.


“Storing them on-chain in this way would further cement the long-term survival of the Cryptopunks images and attributes, and ensure that they can be fully accessed by anyone with only an Ethereum client,” Larva Labs said in the statement..@elonmusk is correct that having NFT merely provide an http link to someone"s domain is silly.

However, with rare exceptions, it"s also silly to insist NFT content be on chain,

IPFS links, with the content backed by whoever owns the NFT is the natural solution.— Arthur B. (@ArthurB) November 1, 2023


Related:Are NFT markets in a death spiral or ready for a resurgence?


Metagood, the team behind the Ethereum-native OnChainMonkeys, announced in September that it would migrate its NFTs to Bitcoin.


While the firm’s CEO, Danny Yang, didn’t directly address the JPEG dilemma, he explained that NFTs “will win on Bitcoin” because it is a securer network to work from:“The Bitcoin Ordinal protocol is better designed for decentralization and security than the Ethereum NFT protocol. High-value NFTs will win on Bitcoin.”


However, Ethereum still remains home to 84% of all NFT trading volumes, according to CoinGecko, sourcing data from June. Bitcoin and ImmutableX came in second and third with market shares of 11% and 2.5%, respectively.


Magazine:NFT Collector: William Mapan’s Distance sells out, NFT float in Macy’s Parade, Nouns DAO forks# Bitcoin# Ethereum# Adoption# Joe Rogan# Elon Musk# NFT# Bitcoin OrdinalsAdd reactionAdd reactionRead moreFrom payments to DeFi: A closer look at the evolving stablecoin ecosystemBitcoin beyond 35K for Christmas? Thank Jerome Powell if it happensWhat happened in crypto this weekend?

News Feed

Hashflow (HFT) Announces the List on Cryptocurrency Trading Platform MEXC and Binance on November 7
Hashflow (HFT) Announces the List on Cryptocurrency Trading Platform MEXC and Binance on November 7 press release PRESS RELEASE.MEXC Global will list Hashflow on November 7, 13:00(U
Jesse Coghlan5 hours agoUS consumer watchdog mulls applying e-banking laws to cryptoThe head of the U.S. financial consumer watchdog says it’s looking to issue guidance on how crypto could fall into electronic fund tra
Turner Wright1 hour agoCrypto ATM firm Bitcoin Depot will go public on Nasdaq starting July 3The special purpose acquisition company deal, first reported in August 2022, cost $885 million and is expected to allow investo
DOJ Files First Criminal Complaint Against US Citizen Allegedly Using Cryptocurrency to Evade Sanctions
DOJ Files First Criminal Complaint Against US Citizen Allegedly Using Cryptocurrency to Evade Sanctions The Department of Justice (DOJ) has filed its first criminal complaint again
100 Opening Slots, LBank Exchange Reveals Galaxy Club Program to Encourage Project Innovation
100 Opening Slots, LBank Exchange Reveals Galaxy Club Program to Encourage Project Innovation press release PRESS RELEASE.Innovation has always been an essential part of theLBank Ex
SEC Chairman Jay Clayton Explains US Crypto Regulation, Calls Bitcoin a Store of Value
SEC Chairman Jay Clayton Explains US Crypto Regulation, Calls Bitcoin a Store of Value The chairman of the U.S. Securities and Exchange Commission (SEC) has expl
XRP To End 7-Month Consolidation After 700% Surge – Is A Major Move Coming?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Hash Watch: The Highly Anticipated Bitcoin Cash Fork Is Now Complete
Hash Watch: The Highly Anticipated Bitcoin Cash Fork Is Now Complete The Bitcoin Cash community has been patiently waiting for weeks for the November 15, 2020 up
2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K
2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K As bitcoin has touched new price highs on Thursday nearing the $50k
$24M CryptoPunk sale shows either ‘NFTs are over’ or ‘this is the bottom’
Ezra Reguerra13 hours ago$24M CryptoPunk sale shows either ‘NFTs are over’ or ‘this is the bottom’SideShift.ai CEO Andreas Brekken believes CryptoPunk #5822 was “most definitely” sold at a loss and that NFTs
Ana Paula Pereira4 hours agoSEC’s Gensler is loyal to banks, not an impartial regulator — Rep. Tom EmmerDuring a hearing on Sept. 27, Emmer hinted that Gary Gensler’s Wall Street background limits his impartiality
Cardano Spikes as Supporters Anticipate Vasil Hard Fork, Poll Shows ADA Expected to Hit $1 by the End of June
Cardano Spikes as Supporters Anticipate Vasil Hard Fork, Poll Shows ADA Expected to Hit $1 by the End of June During the last seven days, the cryptocurrency cardano has increased i