Elon Musk Talks About NFTs

Elon Musk Talks About NFTs – Here’s Why He Might Adopt Bitcoin Ordinals In Future

Updated: 01 November 2023

Disclosure

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Elon Musk, the billionaire investor and the chief executive officer of Tesla Motor, has once again appeared on camera, talking about the viability of non-fungible token collections. In this article, we shall assess his remark and explain why he might adopt Bitcoin Ordinals in the future.

In a short interview on November 1, Elon Musk shared his perception and stake in non-fungible tokens. He said that NFTs are URL pointers to JPEGs that are not on the blockchain. That’s because the Ethereum ERC-721 standard for NFTs is the most widely adopted standard for many NFTs, and that is a digital certificate standard or pointer standard.

Hey @elonmusk almost a year ago @rodarmor created the Ordinals protocols which is NFTs on Bitcoin and they are 100% immutable pic.twitter.com/vDi1nc44hl

— Bongo 🥁 (@bongobongonft) October 31, 2023

Fortunately, Elon Musk’s recommendations are already in consideration following the evolution of a new NFT standard on the Bitcoin network around actual on-chain NFTs or digital artifacts. Elon Musk’s stake suggests he might be interested in Bitcoin Ordinals.

Bitcoin Ordinals entered the non-fungible token market earlier this year after a renowned Bitcoin developer, Casey Rodarmor, inscribed digital collectibles using Satoshi Nakamoto’s Ordinal theory, the creator of the flagship crypto asset Bitcoin.

Bitcoin Ordinals introduces the innovative concept of inscribing data directly onto Satoshis, leveraging the unparalleled security and robustness of Bitcoin. At the heart of Bitcoin Ordinals is the promise of actual digital ownership. Once data is inscribed on Bitcoin using the Ordinals Protocol, it becomes immutable.

In that context, ordinals cannot be altered, deleted, or tampered with. Ordinal inscription provides a permanent and unchangeable record, ensuring the longevity and authenticity of the inscribed content. In line with Elon Musk’s expectation for NFTs, Bitcoin Ordinals are more than just JPEGs.

It’s worth noting that in many parts of the world, artists and creators face censorship due to political, cultural, or other reasons. But remarkably, with Ordinals, their digital artwork is protected from censorship. Notably, there is no single entity that controls Bitcoin, allowing for true freedom of expression.

Bitcoin Ordinals stand as a testament to the fusion of art, technology, and economics on Bitcoin, challenging preconceived notions of digital content, ownership, and culture. Bitcoin Ordinals have inspired the introduction of similar protocols such as Ethscriptions. Bitcoin Ordinal poses a high potential for mainstream adoption in the future.

Bitcoin Ordinals Market Health

Bitcoin Ordinals are back in play after losing their initial market hype in the past several months. Since their inception earlier this year, Bitcoin Ordinals has become the talk of the town, gaining massive traction among collectors. Bitcoin Ordinals even became the second most traded NFT collection after Ethereum NFTs before falling in value mid-this year.

Data compiled by CryptoSlam.io, an on-chain data aggregator, shows that Bitcoin ordinals have regained some market strength in the past few days. In the past seven days, Bitcoin Ordinals have been the fourth most traded NFT collection, amassing a trading sales volume of $6.6 million. They are up 56.32% in sales this week from the previous week.