Elon Musk Supports Ordinal Sustainability for NFTs on Bitcoin Blockchain
Elon Musk Supports ORdinal Sustainability for NFTs on Bitcoin Blockchain
JAKARTA – Elon Musk, the founder and CEO of technology company X, has recently shown his support for ORdinal sustainability, a method to create unique digital assets on the Bitcoin blockchain. This comes as Musk expressed concerns about the current state of non-fungible tokens (NFTs) and their storage methods.
In a social media post, Musk highlighted the issue of NFTs being linked to external websites for storage, rather than being stored directly on the blockchain. He suggested that NFTs should be stored on the blockchain, similar to how ordinal breaks are created.
NFTs are digital assets that offer a unique identity and cannot be duplicated. They can take the form of art, music, videos, or any digitally representable content. While NFTs are typically created and traded on platforms like OpenSea and Rarible, Musk believes that storing them on the blockchain would enhance their security and uniqueness.
Musk’s criticism of NFTs was further emphasized during an appearance on the Joe Rogan Experience podcast, where he humorously pointed out that NFTs are essentially just URLs to JPEG files. He proposed that NFTs should at least have their JPEG files stored on the blockchain for added security.
The concept of ORDINALIZATION, introduced in January 2023, aims to create Bitcoin-based NFTs by utilizing the smallest fraction of Bitcoin known as Satoshi. This numbering system allows users to attach additional data to each satoshi and track them across all transactions, creating unique digital artifacts stored on the Bitcoin blockchain.
The ordinal thesis has gained significant interest, particularly among Bitcoin enthusiasts. As of December 2023, there have been over 15 million ordinal situations on the Bitcoin blockchain, with a total cost of approximately 1,756 BTC. The technology is also evolving, with developments like recursivejury enabling the storage of larger data sets.
Overall, Musk’s support for ORdinal sustainability and the concept of storing NFTs on the blockchain could potentially revolutionize the way digital assets are created and traded in the future.
Tags: technology, crypto, bitcoin, Elon Musk, NFT
