Musk Makes Case for On-Chain NFTs, Highlighting Bitcoin Ordinals Project
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Elon Musk argued NFT projects should encode JPEGs on-chain, making the case for Bitcoin Ordinals which do just that. There are 38 million+ Ordinals inscriptions on Bitcoin's blockchain.
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Musk's comments highlight the use case for Bitcoin Ordinals - image/text inscriptions directly on Bitcoin's blockchain.
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Bitcoiners praised Musk's comments as laying out the case for Ordinals, which launched in January 2022 after the Taproot soft fork.
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However, Musk's criticism doesn't apply to all NFTs. Larva Labs moved its Cryptopunks NFTs on-chain in August 2021.
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While Ethereum dominates NFT volumes, Bitcoin and ImmutableX have 11% and 2.5% market share. Metagood will migrate its OnChainMonkeys NFTs to Bitcoin.