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<p>The post <a rel="nofollow" href="https://coinpedia.org/news/elon-musks-accidental-nod-to-bitcoin-ordinals-a-paradigm-shift-in-nft-storage/">Elon Musk Praises Bitcoin Ordinals: Is This the Future of NFTs?</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p><a href="https://coinpedia.org/news/elon-musk-and-mark-cubans-legal-challenge-to-sec-trials-supreme-court-to-examine-secs-in-house-trials/">Elon Musk</a>, the CEO of Tesla, recently appeared on The Joe Rogan Experience and shared some important insights about non-fungible tokens (NFTs), shedding light on the unique benefits of Bitcoin Ordinals.</p> 
<p>Well, Musk is hardly one to hold back with his views. We know your curious to know so here’s what went down!</p> 
<h2 class="wp-block-heading" id="strong-musk-spills-it-all-strong"><strong>Musk Spills It All</strong></h2> 
<p>During the <a href="https://open.spotify.com/episode/7edwvm2c6Ieuzun4xtFYCJ">podcast</a>, Musk didn’t hold back, pointing out a critical flaw in the current NFT system — the lack of on-chain storage for the associated digital assets. </p> 
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 <p><em>“The NFT is not even on the blockchain; it’s just a URL to the JPEG,”</em> Musk highlighted. </p> 
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<p>He also chose to expose the vulnerability of NFTs reliant on external servers. His solution? Embed the JPEG directly onto the blockchain to mitigate risks associated with third-party failures.</p> 
<p>Here’s Some More Context: <a href="https://coinpedia.org/beginners-guide/what-is-bitcoin-ordinals/">Bitcoin Ordinals: A Simple Guide About Bitcoin NFTs For Beginners</a></p> 
<h2 class="wp-block-heading" id="the-growth-of-strong-bitcoin-ordinals-strong">The Growth of <strong>Bitcoin Ordinals</strong></h2> 
<p>Musk’s unexpected commentary resonated strongly with proponents of <a href="https://coinpedia.org/beginners-guide/what-is-bitcoin-ordinals/">Bitcoin Ordinals</a>, a novel form of NFTs birthed in the Bitcoin ecosystem. Developer Casey Rodarmor led this innovation in January, capitalizing on the Taproot soft fork from November 2021. </p> 
<p>With Bitcoin Ordinals, digital assets are inscribed directly onto the blockchain, ensuring their longevity and integrity — a solution directly addressing Musk’s concerns.</p> 
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">This is why Ordinals will continue to grow. <br><br>It's the most elegant solution to one of the most universal criticisms of NFTs. <a href="https://t.co/feVYFbv7eL">https://t.co/feVYFbv7eL</a></p>— DeGod #2505 (@frankdegods) <a href="https://twitter.com/frankdegods/status/1719644838818410656?ref_src=twsrc%5Etfw">November 1, 2023</a>
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<p>Cryptocurrency analyst Will Clemente and NFT project creator <a href="https://twitter.com/rohunvora">Rohun “Frank” Vora</a> quickly praised Musk’s insights, highlighting the growing traction of Bitcoin Ordinals. Vora accentuated the elegance of Ordinals, calling it <em>“the most elegant solution to one of the most universal criticisms of NFTs.”</em></p> 
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   <p lang="en" dir="ltr">37 million* <a href="https://t.co/7qD1TA7spB">pic.twitter.com/7qD1TA7spB</a></p>— Will Clemente (@WClementeIII) <a href="https://twitter.com/WClementeIII/status/1719791268492960069?ref_src=twsrc%5Etfw">November 1, 2023</a>
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<p>Also Read: <a href="https://coinpedia.org/news/tesla-q3-2023-earning-report-how-much-bitcoin-tesla-holds/">Tesla Q3 2023 Report: Is Elon Musk Bullish on Bitcoin (BTC) Again?</a></p> 
<h2 class="wp-block-heading" id="h-nfts-on-the-blockchain">NFTs on the Blockchain</h2> 
<p>Larva Labs, the creators of Cryptopunks, made a significant move in August 2021 by moving their <a href="https://coinpedia.org/news/is-it-the-end-of-nfts-former-sec-official-warns-of-nft-market-collapse-and-crypto-risks/">NFTs </a>to on-chain storage, setting an example for this growing trend. This shift, along with Musk’s comments, highlights a broader change toward ensuring the long-term and easy access to digital assets on the blockchain.</p> 
<p>Despite the excitement about Bitcoin Ordinals, <a href="https://coinpedia.org/information/market-price-prediction-ethereum-2019/">Ethereum</a> still leads the way in the NFT world, with 84% of all trading volumes as of June, according to data from CoinGecko. However, the strong security and decentralization of the Bitcoin network provide a strong alternative, particularly for valuable NFTs.</p>

Elon Musk Praises Bitcoin Ordinals: Is This the Future of NFTs?

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