After NFT Criticism, Elon Musk Supports The Ordinary Inscription

The founder of SpaceX and Tesla, Elon Musk. (Photo; Doc. Cryptotendencia)

JAKARTA - Elon Musk, founder and CEO of technology company X, recently expressed his support for ORdinal sustainability, a method to create unique digital assets on the Bitcoin blockchain. For information, ordinals are digital art stored on the Bitcoin network, while NFT is being developed on the Ethereum network.

In a post on social media platform X, Musk commented on the problems faced by non-fungible tokens (NFTs) and how they can connect with content that the creators don't have. Musk suggested that jpeg-shaped NFTs be stored on blockchain, just like ordinal breaks.

NFT is a digital asset that offers a unique identity that will not be duplicated. NFTs can be in the form of works of art, music, videos, or anything digitally representable. NFTs are usually created and traded on various special platforms, such as OpenSea, Rarible, Nifty Gateway or other NFT trading platforms.

Interestingly, Elon Musk assesses that NFT has weaknesses, namely that they are not always stored on the blockchain, but only in the form of links to websites that store their original files.

Musk criticized NFT in the Joe Rogan Experience podcast. He said: "The funnyest thing is that even NFT isn't on blockchain, NFT is just URL to JPEG."

Musk then proposed that NFT be stored on the blockchain, saying: At least, keep jpeg on the blockchain!

This is in line with the concept of ORDINALIZATION, which was introduced in January 2023 as a way to create Bitcoin-based NFTs. The original thesis is a numbering system using the smallest fraction of Bitcoin called Satoshi. The smallest fraction is worth 0.0000001 BTC.

With an ordinal warning, users can attach additional data, such as images or text, to each satoshi, and track them across all transactions. Thus, ORdinal meetings create digital artifacts stored on the Bitcoin blockchain and are unique, invariant, and always on-chain.

The ordinal thesis has attracted the interest of many people, especially Bitcoin fans. As of December 2023, there have been more than 15 million ordinal situates on the Bitcoin blockchain, for a total cost of around 1,756 BTC, or around Rp. 27.1 billion (Rp. 15,440,000 per US dollar). The original thesis is also experiencing technological developments, such as recursivejury, which allows fire to interconnect and store data larger than the 4 MB limit.