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Elon Musk argued that NFT projects “should at least encode the JPEG in the blockchain,” to the delight of many Bitcoiners. While publicly mocking non-fungible token (NFTs) during a podcast, Tesla CEO and billionaire Elon Musk appears to have inadvertently highlighted the case for Bitcoin Ordinals, also known as Bitcoin NFTs. “The funny thing is the NFT is not even on the blockchain — it’s just a URL to the JPEG,” said Musk in an Oct. 31 released interview on The Joe Rogan Experience. Musk said NFT projects should at least encode the JPEG on-chain: “You should at least encode the JPEG in the blockchain. If the company housing the image goes out of business, you don’t have the image anymore.” On social media, Bitcoiners argued Musk’s comments actually summed up the use case for Bitcoin Ordinals. Bitcoin’s version of NFTs launched in January by developer Casey Rodarmor, which was made possible by the Taproot soft fork in November 2021. Cryptocurrency analyst Will Clemente was among thos...

A project called “Ethscriptions” is bringing Bitcoin Ordinals-inspired inscriptions to the Ethereum blockchain. In this week’s newsletter, read about how a project provided a new way to mint nonfungible tokens (NFTs) on Ethereum. Check out Nike’s new collaboration with the popular online game Fortnite, and how rapper Snoop Dogg plans to use NFTs to bring fans with him on tour. In other news, Dmitri Cherniak’s “The Goose” NFT sold for $6.2 million, and artist Kenny Schachter talks to Cointelegraph about blockchain art.  Watch out, Ordinals — 30,000 ‘Ethscriptions’ land on Ethereum Ethscriptions, a project inspired by the Bitcoin Ordinals protocol, is bringing a new way to mint NFTs to Ethereum. Similar to Ordinals, the project lets users “ethscribe” images to the Ethereum blockchain. According to the project’s co-founder Tom Lehman, assets on Ethscriptions use data within a smart contract called “calldata.” The executive claimed this presents a “more decentralized” minting process comp...

Bitcoin NFT inscription activity continues to rise and the launch of new BTC specific marketplaces could lay the groundwork for the next hype cycle. Bitcoin NFT inscription activity has remained strong with consistency in the daily number of NFTs inscribed on Bitcoin. At the same time, the infrastructure to foster Bitcoin trading is finally coming together with the development of wallets and marketplaces supporting Ordinals. NFT marketplaces, Gamma and Magic Eden, added support for Bitcoin NFTs this week. While the initial response of traders has been subdued, the activity is expected to pick up soon. Improving the infrastructure around Bitcoin NFTs Bitcoin NFTs, also-known-as Ordinals, began with much fanfare in late January as they enhanced the utility and revenue of the Bitcoin blockchain. Dune dashboard from data analyst dgtl_assets shows that the Ordinals inscription activity remains robust, with nearly 580,000 NFTs inscribed in less than three months. Cumulative sum and number o...