Jailhouse Block: Elvis Digital Art Collection Inscribed on the Bitcoin Network - talkonsoccer
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Jailhouse Block: Elvis Digital Art Collection Inscribed on the Bitcoin Network

admin by admin
October 18, 2024
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Jailhouse Block: Elvis Digital Art Collection Inscribed on the Bitcoin Network

Thanks to a digital art collection featuring the King of Rock and Roll engraved on Ordinals, Elvis Presley has made an appearance on Bitcoin.

In collaboration with inscription service OrdinalsBot, Bitcoin-focused intellectual property (IP) project Royalty created the 1,935 generating images in “Elvis Side $Btc,” which draws inspiration from the artwork of Joe Petruccio, an artist licensed by the Elvis Presley Estate.

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By enabling data to be “inscribed” onto individual satoshis—the smallest unit of currency in bitcoin, valued at 1/100,000,000 of a full bitcoin—the Ordinals protocol enables each satoshi to have a unique value. They can be thought of as the Bitcoin equivalent of non-fungible tokens (NFTs), which in 2021 made Ethereum-based digital art well known.

OrdinalsBot, a platform for minting the inscriptions, has emerged as one of the more influential projects in the Bitcoin development sector. It claims to be responsible for 80% of the 10 biggest files inscribed on the Bitcoin network, including the largest ever block, an inscription of the manifesto of privacy-focused tech stack Logos, which cost 3.5 BTC ($235,000).

Because these inscriptions are about 4 MB in size—the maximum size for a Bitcoin block—they are known as “four meggers.”

“We see it as being like acquiring a billboard in Times Square because of the visibility that it gives you within the Bitcoin network and that will last forever,” Ordinals co-founder Toby Lewis told CoinDesk in an interview.

(The new Elvis-themed series are more of the regular variety of inscriptions, not four meggers.)

Soon, Royalty will release a litepaper that will explain how a native token will be used to support the Elvis Legacy Council, a decentralized autonomous organization (DAO) with the goal of “governing the future of Elvis’ digital legacy,” with 5% of primary and secondary sales revenue going toward this purpose.

Tags: BitcoinCryptoElvis PresleyNft
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