We Study Billionaires - The Investor’s Podcast Network BTC116: Bitcoin Ordinals and NFTs on Layer 1 of the Protocol w/ Pierre Rochard (Bitcoin Podcast)
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Feb 8, 2023 
Pierre Rochard, an expert in Bitcoin and Vice President at Riot Platforms, returns to discuss the intriguing topic of Bitcoin ordinals and NFTs on the Bitcoin protocol. He unpacks how these advancements could reshape the ecosystem, stirring debates on their impact and potential risks. The conversation dives into the implications of large files in blocks and the controversial use of Bitcoin for non-financial data. Rochard also explores the future of NFTs on Bitcoin, touching on legal concerns and the ethical complexities of data storage on the blockchain.
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Ordinals Explained
- Ordinals leverage Taproot's scripting capabilities to store arbitrary files on the Bitcoin blockchain.
- This is done by pushing large amounts of data into transaction inputs, effectively turning Bitcoin's blockchain into storage.
Luxor's JPEG Block
- Luxor mining pool mined a block filled almost entirely by a single large JPEG, forgoing about $2,000 in fees.
- This action raised concerns about miners prioritizing inscriptions over regular Bitcoin transactions.
Ordinals and Fungibility
- Ordinals assign serial numbers to individual Satoshis, tracking them through transactions.
- While technically feasible, this concept operates on a social layer and has no bearing on Bitcoin's on-chain functionality.