In a unique tribute to SEC Chair Gary Gensler’s swift response debunking a fake tweet about Bitcoin ETF approval, digital artist and coder @billyrestey has immortalized Gensler’s tweet on the Bitcoin blockchain. The artwork, known as an NFT inscription, has been etched onto the blockchain to preserve this significant moment in digital history.
The fake tweet, which was posted from the SEC’s official Twitter account, falsely announced the approval of a Bitcoin ETF. However, Gensler quickly clarified that the tweet was not legitimate, sparking an internal investigation. This incident caused market turmoil and resulted in financial losses for some investors. As a result, Gensler’s response has gained recognition and has been added to the ‘Hall of Ordinals.’
The NFT inscription was created as a 24.32 KB WEBP image file and cost 258,177 sats or $117 in creation fees. This artwork has joined the growing trend of inscriptions on the Bitcoin blockchain. According to a DUNE dashboard, there have been over 54 million inscriptions on the blockchain, with a total fee expenditure of $195.4 million.
The concept of Bitcoin Ordinals emerged in 2023 and allows unique pieces of data to be inscribed directly onto the smallest unit of Bitcoin, known as a satoshi. This innovation has contributed to the NFT frenzy and has been both embraced and criticized. While it offers new possibilities, there are concerns about potential network congestion.
Blockstream CEO Adam Back recently responded to efforts to remove Bitcoin Ordinals, emphasizing that they cannot prevent the existence of digital artworks on the blockchain. However, Bitcoin core developer Luka Dashjr has expressed concerns about the vulnerability that Bitcoin Ordinals may exploit in Bitcoin Core, potentially leading to blockchain overload.
As more significant moments continue to unfold in the world of cryptocurrency, it is likely that artists and coders will find new ways to document and commemorate these events on the blockchain, creating a unique fusion of art and technology.
The source of the article is from the blog karacasanime.com.ve