After raising a $50M Series A less than two years ago the NFT platform, Recur, which ironically uses the handle @RecurForever announced it would be shutting down.
Recur hosts the images and metadata for their collections on a centralized website which goes offline 11/16.
This is a tragic yet powerful example of why fully on-chain Digital Artifacts must be the path forward.
If a centralized entity has the ability to snap their fingers at any point in time and rug their holders then what do you really own? Why are we even here?
Fortunately there is a solution to this.
Earlier this year @rodarmor introduced the Ordinals Protocol on Bitcoin and along with it a more sound NFT primitive called Digital Artifacts which are unruggable.
Let's compare Digital Artifacts vs ERC-721 which is what Recur uses.
Fully on-chain?
✅ Digital Artifacts: One time fee to store an image forever in the most resilient database ever created
❌ ERC-721: On-chain pointer to off-chain content which given enough time leads to broken links
Immutable?
✅ Digital Artifacts: Once inscribed nothing will ever change
❌ ERC-721: Majority of collections have unfrozen metadata which leads to friction whenever the holder and creator incentive alignments diverge (e.g. goblintown changed their images to middle fingers to force collectors to upgrade to a permissioned contract)
Permissionless ownership?
✅ Digital Artifacts: Nothing gets between a holder and their NFT
❌ ERC-721: Increasing trend of adopting permissioned contracts which add an element of centralization to a holder’s ownership
As a collector it's a no brainer that Digital Artifacts should be the future. Bitcoin is currently leading the charge with this more superior NFT primitive but I would like to see the idea of Digital Artifacts gain traction on Ethereum as well (@OnChainMonkey and @cryptopunks are two great examples of Digital Artifacts on Ethereum).
Even with Recur claiming they will migrate their metadata and images to IPFS, how long will they pay their hosting bills? Will these collections be unpinned in a year, two years? It's hard to make an argument that they will be around in a decade.
If a company that raises $50M can't do this right then there is no way all of the smaller collections will figure it out. The only answer is to take control out of the hands of centralized entities and solely rely on what is on-chain.
As collectors we must vote with our wallets that we only want to collect things that will be in their exact same state a century from now. Anyone opposing this is showing their hand that they wish to retain the power to make changes to the asset that you hold. I don't know about yall but that is not what I signed up for. I want my NFTs to stay exactly the way they are.
The entire appeal of crypto-economic networks is that we don't need to rely on centralized entities. Yet in the NFT space certain people are hell bent on throwing that ethos out the window.
Mark my words, given enough time if a centralized entity is involved you will get rugged.
Put your trust in code not people.
Put your trust in Digital Artifacts not corporations.
If you believe in permanence, immutability, and permissionless ownership give this a RT.
This @BoredApeYC & @OnChainMonkey holder, commented on one of my tweets in the past 48 hours, asking for a BAYC / OCM pfp, I can’t find where it was now!
Please retweet to help me get this new pfp to the holder who asked for it! !RISE 🟧⚡️
So what the heck is @OnChainMonkey ? The goal of this thread is to explain the ecosystem. Here you are and you've done your research on the team @huuep , @amandaterry and @metagoodnft and would like to join! First up - A brief touch on Amanda and Danny:
Recursive Inscriptions enable a ton of new use cases on #Bitcoin
From enabling new collections like @OnChainMonkey’s Dimensions to inscribing full-blown websites, our latest article breaks down what recursion means for the future of BTC
https://t.co/jbd3K0IT25
3/7
Let's talk about the art:
• Fully generative art collection 🛸
• The CODE will be on-chain ⛓️
• Made in JavaScript and divided in 3 algorithms 💫
[ Subdivision ]
[ Packing ]
[ Growth ]
• Powered by P5JS thanks to @OnChainMonkey tech 🐒
It appears that @OnChainMonkey just made a record breaking inscription!
Inscription 18,209,532 is on the oldest sat ever inscribed and is the 5th largest file ever inscribed.
Check it out:
→ https://t.co/pENsOadBcc
In honor of OCM's journey to Bitcoin, one of the highest quality digital artifacts has now been inscribed on the oldest satoshi inscribed to date.
Satoshi# 45017741219 ⚡️ !RISE
Anybody can verify this by using our advanced sorting options on https://t.co/6rwUJyZ73Y:
Oldest Sat: https://t.co/9vPkc2N6g8
Largest File: https://t.co/t7qCbTRjKp
Bitcoin is the ideal medium for Digital Artifacts, unlocked by the Ordinals Protocol 🔥
Digital Artifacts are a very new thing, and almost none existed before Ordinals. Some met some of the properties, but few met all of them. Can you name some Digital Artifacts that existed before Ordinals?
Digital artifacts transcend the traditional realm of NFTs; they represent an entirely new breed of digital assets. Let's explore their five defining properties:
1. They can be owned.
2. They are complete, without off-chain pointers.
3. They are permissionless.
4. They are uncensorable.
5. They are immutable.
In essence, Digital Artifacts hold the same significance as physical artifacts. Acquiring them now marks you as an early adopter in this transformative era. !RISE and embrace the future with OCM Digital Artifacts ⚡️
@OnChainMonkey@huuep@Goodthings@amandaterry OCM Dimensions is a groundbreaking collection of digital artifacts on Bitcoin.
This collection will grow in importance over time as the significance of innovative digital artifacts on bitcoin becomes apparent. OCM is early. We are early. Welcome OCM Dimensions #26 to the collection.
OCM Genesis, the pioneering seed of generative art on Bitcoin, set the stage for remarkable innovation. Inscription #20219 serves as a testament to the innovation of Genesis, establishing provenance for the first 10K collection inscribed on Bitcoin. Genesis paved the way for groundbreaking concepts like Recursion, Parent-Child Collection provenance, and other innovations showcased in OCM Dimensions, the digital artifact monument of Genesis.
Genesis stands as an icon - representing wealth and high-quality, also the embodiment of a vibrant community and our collective drive to improve the world. It's more than just a symbol; it's a beacon, guiding us towards a future where digital innovation and human potential intersect.
With hindsight, we will look back and say it was obvious ✨
Happy Sunday!!
Let's see those @OnChainMonkey !
They're an incredible cross chain project ( $ETH + $BTC) that are not only pushing the boundaries of NFT's but also developing blockchain technology as a whole!
If you're bullish on #BITCOIN you should be bullish on #OCM
!RISE
!RISE OCM 'fam!
If you're an @OnChainMonkey i want to follow you. Shoot me a !RISE in comments or gib follow so we can connect.
cc- @huuep@amandaterry@Goodthings
(remember: Nips are the alpha.)