According to CoinDesk, a digital art collection featuring Elvis Presley has been inscribed on the Bitcoin network. The collection, named 'Elvis Side $Btc,' consists of 1,935 generative images and was minted by the Bitcoin-focused intellectual property project Royalty in collaboration with inscription service OrdinalsBot. The artwork is inspired by Joe Petruccio, an artist licensed by the Elvis Presley Estate.
The Ordinals protocol, which allows data to be inscribed onto individual satoshis (the smallest unit of Bitcoin), has enabled these images to attain unique value, similar to non-fungible tokens (NFTs) on the Ethereum network. OrdinalsBot, a prominent platform for minting these inscriptions, claims responsibility for 80% of the 10 largest files inscribed on the Bitcoin network, including the largest ever block, which cost 3.5 BTC ($235,000).
Royalty plans to use revenue from the collection to establish the 'Elvis Legacy Council' DAO. A litepaper will be published in the coming weeks, outlining how 5% of primary and secondary sales revenue will fund this decentralized autonomous organization, which aims to govern the future of Elvis' digital legacy through a native token.
