qualities with a single transaction, making them inherently less scarce, and thus, potentially less valuable. *Inscriptions do not pretend to support on-chain royalties.* On-chain royalties are a good idea in theory but not in practice. Royalty payment cannot be enforced on-chain without complex and invasive restrictions. The Ethereum NFT ecosystem is currently grappling with confusion around royalties, and is collectively coming to grips with the reality that on-chain royalties, which were messaged to artists as an advantage of NFTs, are not possible, while platforms race to the bottom and remove royalty support. Inscriptions avoid this situation entirely by making no false promises of supporting royalties on-chain, thus avoiding the confusion, chaos, and negativity of the Ethereum NFT situation. *Inscriptions unlock new markets.* Bitcoin's market capitalization and liquidity are greater than Ethereum's by a large margin. Much of this liquidity is not available to Ethereum NFTs, since many Bitcoiners prefer not to interact with the Ethereum ecosystem due to