Billionaire Elon Musk podcast Joe Rogan spoke about the large amount of scam in the cryptocurrency industry and criticized NFTs.
According to him, non-fungible tokens “are not even on the blockchain”, being just a URL to a JPEG file.
“You should at least encode the JPEG on the blockchain. If the company hosting the image goes bankrupt, you will no longer have the image,” Musk said.
Analyst Will Clemente statedthat the approach described by Musk is already used in the Bitcoin Ordinals protocol, which allows NFTs to be placed on the Bitcoin network. According to Dune Analyticsthe network now contains about 37 million such records.
One of the Ordinals developers contributed a 19-second podcast excerpt with Musk’s quote to bitcoin blockchain.
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I just inscribed the video of @elonmusk saying that NFTs are “not even on the blockchain” into the Bitcoin blockchain!
Engage so that this shows up in Elon’s timeline and he learns about how Bitcoin NFTs (Ordinals) are stored fully on-chain forever.
— Leonidas (@LeonidasNFT) November 1, 2023
Let us remember that at the end of October 2022, Twitter developers announced the option to display NFTs in posts. This happened the day before the closing of the deal to purchase the social network by Elon Musk.
In early 2022, the platform integrated the ability to add NFTs as profile avatars. The option was available on iOS to Twitter Blue subscribers after linking an Ethereum wallet to an account on the social network.
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2023-11-02 13:22:05
#Elon #Musks #quote #NFTs #blockchain #added #blockchain
