Home » Business » Elon Musk Criticizes NFTs and Scams in Cryptocurrency Industry

Elon Musk Criticizes NFTs and Scams in Cryptocurrency Industry

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.

See more

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.

Subscribe to ForkLog on social networks

Found an error in the text? Select it and press CTRL+ENTER

ForkLog newsletters: keep your finger on the pulse of the Bitcoin industry!


2023-11-02 13:22:05
#Elon #Musks #quote #NFTs #blockchain #added #blockchain

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.