Elon Musk Slams NFTs
Billionaire and CEO of Tesla, Elon Musk, seems to have unintentionally brought attention to the case for Bitcoin Ordinals, by openly disparaging non-fungible tokens (NFTs) on a podcast.
“The funny thing is the NFT is not even on the Blockchain — it’s just a URL to the JPEG,” said Musk in an October 31, 2022 interview released on The Joe Rogan Experience.
Musk said NFT projects should at least encode the JPEG on-chain. “You should at least encode the JPEG in the Blockchain. If the company housing the image goes out of business, you don’t have the image anymore,” he said.
The use case for Bitcoin Ordinals, according to Bitcoiners on social media, was essentially encapsulated by Musk’s remarks. Thanks to the Taproot soft fork in November 2021, developer Casey Rodarmor was able to release the Bitcoin version of NFTs in January.
Will Clemente, a cryptocurrency specialist, was one of the people who applauded Musk’s remarks. He pointed out that the 38 million Ordinal inscriptions on the Bitcoin Blockchain will always remain.
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