Elon Musk, a tech entrepreneur and one of the richest people in the world, claims that NFT “is not even on the blockchain” and is simply a link to a JPEG image.
Elon stated that NFTs ought to be at the very least encoded on the blockchain in an interview with the well-known podcast The Joe Rogan Experience. He remarked, “You don’t have the image anymore if the company housing it goes out of business.”
The crypto community, which was already a little worried about NFTs, has been sparked by Elon’s remarks. In response to his remarks, a number of proponents of NFT have stated that tokenizing the image—which is what essentially holds the value—is the main idea.
Elon has unintentionally lauded the recently popular Ordinals while disparaging NFTs. The image or text inscriptions known as Ordinals, or Bitcoin NFTs, are encoded and saved on the blockchain of Bitcoin.
Elon Musk has previously shared memes mocking NFTs, so this isn’t the first time he’s taken a jab at them.
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