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Elon Musk Criticizes NFTs on Joe Rogan Podcast, Delighting Bitcoin Enthusiasts

Tesla CEO, SpaceX founder, and prominent Dogecoin (DOGE) advocate Elon Musk has expressed skepticism toward non-fungible tokens (NFTs), drawing attention from the Bitcoin (BTC) community.

In a recent appearance on the “Joe Rogan Experience” podcast, Musk criticized the concept that many NFTs don’t entirely exist on the blockchain but instead function as URLs directing to external servers hosting the actual digital assets.

Musk highlighted the vulnerability of NFT owners to potential loss of their assets if the hosting company were to go out of business.

“The funny thing is the NFT is not even on the blockchain—it’s just a URL to the JPEG,” Musk pointed out during the podcast.

Musk further emphasized the need for at least encoding the JPEG directly into the blockchain, asserting, “If the company housing the image goes out of business, you don’t have the image anymore.”

His critique resonates with an ongoing debate in the NFT community concerning the authenticity and security of digital art represented by these tokens. Some NFT projects store their assets directly on the Ethereum (ETH) blockchain, ensuring their permanence, while others depend on external servers, introducing potential vulnerabilities should the server encounter issues or cease to exist.

Bitcoin Ordinals

Bitcoin enthusiasts swiftly seized on Musk’s comments to highlight Bitcoin’s Ordinals protocol. This Bitcoin-based system ensures the complete and secure embedding of artwork and media directly onto the Bitcoin blockchain, presenting an alternative approach to NFTs compared to Ethereum’s model.

The key advantage is that, as long as the Bitcoin network remains operational, the NFTs are accessible and secured.

Prominent Bitcoin advocate Will Clemente took the opportunity to emphasize this point, telling Elon Musk on X that he had “just laid out the case for Bitcoin ordinals.”

Others within the community also joined in, with one member going the extra mile to inscribe Musk’s video onto the Bitcoin blockchain, showcasing the practicality and permanence of the approach.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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