Billionaire Elon Musk, on подкасте Джо Рогана, weighed in on the scale of scams in the crypto industry and criticised NFTs.
In his words, non-fungible tokens “are not even on the blockchain”, merely 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,” Mr. Musk said.
Analyst Will Clemente noted that the approach described by Musk is already used in the Bitcoin Ordinals protocol, which enables NFTs to be inscribed on the Bitcoin network. According to Dune Analytics, there are currently about 37 million such inscriptions on the network.
One of the Ordinals developers inscribed a 19-second clip of the podcast containing Musk’s quote into the Bitcoin blockchain.
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.
→ https://t.co/hHRr3AYtxj pic.twitter.com/qAdhS7GXCZ
— Leonidas (@LeonidasNFT) November 1, 2023
Back in late October 2022, Twitter engineers announced the option to display NFTs in posts. This came a day before the closing the deal to buy the social network by Elon Musk.
In early 2022, the platform integrated the ability to add NFTs as profile avatars. The feature was available on iOS to Twitter Blue subscribers after linking an Ethereum wallet to their account on the social network.