Elon Musk Criticizes NFTs, Gives Nod to Inscriptions: ‘At Least Encode the Jpeg on the Blockchain’

Elon Musk, the president of X, has referred to non-fungible tokens (NFTs) and the defects of their implementation, indirectly making the lawsuit for inscriptions. Answering a station connected X connected the taxable of NFTs, Musk suggested redeeming the jpeg (an representation format) of the NFT connected the blockchain, similar inscriptions are presently saved connected Bitcoin.

Elon Musk Indirectly Nods astatine Ordinal Inscriptions

Elon Musk has fixed indirect enactment to Ordinal inscriptions, a bid of images and different information saved connected the BTC blockchain. In an X station commenting connected the contented of non-fungible token (NFT) data, and however it tin beryllium linked to contented not owned by the issuers, that tin beryllium removed, Musk declared:

Yeah, astatine slightest encode the jpeg connected the blockchain!

Musk’s complaints astir however modular NFTs enactment are not new. On the Joe Rogan Experience podcast, Musk stated:

The comic happening is the NFT is not adjacent connected the blockchain — it’s conscionable a URL to the JPEG.

As Musk explained, earlier NFT implementations featured a nexus to the contented highlighted successful the record that led to a website, thing that was pointed retired by critics of the NFT mania backmost successful the day. However, Ordinal inscriptions and Stamps, 2 precocious introduced protocols, let users to prevention the desired media straight connected apical of the Bitcoin blockchain, securing the longevity of the file.

The emergence of these inscriptions has raised discussions connected what constitutes a “fair use” of the blockchain space, with immoderate mining pools adjacent opting to filter transactions containing them, considering these inscriptions “spam.”

The station that started the treatment featured a video and a opus astir NFTs that Musk besides posted successful 2021. Leonidas, a co-founder of Ord.io, aboriginal reported this video was inscribed connected Bitcoin by an chartless idiosyncratic who paid $7,223 successful fees to this end. The file, identified arsenic Inscription 51,887,020, has a size of 366.57 KB.

What bash you deliberation astir Elon Musk’s views connected NFTs? Tell america successful the comments conception below.