- Elon Musk pointed out that NFTs are frequently merely URLs that direct to JPEG images.
- Musk seeks to evolve X into a comprehensive financial hub for individuals.
During a recent episode of the Joe Rogan Experience podcast, tech entrepreneur Elon Musk shared his thoughts on ordinals within the NFT space and the associated dangers lurking in the cryptocurrency environment.
Elon Musk voiced his apprehensions regarding the prevalent scams in the crypto industry, especially concerning NFTs, which he viewed as largely dubious. He also stressed the necessity for enhanced security and permanence in the NFT ecosystem. He remarked that;
The NFT isn’t even stored on the blockchain; it’s simply a URL pointing to the JPEG. At the very least, the JPEG should be encoded on the blockchain. If the company hosting the image ceases operations, you lose the image entirely.
(Source: Twitter)
Elon Musk’s re-entry into the podcasting arena with Joe Rogan follows a two-year hiatus and is significant in the global podcasting scene. Their conversation promised to reveal insights into Musk’s latest projects, particularly regarding his notable acquisition of Twitter.
In addition to his Twitter acquisition, Musk’s ambitions are broadening, with a significant shift towards the financial domain. Reports indicate that X (formerly known as Twitter) aims to evolve into a comprehensive solution for individuals’ financial requirements. This vision positions X as an innovative alternative to conventional banking, providing users with a platform to effortlessly manage their finances and transactions.
What are your thoughts on Elon Musk’s perspective on NFTs, particularly in relation to external URLs instead of being fully encoded in the blockchain? Tweet to us at @The_NewsCrypto and share your opinions.
