Unveiling Elon Musk's perspective on NFTs: Are they just URLs to JPEGs? Discover how Bitcoin ordinals are changing the game in this insightful piece that delves into the future of blockchain and digital art.
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Elon Musk Suggests Storing JPEGs on Blockchain
On December 27, 2023, Elon Musk posted a comment addressing the issues with NFTs, advocating for a system where JPEG files (image files) are stored on the blockchain, akin to inscriptions.
This comment came during a series of discussions about NFTs, starting with a post questioning if people still remember NFTs.
Another user commented that "NFTs are just web links to data you don't own," to which Musk agreed, suggesting that JPEGs should at least be encoded on the blockchain.
NFTs Reduced to Mere URLs to JPEGs
This isn't the first time Musk has expressed such views. During his appearance on Joe Rogan's podcast, he mentioned, "NFTs aren't on the blockchain but are merely URLs to JPEGs, so they should at least be encoded on the blockchain."
What Are Inscriptions?
Inscriptions are tokens issued by assigning a serial number to Bitcoin's smallest unit, 'satoshi', and directly engraving texts, images, videos, or audios.
They are realized using a protocol known as 'Ordinals'. Bitcoin inscriptions, also known as 'BRC-20 tokens' or 'Bitcoin NFTs', garnered attention when they were listed on the major cryptocurrency exchange 'BINANCE' in November.
Despite criticisms like rising transaction fees, the direct engraving of data like images on the blockchain through inscriptions has rapidly gained attention recently.
Therefore, it's expected that the variety of such tokens and NFTs will continue to increase in the future.
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