🚀🚀🚀 #ElonMusk Weighs in on #NFT Technology — Here’s What He Thinks 🚀🚀🚀
Elon Musk commented on the structure of non-fungible tokens (NFTs), suggesting that embedding JPEG images into a blockchain establishes exclusive ownership. Responding to a question about NFTs, Musk playfully acknowledged concerns about NFTs being akin to "web links leading to data you don’t truly possess."
NFTs, which gained attention during the 2021 bull market, typically use centralized databases to link JPEG images to unique non-fungible token hash IDs. Musk highlighted that investors hold these hash IDs, not the actual media content. Some #blockchain projects, however, directly embed NFT items into the blockchain.
For instance, an NFT enthusiast encoded a video clip of Musk's remarks into an Ordinals Inscription on Bitcoin’s blockchain. Bitcoin Ordinals represent a fusion of NFT data inscription, introducing security and transparency to the NFT ecosystem on the widely recognized Bitcoin blockchain.
A Coinbase report on December 14 indicated a significant shift in NFT activities towards the Bitcoin chain, suggesting growing interest in Bitcoin Ordinals for owning and exchanging digital assets in the NFT landscape.
Source - Jimmy Aki @jimmy-aki
Website - Cryptonews