Recently, Elon Musk, the technological visionary and CEO of SpaceX, shared his thoughts on non-fungible tokens (NFTs). #Musk emphasizes that integrating JPEG images into the blockchain offers a unique opportunity for digital asset ownership.
Reaction on Social Media: On December 27, Musk responded to a discussion on his social platform X (formerly known as Twitter), where user DogeDesigner asked about the current status of #NFTs . This sparked an amusing debate with Adrian Dittmann, who likened NFTs to “web links that don't represent actual data ownership.”
Emphasis on Encoding JPEGs on the Blockchain: Musk responded by highlighting the importance of storing JPEG files on the blockchain, in line with his previous comments on The Joe Rogan Experience Podcast on October 31, where he advocated this approach to preserve data in case hosting companies fail.
Musk's Critique of NFTs and His Understanding of the Technology
Musk's Insights on NFTs: During the bull market of 2021, when NFT transactions reached millions of dollars, Musk expressed a sophisticated understanding of how NFTs work. In the NFT market, blockchain networks are used to store JPEG images in centralized databases, while investors trade and own unique hash ID tokens, not the actual media content.
Inserting Multimedia Directly into the Blockchain: Some blockchain infrastructures and projects have taken a different approach, directly embedding NFT items like JPEGs, films, and music into the blockchain. This allows investors to own and trade these items without relying on a centralized database.
Innovation in the NFT Environment: Bitcoin Ordinals
Revolutionary Approach of Bitcoin Ordinals: The #Bitcoin Ordinals concept represents a new way of recording NFT data on the blockchain. This innovation involves inscribing digital content, such as images or videos, directly into the bitcoin blockchain, creating a unique and valuable digital asset associated with a specific NFT.
Impact on the NFT Ecosystem: This approach introduces a new level of security and transparency to the NFT world, integrating with the widely recognized and robust bitcoin blockchain.
Increased Interest in Bitcoin Ordinals: According to a recent report by Coinbase dated December 14, there has been a shift in NFT activities towards the bitcoin chain, indicating a growing interest in the NFT community in bitcoin Ordinals due to their solid foundation for the ownership and trading of digital assets.
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