Elon Musk, the CEO of Tesla, an owner of X, and a prominent advocate of Dogecoin (DOGE), has expressed criticism against non-fungible tokens (NFTs), a sentiment that has found agreement among Bitcoin (BTC) aficionados.
In a recent episode of the "Joe Rogan Experience" podcast, Musk expressed his disapproval of the prevailing concept that several non-fungible tokens (NFTs) lack complete existence on the blockchain, instead functioning as Uniform Resource Locators (URLs) that direct to other servers housing the authentic digital assets.
According to Musk, this particular structure exposes NFT owners to the risk of asset loss in the event that the hosting firm becomes insolvent.
#elonMusk highlighted the amusing aspect that the non-fungible token (NFT) in question does not really exist on the blockchain, but rather functions just as a Uniform Resource Locator (URL) leading to a JPEG file.
It is recommended to consider encoding the JPEG file within the blockchain network. In the event that the firm responsible for hosting the picture becomes insolvent, the image will no longer be accessible.
Musk's critique addresses a longstanding discourse within the NFT community over the genuineness and safeguarding of digital artworks represented by such tokens.
While several non-fungible token (NFT) initiatives choose to keep their assets directly on the Ethereum (ETH) blockchain, others choose for external servers, which may pose a danger to the assets in the event of server downtime.
The topic of discussion pertains to the concept of Bitcoin ordinals.
Bitcoin advocates capitalized on Musk's remarks to emphasize the significance of Bitcoin's Ordinals protocol.
The Bitcoin-based system provides a comprehensive and robust method of embedding artwork and media onto the Bitcoin blockchain, presenting an alternative framework for non-fungible tokens (NFTs) in contrast to Ethereum's existing architecture.
This implies that as long as the Bitcoin network is operational, the non-fungible tokens (NFTs) will remain accessible.
One individual who seized the chance to highlight this was the well-known Bitcoin enthusiast, Will Clemente, who conveyed to Elon Musk on platform X that he had effectively presented a compelling argument in favor of Bitcoin ordinals.
