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.
#BTC🔥🔥 #BTC #DOGEProjections

In an exciting development for the Japanese crypto community, SBI VC Trade, the crypto exchange division of the SBI Group, has announced a special campaign to celebrate Kabosu-chan’s birthday, the beloved internet personality who inspired the popular Shiba Inu and Dogecoin cryptocurrencies.
The campaign aims to engage crypto enthusiasts and provide them with an opportunity to win Shiba Inu (SHIB) tokens.
Kabosu-chan, an adorable Shiba Inu dog, captured the hearts of millions around the world, leading to the creation of the Shiba Inu token and even contributing to the rise of Dogecoin (DOGE).
The campaign, which was announced through a statement on the X platform and the official SBI VC Trade blog, invites Japanese crypto enthusiasts to participate and earn cryptocurrencies inspired by Kabosu-chan. The company has provided specific details about the promotion, ensuring that participants are well-informed.
Shiba Inu (SHIB) and Dogecoin (DOGE) Campaign
According to the announcement, SBI VC Trade users can actively engage in Shiba Inu and Dogecoin transactions while also taking part in a coin lending initiative. This multi-faceted campaign offers participants several avenues to explore within the crypto space.
To make the campaign even more enticing, participants have the opportunity to earn rewards for purchasing SHIB and DOGE during the campaign period. The eligibility criteria for these rewards are as follows:
Individuals who enter into a contract to purchase SHIB with a value of 50,000 yen or more during the campaign period.Individuals who do the same for DOGE.
Participants meeting these requirements will receive rewards proportional to their purchases. For SHIB transactions, qualifying customers will receive an amount equivalent to 1% of their Shiba Inu purchase contract price in SHIB tokens. The same 1% commission applies to Dogecoin transactions, ensuring fairness and consistency.
In addition to the rewards, SBI VC Trade has a surprise for customers who open a new account as part of the campaign. These individuals will receive a special gift of “Kabosu fruit juice,” a delightful gesture that adds to the celebratory atmosphere of the campaign.
The campaign, running from November 2nd to December 1st, 2023, presents a limited-time opportunity for Japanese crypto enthusiasts to celebrate Kabosu-chan’s birthday while potentially earning exciting rewards in the form of SHIB and DOGE tokens.
The campaign not only commemorates the iconic Kabosu-chan but also highlights the significance of cryptocurrencies in our digital age.
Make sure to mark your calendars and take part in this special campaign brought to you by SBI VC Trade. Join the festivities surrounding the influential Kabosu-chan and her impact on the crypto world.
Disclaimer:
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#SHIBCommunity #DOGEProjections $SHIB $DOGE