🧐🧐🧐 Why #Elon_Musk Hate NFTs❓🙈🙈🙈
Elon Musk has been a vocal critic of NFTs, arguing that they are not truly stored on-chain and are instead hosted on external servers, putting them at risk if the server goes down or the company hosting the server goes out of business.
He has also criticized the high gas fees associated with NFTs on the Ethereum network, and the environmental impact of mining Ethereum.
In addition, Musk has expressed concern about the use of NFTs for scams and fraud. He has also said that he believes that NFTs are often overpriced and do not provide any real value.
Here are some of the specific reasons why Elon Musk hates NFTs:
They are not truly stored on-chain. Most NFTs are hosted on external servers, which means that they are not truly stored on the blockchain. This means that they are vulnerable to censorship and attack.
They are expensive. The gas fees associated with minting and trading NFTs on the Ethereum network can be very high. This makes NFTs inaccessible to many people.
They are environmentally unfriendly. Mining Ethereum, the blockchain on which most NFTs are hosted, consumes a lot of energy. This has a negative impact on the environment.
They are often used for scams and fraud. There have been many cases of people being scammed by fake NFT projects.
They are overpriced. Musk believes that NFTs are often overpriced and do not provide any real value.
It is important to note that Musk is not the only one who has criticized NFTs. Many people have expressed similar concerns about the technology. However, Musk's platform and influence give his voice more weight. It is possible that his criticism could have a negative impact on the NFT market.
It is also important to note that Musk has not completely ruled out the possibility of supporting NFTs in the future. He has said that he is open to the idea of supporting NFTs if they can be made more decentralized and environmentally friendly.
