Skip to main content

Elon Musk Criticizes NFTs, Gives Nod to Inscriptions: ‘At Least Encode the Jpeg on the Blockchain’

Elon Musk Criticizes NFTs, Gives Nod to Inscriptions: 'At Least Encode the Jpeg on the Blockchain'

Elon Musk, the chairman of X, has referred to non-fungible tokens (NFTs) and the defects of their implementation, indirectly making the case for inscriptions. Answering a post on X on the topic of NFTs, Musk suggested saving the jpeg (an image format) of the NFT on the blockchain, like inscriptions are currently saved on Bitcoin.

Elon Musk Indirectly Nods at Ordinal Inscriptions

Elon Musk has given indirect support to Ordinal inscriptions, a series of images and other data saved on the BTC blockchain. In an X post commenting on the issue of non-fungible token (NFT) data, and how it can be linked to content not owned by the issuers, that can be removed, Musk declared:

Yeah, at least encode the jpeg on the blockchain!

Musk’s complaints about how standard NFTs work are not new. On the Joe Rogan Experience podcast, Musk stated:

The funny thing is the NFT is not even on the blockchain — it’s just a URL to the JPEG.

As Musk explained, earlier NFT implementations featured a link to the content highlighted in the file that led to a website, something that was pointed out by critics of the NFT mania back in the day. However, Ordinal inscriptions and Stamps, two recently introduced protocols, allow users to save the desired media directly on top of the Bitcoin blockchain, securing the longevity of the file.

The rise of these inscriptions has raised discussions on what constitutes a “fair use” of the blockchain space, with some mining pools even opting to filter transactions containing them, considering these inscriptions “spam.”

The post that started the discussion featured a video and a song about NFTs that Musk also posted in 2021. Leonidas, a co-founder of Ord.io, later reported this video was inscribed on Bitcoin by an unknown user who paid $7,223 in fees to this end. The file, identified as Inscription 51,887,020, has a size of 366.57 KB.

What do you think about Elon Musk’s views on NFTs? Tell us in the comments section below.



from Bitcoin News https://ift.tt/i6a92sG
Labels:

Comments

Post a Comment

Popular posts from this blog

Richard Teng Takes Charge as Binance CEO Following Changpeng Zhao’s Exit

After Changpeng Zhao’s exit, Richard Teng has stepped in as the new chief executive officer of Binance, the globe’s largest crypto exchange in terms of trading volume. On Tuesday, Teng made his introduction to the public through social media platform X, assuring that under his stewardship, Binance will “continue to meet and exceed the expectations of stakeholders.” Richard Teng Assumes Binance’s Top Role, Succeeding CZ This week marked a significant event for crypto enthusiasts as they observed one of the largest settlements in the industry’s history. The settlement involved Binance and the U.S. Department of Justice, with Binance incurring fines totaling approximately $4.3 billion. Following this development, the exchange’s CEO, Changpeng Zhao — popularly known as “CZ” — resigned. Post-settlement, on Tuesday, CZ announced via Twitter that Binance’s ex-Global Head of Regional Markets, Richard Teng, has been appointed as the new CEO. Teng brings an extensive history in the financ...
Post a Comment
Read more

Glassnode and Ark Invest Introduce ‘Cointime Economics’ — A New Model to Measure Bitcoin’s Value

Researchers from Glassnode and Ark Invest have collaborated to develop a new economic model for analyzing Bitcoin’s onchain metrics called “Cointime Economics.” The framework offers an alternative way to measure the economic activity and value of bitcoin based on “coinblocks” rather than the standard accounting method of unspent transaction outputs, or UTXOs. Cointime Economics: A Unique Framework for Analyzing Bitcoin The Cointime Economics white paper explains that coinblocks are the product of the number of bitcoin, or BTC , multiplied by the number of blocks they are held without moving. For instance, ten bitcoins held for ten blocks would equal 100 coinblocks. This method aims to capture the real economic weight and importance of each bitcoin based on the time it remains dormant. The longer a bitcoin is unmoved, the higher its cointime and implied economic significance. Cointime Economics introduces metrics such as coinblocks created, destroyed, and stored to describe Bitcoi...
Post a Comment
Read more

Bitcoin ETFs Snap 10-Day Streak: $93M Flees as Fidelity’s FBTC Takes the Hit

Data compiled Friday revealed a striking reversal for spot bitcoin exchange-traded funds, which snapped a ten-session inflow streak with a $93.16 million exodus—marking their first day of negative movement. Bitcoin ETFs Drain While Ether ETFs Gain The abrupt shift punctuated a previously unbroken stretch of positive momentum for U.S. bitcoin ETFs, culminating in a $93.16 […] from Bitcoin News https://ift.tt/Q1xgKWA
Post a Comment
Read more