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2023-12-27 23:42:57

Elon Musk Weighs in on NFT Technology -- Here's What He Thinks | Blockchain | CryptoRank.io

Elon Musk has again shared his opinion about the current structure of non-fungible tokens (NFTs), noting that embedding JPEG images into a blockchain can establish exclusive ownership for enthusiasts. On December 27, Musk responded to a comment on his platform, X (formerly Twitter), where DogeDesigner questioned if "anyone still remembers NFTs." This prompted a playful jab from Adrian Dittmann, who humorously likened NFTs to "web links leading to data you don't truly possess." In a quick retort, the tech mogul underscored the importance of encoding JPEGs on the blockchain. This comment aligns with Musk's previous statement on The Joe Rogan Experience Podcast on October 31, where he advocated for encoding JPEGs in the blockchain to prevent loss in case the hosting company goes out of business. While NFTs gained considerable attention and traded for millions of dollars during the 2021 bull market, Musk's critique reflects a sophisticated understanding of how NFTs operate. In the NFT market, specific blockchain networks utilize centralized databases to store JPEG images linked to a unique non-fungible token hash ID. When investors trade or hold NFTs, they deal with and possess these hash IDs, not the actual media content. The connection between the NFT and the media it represents relies on information stored in a centralized database. However, some blockchain infrastructures and projects have adopted a different approach by directly embedding popular NFT items, such as JPEGs, movies, and music, into the blockchain. For Instance, Leonidas, a well-known NFT enthusiast, transformed a video clip containing Musk's remarks into an Ordinals Inscription. This process involves encoding the video with a unique NFT on Bitcoin's blockchain. Unlike traditional NFTs, this particular NFT on Bitcoin's blockchain allows investors to own and trade it directly without relying on a centralized database. Bitcoin Ordinals represent a revolutionary fusion of NFT data inscription on the blockchain. This innovative approach involves uniquely inscribing digital content, such as images and videos, onto the Bitcoin blockchain, resulting in a distinctive digital asset linked to a specific non-fungible token. The impact of Ordinals on the NFT landscape is profound. By integrating NFT functionality with the robust and widely recognized Bitcoin blockchain, a new level of security, transparency, and decentralization is introduced to the NFT ecosystem. According to a comprehensive 80-page report released by Coinbase on December 14, there has been a significant shift in NFT activities towards the Bitcoin chain. This suggests that more NFT enthusiasts have shifted focus to Bitcoin Ordinals due to its resilient foundation for owning and exchanging digital assets within the NFT landscape. The post Elon Musk Weighs in on NFT Technology -- Here's What He Thinks appeared first on Cryptonews.

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