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, not directly making the case for inscriptions. Answering a put up on X on the subject of NFTs, Musk recommended saving the jpeg (a picture format) of the NFT on the blockchain, like inscriptions are at present saved on Bitcoin.

Elon Musk Indirectly Nods at Ordinal Inscriptions

Elon Musk has given oblique help to Ordinal inscriptions, a sequence of pictures and different information saved on the BTC blockchain. In an X put up commenting on the difficulty of non-fungible token (NFT) information, and the way it may be linked to content material not owned by the issuers, that may be eliminated, Musk declared:

Yeah, at the very least encode the jpeg on the blockchain!

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

The humorous factor is the NFT isn’t even on the blockchain — it’s only a URL to the JPEG.

As Musk defined, earlier NFT implementations featured a hyperlink to the content material highlighted within the file that led to a web site, one thing that was identified by critics of the NFT mania again within the day. However, Ordinal inscriptions and Stamps, two lately launched protocols, enable customers to avoid wasting the specified media instantly on high of the Bitcoin blockchain, securing the longevity of the file.

The rise of those inscriptions has raised discussions on what constitutes a “truthful use” of the blockchain area, with some mining swimming pools even opting to filter transactions containing them, contemplating these inscriptions “spam.”

The put up that began the dialogue featured a video and a track about NFTs that Musk additionally posted in 2021. Leonidas, a co-founder of Ord.io, later reported this video was inscribed on Bitcoin by an unknown person who paid $7,223 in charges to this finish. The file, identified as Inscription 51,887,020, has a measurement of 366.57 KB.

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