Elon Musk Calls NFTs as JPEG URLs

• Elon Musk highlighted that NFTs are often just URLs linking to JPEG images.
• Musk aims to transform X into a one-stop financial solution for people.

In a recent appearance on the Joe Rogan Experience podcast, tech mogul Elon Musk shared his perspective on ordinals in the world of NFTs and the inherent risks within the crypto space.

Elon Musk expressed concerns about the high number of scams in the crypto world, particularly in the case of NFTs, which he deemed largely questionable. It also emphasizes the need for greater security and permanence in the NFT world. He stated that;

The NFT is not even on the blockchain; it’s just a URL to the JPEG. You should at least encode the JPEG in the blockchain. If the company housing the image goes out of business, you don’t have the image anymore.

(Source: Twitter)

Elon Musk’s return to the podcast realm with Joe Rogan comes after a two-year gap and holds a special place in the global podcasting landscape. Their discussion promised insights into Musk’s recent ventures, with a particular focus on his high-profile Twitter acquisition.

Beyond his Twitter takeover, Musk’s aims are expanding, with a notable pivot toward the financial sector. Reports suggest that X (formally known as Twitter) is aiming to become a one-stop solution for people’s financial needs. This vision positions X as an innovative alternative to traditional banking, offering users a platform to seamlessly manage their finances and payments.

What do you think about Elon Musk’s views of NFTs, especially when tied to external URLs rather than being fully encoded in the blockchain? Tweet to us at @The_NewsCrypto and let us know your thoughts.

Source