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Elon Musk Calls NFTs as JPEG URLs
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Elon Musk Calls NFTs as JPEG URLs

Nov 1, 2023

During a recent interview on the Joe Rogan Experience podcast, Elon Musk, the influential figure in the tech industry, discussed his views on ordinal aspects in the realm of NFTs and the inherent risks associated with the cryptocurrency space.

Musk voiced his worries regarding the prevalence of scams within the cryptocurrency industry, with a particular focus on NFTs, which he found to be quite dubious in many cases. He emphasized the importance of enhanced security and long-lasting validity in the world of NFTs.

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.stated Elon Musk.

Elon Musk's recent appearance on the Joe Rogan podcast marked his return to the podcasting world after a two-year hiatus, making it a significant event in the global podcast landscape. Their conversation promised to provide insights into Musk's recent endeavors, with a particular focus on his high-profile acquisition of Twitter.

In addition to his Twitter endeavors, Musk is broadening his horizons, with a noteworthy shift toward the financial sector. Reports indicate that X (formerly known as Twitter) is aiming to transform into an all-in-one solution for people's financial needs. This vision positions X as an innovative alternative to traditional banking, offering users a platform to efficiently manage their finances and handle payments seamlessly.

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