{"id":8746,"date":"2023-11-02T18:35:27","date_gmt":"2023-11-02T18:35:27","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/elon-musk-criticizes-nfts-on-joe-rogan-podcast-delighting-bitcoin-enthusiasts\/"},"modified":"2023-11-02T18:35:28","modified_gmt":"2023-11-02T18:35:28","slug":"elon-musk-criticizes-nfts-on-joe-rogan-podcast-delighting-bitcoin-enthusiasts","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=8746","title":{"rendered":"Elon Musk Criticizes NFTs on Joe Rogan Podcast, Delighting Bitcoin Enthusiasts"},"content":{"rendered":"<div>\n<figure id=\"attachment_126151\" aria-describedby=\"caption-attachment-126151\" style=\"width: 1200px\" class=\"wp-caption alignnone\"><noscript><\/noscript><figcaption id=\"caption-attachment-126151\" class=\"wp-caption-text\">Elon Musk. Source: a video screenshot, Elon Musk Zone \/ YouTube<\/figcaption><\/figure>\n<p>Tesla chief, X owner, and well-known Dogecoin (DOGE) proponent Elon Musk has taken a swipe at non-fungible tokens (NFTs), and his comments have resonated with Bitcoin (BTC) enthusiasts.<\/p>\n<p>During a recent appearance on the \u201cJoe Rogan Experience\u201d podcast, Musk criticized the notion that many NFTs do not fully exist on the blockchain but instead serve as URLs to external servers hosting the actual digital assets.<\/p>\n<p>This arrangement, Musk said, leaves NFT owners vulnerable to losing their assets should the hosting company go out of business.<\/p>\n<p>\u201cThe funny thing is the NFT is not even on the blockchain\u2014it\u2019s just a URL to the JPEG,\u201d Musk pointed out, before adding:<\/p>\n<p>\u201cYou should at least encode the JPEG in the blockchain. If the company housing the image goes out of business, you don\u2019t have the image anymore.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Podcast with the great and powerful <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/elonmusk?ref_src=twsrc%5Etfw\">@elonmusk<\/a> <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/ad?src=hash&amp;ref_src=twsrc%5Etfw\">#ad<\/a> Full episode is 2 hours and 41 minutes, first 2 hours is available here on https:\/\/t.co\/AIkGSaxVMA <a rel=\"nofollow\" href=\"https:\/\/t.co\/DQh0GGNyaO\">pic.twitter.com\/DQh0GGNyaO<\/a><\/p>\n<p>\u2014 Joe Rogan (@joerogan) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/joerogan\/status\/1719429158999097405?ref_src=twsrc%5Etfw\">October 31, 2023<\/a><\/p>\n<\/blockquote>\n<p>Musk\u2019s critique taps into a long-standing debate in the NFT community regarding the authenticity and security of for example works of digital art represented by these tokens.<\/p>\n<p>While some NFT projects store their assets on the Ethereum (ETH) blockchain itself, others rely on external servers, potentially exposing assets to risk should the server go down for whatever reason.\n<\/p>\n<h2>Bitcoin Ordinals<\/h2>\n<p>\nBitcoin enthusiasts seized on Musk\u2019s comments to highlight Bitcoin\u2019s Ordinals protocol.<\/p>\n<p>The Bitcoin-based system fully and securely inscribes artwork and media onto the Bitcoin blockchain itself, offering an alternative approach to NFTs compared to Ethereum\u2019s model.<\/p>\n<p>This means that as long as the Bitcoin network still functions, the NFTs are available.<\/p>\n<p>Among those who took the opportunity to point this out was the popular Bitcoiner Will Clemente, who told Elon Musk on X that he had \u201cjust laid out the case for Bitcoin ordinals:\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">.<a rel=\"nofollow\" href=\"https:\/\/twitter.com\/elonmusk?ref_src=twsrc%5Etfw\">@elonmusk<\/a> you just laid out the case for Bitcoin ordinals \u2013 image\/text inscriptions directly on the most secure open source monetary network on the planet. There are currently 38 million of these inscriptions on the Bitcoin blockchain. <a rel=\"nofollow\" href=\"https:\/\/t.co\/WASj1qpkz8\">pic.twitter.com\/WASj1qpkz8<\/a><\/p>\n<p>\u2014 Will Clemente (@WClementeIII) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/WClementeIII\/status\/1719790083350356101?ref_src=twsrc%5Etfw\">November 1, 2023<\/a><\/p>\n<\/blockquote>\n<p>Others also offered their take, with one member of the NFT community even taking the effort to inscribe the video of Musk onto the Bitcoin blockchain:<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I just inscribed the video of <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/elonmusk?ref_src=twsrc%5Etfw\">@elonmusk<\/a> saying that NFTs are &#8220;not even on the blockchain&#8221; into the Bitcoin blockchain!<\/p>\n<p>Engage so that this shows up in Elon&#8217;s timeline and he learns about how Bitcoin NFTs (Ordinals) are stored fully on-chain forever.<\/p>\n<p>\u2192 https:\/\/t.co\/hHRr3AYtxj <a rel=\"nofollow\" href=\"https:\/\/t.co\/qAdhS7GXCZ\">pic.twitter.com\/qAdhS7GXCZ<\/a><\/p>\n<p>\u2014 Leonidas (@LeonidasNFT) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/LeonidasNFT\/status\/1719582173718863934?ref_src=twsrc%5Etfw\">November 1, 2023<\/a><\/p>\n<\/blockquote>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/elon-musk-criticizes-nfts-on-joe-rogan-podcast-delighting-bitcoin-enthusiasts.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Elon Musk. Source: a video screenshot, Elon Musk Zone \/ YouTube Tesla chief, X owner, and well-known Dogecoin (DOGE) proponent Elon Musk&#8230;<\/p>\n","protected":false},"author":1,"featured_media":8747,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-8746","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Elon Musk Criticizes NFTs on Joe Rogan Podcast, Delighting Bitcoin Enthusiasts | inFundPros<\/title>\n<meta name=\"description\" content=\"Elon Musk. 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