Elon Musk has criticized non-fungible tokens (NFTs), claiming that many NFTs are not properly stored on the blockchain.
Elon Musk has criticized non-fungible tokens (NFTs), claiming that many NFTs are not properly stored on the blockchain. Speaking on the Joe Rogan podcast, Musk emphasized that depending on third-party servers to host images puts the NFTs at danger if the hosting firm fails.
This criticism echoes a common concern expressed during the NFT boom, in which access to artwork was lost when servers went down. It should be noted, however, that not all NFT projects operate like this, with some keeping artwork on-chain.
Musk's remarks stirred debate among Bitcoin supporters, as Bitcoin's Ordinals protocol provides for full on-chain storage of artwork and media.
Ordinals employ one-of-a-kind inscriptions attached to a single satoshi on the Bitcoin blockchain, ensuring continuous access as long as the network is functioning.
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