Elon Musk Advocates for Improved NFT Implementation through Blockchain Inscriptions

Elon Musk, who runs a company called X, recently talked about digital collectibles known as non-fungible tokens (NFTs). He highlighted some issues with the current way NFTs operate.

Musk proposed a solution on a platform referred to as X: instead of merely providing a link to an NFT, he suggested placing the actual picture file (such as a JPEG) directly on the blockchain. This is similar to how information is stored on the Bitcoin blockchain.

Elon Musk Criticizes NFTs, Gives Nod to Inscriptions: ‘At Least Encode the Jpeg on the Blockchain’ pic.twitter.com/Y0JJRYQVem

— SCicek (@BurakSa25251071) December 28, 2023

Musk wants to make a stronger and safer way to connect digital stuff to blockchain technology. This way, he hopes to fix some issues with how NFTs currently operate. Musk is interested in finding new and smart ways to use blockchain tech, making sure that digital things last for a long time.

So, his idea is to directly put the picture on the blockchain, making it a more secure and reliable way to deal with digital assets like images.

Hence, Elon Musk’s proposal to store NFT images directly on the blockchain aims to enhance security and reliability. If implemented widely, it could positively impact the NFT market by addressing current operational issues and boosting trust in digital asset authenticity.

Elon Musk Advocates Direct Blockchain Integration for NFT Authenticity

Elon Musk recently showed interest in Ordinal inscriptions, which are pictures and info kept on the BTC blockchain. He talked about issues with non-fungible tokens (NFTs) on platform X and had a simple solution: instead of just sharing web links, he suggested directly putting the picture files (like JPEGs) on the blockchain. This way, it’s more connected and not just a link to a picture.

Musk likes the idea of Ordinal inscriptions because they provide a safer and stronger way to link NFT info to the blockchain. He wants to make sure digital art is real and secure. In a nutshell, he supports the idea of encoding pictures directly onto the blockchain, making it a more reliable way to handle digital art and ensure it’s authentic.

Hence, Elon Musk’s interest in Ordinal inscriptions, storing NFT info directly on the BTC blockchain, could revolutionize NFTs. It enhances security, ensuring authenticity and reliability in the digital art space.

Innovations in NFT Implementations and Blockchain Dynamics

Elon Musk talked about problems with how NFTs worked before. In the old way, links to videos and songs led to websites. Some people didn’t like this, and Musk agreed. But now, there are new ways like Ordinal inscriptions and Stamps. These let you directly put pictures or videos on the Bitcoin blockchain, making sure they stick around for a long time.

People started talking about how much space on the blockchain these inscriptions use. Some mining groups thought they were like “spam” and started filtering them out. The whole chat began with Musk sharing a video and song about NFTs in 2021.

Later, a person from Ord.io said someone put that video directly onto Bitcoin and paid a big fee of $7,223. This file, called Inscription 51,887,020, is 366.57 KB big, showing how things are changing with blockchain and NFTs.