{"id":86522,"date":"2023-11-02T16:21:11","date_gmt":"2023-11-02T14:21:11","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=86522"},"modified":"2025-09-13T06:07:13","modified_gmt":"2025-09-13T03:07:13","slug":"elon-musk-quote-that-nfts-are-not-on-the-blockchain-inscribed-on-the-blockchain","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/elon-musk-quote-that-nfts-are-not-on-the-blockchain-inscribed-on-the-blockchain\/","title":{"rendered":"Elon Musk quote that &#8216;NFTs are not on the blockchain&#8217; inscribed on the blockchain"},"content":{"rendered":"<p>Billionaire Elon Musk, on <a href=\\\"https:\/\/twitter.com\/joerogan\/status\/1719429158999097405\\\">\u043f\u043e\u0434\u043a\u0430\u0441\u0442\u0435<\/a> \u0414\u0436\u043e \u0420\u043e\u0433\u0430\u043d\u0430, weighed in on the scale of scams in the crypto industry and criticised NFTs.<\/p>\n<p>In his words, non-fungible tokens \u201care not even on the blockchain\u201d, merely a URL to a JPEG file.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cYou should at least encode the JPEG on the blockchain. If the company hosting the image goes bankrupt, you will no longer have the image,\u201d Mr. Musk said.<\/p>\n<\/blockquote>\n<p>Analyst Will Clemente noted that the approach described by Musk is already used in the Bitcoin Ordinals protocol, which enables NFTs to be inscribed on the Bitcoin network. According to <a href=\\\"https:\/\/dune.com\/dgtl_assets\/bitcoin-ordinals-analysis\\\">Dune Analytics<\/a>, there are currently about 37 million such inscriptions on the network.<\/p>\n<p>One of the Ordinals developers inscribed a 19-second clip of the podcast containing Musk&#8217;s quote into the Bitcoin blockchain.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">I just inscribed the video of <a 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&apos;s timeline and he learns about how Bitcoin NFTs (Ordinals) are stored fully on-chain forever.<\/p>\n<p>\u2192 <a href=\\\"https:\/\/t.co\/hHRr3AYtxj\\\">https:\/\/t.co\/hHRr3AYtxj<\/a> <a href=\\\"https:\/\/t.co\/qAdhS7GXCZ\\\">pic.twitter.com\/qAdhS7GXCZ<\/a><\/p>\n<p>\u2014 Leonidas (@LeonidasNFT) <a href=\\\"https:\/\/twitter.com\/LeonidasNFT\/status\/1719582173718863934?ref_src=twsrc%5Etfw\\\">November 1, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>Back in late October 2022, Twitter engineers announced <a href=\"https:\/\/u1f987.com\/en\/news\/twitter-unveils-nft-display-option-in-posts-in-partnership-with-four-marketplaces\">the option to display NFTs<\/a> in posts. This came a day before the closing <a href=\"https:\/\/u1f987.com\/en\/news\/elon-musk-closes-deal-to-buy-twitter\">the deal to buy the social network<\/a> by Elon Musk.<\/p>\n<p>In early 2022, the platform <a href=\"https:\/\/u1f987.com\/en\/news\/twitter-adds-nft-profile-picture-verification\">integrated the ability to add NFTs<\/a> as profile avatars. The feature was available on iOS to Twitter Blue subscribers after linking an Ethereum wallet to their account on the social network.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Billionaire Elon Musk, on Joe Rogan&#8217;s podcast, warned about the prevalence of scams in the crypto industry and criticised NFTs.<\/p>\n","protected":false},"author":1,"featured_media":86523,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1217,1213],"class_list":["post-86522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-elon-musk","tag-nft"],"aioseo_notices":[],"amp_enabled":true,"views":"24","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/86522","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=86522"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/86522\/revisions"}],"predecessor-version":[{"id":86524,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/86522\/revisions\/86524"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/86523"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=86522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=86522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=86522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}