Elon Musk recently shared his thoughts on non-fungible tokens (NFTs), and he’s all about embedding pictures into a blockchain to prove you’re the boss of that digital masterpiece.
On December 27, Musk got chatty on his platform, X (formerly Twitter), when someone asked if “anyone still remembers NFTs.” DogeDesigner sparked this conversation, and then Adrian Dittmann joined in with a cheeky comment, calling NFTs “web links leading to data you don’t truly possess.” Musk, quick on the keyboard, defended the honor of JPEGs on the blockchain.
This isn’t the first time Musk has championed the cause of encoding JPEGs. Back on October 31, during The Joe Rogan Experience Podcast, he pitched the idea of saving JPEGs in the blockchain to avoid heartbreak if the hosting company goes belly up.
While NFTs made headlines and big bucks during the 2021 craze, Musk’s take shows he’s got the lowdown on how these things work.
In the NFT world, certain blockchain networks use centralized databases to store JPEG images linked to a unique non-fungible token hash ID. When folks trade or hold NFTs, they’re dealing with these hash IDs, not the actual pictures or videos.
The tie between the NFT and its media relies on info stashed away in a centralized database. But, there’s a twist! Some blockchain setups are doing it differently by sticking popular NFT goodies, like JPEGs, videos, and tunes, straight into the blockchain.
Take Leonidas, a big-shot NFT fan, for example. He turned a video snippet of Musk’s chat into an Ordinals Inscription. That’s a fancy way of saying he encoded the video with a unique NFT on Bitcoin’s blockchain.
Unlike the usual NFTs, this special one on Bitcoin’s blockchain lets you own and trade it directly without relying on a middleman database. Pretty cool, right?