Elon Musk's Remarkable Comment About NFTs: Here Are the Details!

Elon Musk has once again expressed his views on NFTs. NFTs became popular during the bull market of 2021. At the time, 'jpegs' were traded for millions of dollars worth of cryptocurrency.

On December 27, the multi-billionaire and entrepreneur replied to a comment on his platform X. First, DogeDesigner asked, "Who still remembers NFTs?" which Adrian Dittmann teased.

In this regard, Musk repeated some of what he had previously said on The Joe Rogan Experience podcast on October 31:

Musk's criticism comes from a well-informed knowledge of how the NFT market mostly operates. Essentially, a centralized database hosts images (jpegs) linked to an immutable token hash ID on a specific blockchain.

Therefore, investors are holding and trading hash IDs, not jpeg (or media) itself. This code is the actual NFT that can only be associated with the desired media through the central database.

However, as we have reported Koinfinans.com, there are still working solutions for this problem mentioned. Some blockchain infrastructures and projects write jpegs, videos, music, and other well-known NFT products directly to the blockchain.

Notably, Leonidas (@LeonidasNFT) wrote the clip with Elon Musk's lyrics as an Ordinals Inion. This video is now an NFT on Bitcoin's (BTC) blockchain, which investors can own and trade without a centralized database.

All things considered, NFT technology is evolving, and other solutions will also increase over time. Enthusiasts are of the opinion that it is a great value to write media on the blockchain in order to keep and trade it without intermediaries.

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