With NFT hype deep into a downswing that began last year, it’s not difficult to find prominent criticism of the blockchain tokens that represent ownership in unique items, such as artwork. Now Elon Musk has joined the fray—and Bitcoin fans are thrilled about it.

During his latest appearance on the popular “Joe Rogan Experience” podcast, Twitter owner and Tesla and SpaceX CEO Musk called out the idea that many NFTs are not fully stored on-chain. Instead, some ultimately point to artwork that’s hosted on an external server, potentially putting them at risk.

“The funny thing is the NFT is not even on the blockchain—it’s just a URL to the JPEG,” Musk said. “You should at least encode the JPEG in the blockchain. If the company housing the image goes out of business, you don’t have the image anymore.”

Musk isn’t wrong about this being a notable pain point around NFTs. It was a common criticism in the early days of the NFT boom, w

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Author: Andrew Hayward

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