Elon Musk, chairman of Company X, expressed his views on Fungible Tokens (Non-fungible Tokens) and their implementation flaws, indirectly supporting the position of the inscription. In response to a post about Non-fungible Tokens on X, Musk suggested saving JPEGs (an image format) of Non-fungible Tokens on the Blockchain, similar to how current inscriptions are kept on Bitcoin.
**Elon Musk indirectly supports ordinal (**Ordinal) **** inscription
Elon Musk indirectly supported ordinal inscriptions, which are protocols in which a series of images and other data are kept on BitcoinBlockchain. Commenting on a post on X about Fungible Token (Non-fungible Token) data and how to link it with non-issuer-owned content that could be removed, Musk said:
“Yes, at least encode JPEG onto the Blockchain!”
Musk’s complaints about how standard Non-fungible Tokens work are not new. On the Joe Rogan Experience podcast, Musk said:
"Interestingly, Non-fungible Token isn’t even on the Blockchain, it’s just a URL pointing to JPEG. ”
As Musk explained, early Non-fungible Token implementations included a website link to the highlighted content in the file, a problem pointed out by enthusiastic Non-fungible Token critics at the time. However, the recently introduced two protocols, Ordinal Inscriptions and Stamps, allow users to save the desired media directly on the BitcoinBlockchain, ensuring long-term storage of documents.
The rise of these inscriptions has sparked discussions about what constitutes a “fair use” of the Blockchain space, with some mining pools even choosing to filter transactions containing these inscriptions, deeming them “garbage.”
The post that sparked the discussion included a video and song about Non-fungible Tokens released by Musk in 2021. Leonidas, the co-founder of Ord.io, later reported that the video was saved on Bitcoin by an unknown user who paid $7,223. The document is identified with the inscription 51,887,020 and is 366.57 KB in size.
What are your thoughts on Elon Musk’s views on Non-fungible Tokens?
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