Elon Musk Takes Shot At NFTs Once Again: 'It's Just A URL To The JPEG'
Portfolio Pulse from Chris Katje
Elon Musk, in an interview with Joe Rogan, criticized non-fungible tokens (NFTs) for not being on the blockchain and being just a URL to the JPEG. He suggested that the JPEG should be encoded in the blockchain. Musk's comments led to increased activity in on-chain NFTs like Bitcoin Punks, OnChainMonkey, and Bitcoin Frogs. Musk has previously shown support for cryptocurrencies like Bitcoin and Dogecoin.
November 01, 2023 | 11:05 pm
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NEUTRAL IMPACT
Elon Musk's criticism of NFTs and his suggestion for JPEGs to be encoded in the blockchain could potentially influence the perception and usage of Bitcoin, which he has previously supported.
While Elon Musk's comments were primarily about NFTs, his previous support for Bitcoin and his influence in the crypto space could potentially impact Bitcoin's perception and usage. However, the direct impact on Bitcoin's price is uncertain.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Elon Musk's criticism of NFTs and his suggestion for JPEGs to be encoded in the blockchain could potentially influence the perception and usage of Dogecoin, which he has previously supported.
While Elon Musk's comments were primarily about NFTs, his previous support for Dogecoin and his influence in the crypto space could potentially impact Dogecoin's perception and usage. However, the direct impact on Dogecoin's price is uncertain.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50