Tesla chief, X owner, and well-known Dogecoin (DOGE) proponent Elon Musk has expressed his concerns about the authenticity and security of non-fungible tokens (NFTs). In a recent appearance on the “Joe Rogan Experience” podcast, Musk specifically addressed the issue of NFTs not being fully stored on the blockchain.
“The funny thing is the NFT is not even on the blockchain—it’s just a URL to the JPEG,”
– Elon Musk
Musk’s criticism revolves around the fact that many NFTs are merely URLs that lead to external servers hosting the actual digital assets. This arrangement leaves NFT owners vulnerable to losing their assets if the hosting company goes out of business. Musk suggests that the digital assets should be encoded in the blockchain itself to ensure their permanence.