"In a stunning announcement that has shaken both the cryptocurrency and financial worlds, billionaire entrepreneur Elon Musk has revealed a new blockchain-based initiative: GoldBack NFTs, a series of non-fungible tokens (NFTs) directly backed by the U.S. gold reserves.

Speaking at a press conference outside the Federal Reserve, Musk detailed his partnership with the U.S. Treasury Department, which has authorized the allocation of a portion of the nation’s gold reserves to serve as collateral for the digital assets. Each GoldBack NFT represents a fractional stake in a physical gold reserve held in Fort Knox and other secured locations."