John admitted he's a "bit of a luddite" because he hasn't embraced streaming music but he has a huge passion for records and is constantly on the hunt for new music.
He added to Entertainment Tonight: "I've been a fan of music all my life. And I still buy my records and my CDs and my vinyl. I don't stream and I don't download, I'm still a bit of a luddite like that, but it gives me the incentive to keep up, to look for new artists to provide me with energy."
Before accepting the honour, the "Candle in the Wind" singer was the subject of a musical tribute in which H.E.R. performed "Bennie and the Jets", Brandi Carlile belted out "Don't Let the Sun Go Down on Me" and Demi Lovato finished with her take on "I'm Still Standing".
John was "very touched" by the segment.
He said: "They all sang three songs that are so hard to sing. They did a brilliant job, so I'm very touched. When someone else sings your song, it's always a compliment."
In his speech on stage, Nas X spoke of how much of an inspiration John had been to him.
He said: "Elton John has been called many things. Reggie, Rocket Man, Pinball Wizard, Sir Elton. To me, he's a trailblazer who paved the way for others to live their lives freely and unapologetically.
"He's inspired me and so many other people by being himself, and being larger than life, flashy and fearless, especially when he's in front of that piano."
"Elton, on behalf of all the people around the world who you have inspired, thank you. Even if you didn't mean to be a role model, you are."
In return, the "Tiny Dancer" singer got on stage and said: "I just want to say a special thanks to Lil Nas X, because he is a wonderful artist and has balls of steel!"
