It’s not every day that you see two phenomenal names in the tech-industry being taken together. These two names – Elon Musk and NFT, are not just identities or brands, they are very much a phenomena in itself. So, when the Tesla-man announced that he is going to sell a song as an NFT, it did send the internet into a frenzy.
How the Elon Musk NFT came about
Back in March 2021, Elon Musk took to Twitter to announce that he is putting up a Non-Fungible Token or NFT for sale. What set this particular NFT apart from the rest was its novelty; it was an electronic music track about NFTs. A two-minute, twenty-second track recorded on a digital blockchain features a thumping beat with intermittent female sung lyrics, such as “NFT for your vanity” and “computers never sleep”.
While the red-hot crypto asset did manage to raise an incredible $1.1 million in bids, the sale itself was short-lived. The offer was taken down by Musk soon as he changed his mind and dropped the idea of selling the music video as NFT. Still, the NFT itself garnered a lot of attention and even Musk’s tweet got listed on a blockchain-backed auction platform for $1.12 million!
Artist Mike Winkelmann, popularly known as Beeple, made an offer of an astonishing $69 million for Elon’s unique soundtrack. Taking the negotiations further, Musk asked to be paid not in dollars but 420 dogecoins. Let’s not forget though, that this negotiation between the two greats was more of a banter rather than business.
Interestingly, Beeple himself had sold an NFT artwork a week before this. The digital collage titled “Everydays: The first 5000 days” by the artist was auctioned off for a staggering $69.4 million in an online auction, by the famous British auction house Christie’s.
Even though Elon Musk’s music video on NFT may have become old, his NFTs still seem to be a rage. Just recently, Beeple had gifted American podcaster Joe Rogan an Elon Musk NFT. The two met over a podcast by Rogan, where Beeple handed him a white box with a tangible NFT artwork. It has a beefed-up image of Musk in his underwear, taking the Dogecoin dog for a walk. Joe has received the 61st out of 100 such Elon Musk NFTs that exist. You can have a look at our guide on where to buy NFTs, if you are also planning to invest in crypto.
Not a fan anymore?
We all know that the SpaceX boss has been a key driver of cryptomania – all things crypto. But it may seem like the Tesla CEO is not a big fan of NFTs in particular. He recently tweeted a meme in which a patient can be seen lying on a therapist’s couch. In the meme, the therapist seems to be asking the patient, “These ‘NFTs’ – are they in the room with us right now?”. The tweet is clearly Musk’s attempt to mock a group crypto-crazy fans, in particular the NFT fanatics.
Interestingly, this is not the first instance of Elon comparing NFTs. A while ago Dogecoin co-creator Billy Markus had initiated an online thread on cryptocurrencies. Mentioning the cryptocurrency industry, Billy had said, “crypto has changed a lot since 2013”. To which, Elon replied, “NFTs are jpeging the dollar.” It was made in reference to Billy Markus’ mention of “jpgs” in his tweet. Basically, what Elon Musk’s tweet meant was that NFTs are lowering the value of the dollar.
As a matter of fact, a number of NFT assets imply digital artworks. And the magnitude of their market value can be estimated by the fact that they trade up to $2 billion per month. Not surprisingly, NFT volume has exploded to 38,000 percent year-over-year. So Billy’s mention of “jpgs” in his tweet does point to the market truth that the NFT “jpgs” are actually an integral part of the crypto world.
Coming back to Musk’s complicated relation with crypto, it is certainly not as simple to understand what the business magnate likes and what he’s actually taking a dig at. Nevertheless His power and hold over the market is incredible though, with his words alone being able to both skyrocket and crash the market value of everything inside and outside the world of cryptocurrency.
Gamble with caution!
For a crypto-investor or enthusiast, the above fact presents much risk, considering the entire market often depends on the crypto king’s mood and mumblings.. If you have already made your mind up by now to dive into the deep “cryptonian sea”, however, our guide that asks are NFTS a good investment will help you assess the risks and rewards of this latest craze.
As for Elon Musk and his love-hate relationship with cryptos and their extended family, nothing suits better than the popular saying – “There’s no such thing as bad publicity.” Whether we actually manage to land on Mars by 2026 or not, one thing is for sure; crypto and its entities have surely taken off and are only going to soar if the centibillionaires are in good mood!