“I’m selling this song about NFTs as an NFT,” Elon Musk, CEO of SpaceX and Tesla, tweeted.
In the Twitter post, Elon released a techno song with the lyrics: “NFT for your vanity. Computers never sleep. It’s verified. It’s guaranteed.”
The highest bid for the tweet of Elon Musk as an NFT
Musk’s tweet, including his caption, video and song, was listed for sale as an NFT on “Valuables,” a platform released by Cent, the social media network built on blockchain. According to Valuables, the highest last bid on the Musk tweet was $1,121,000, from a Twitter user with the handle @SinaEstavi, CEO of Bridge Oracle.(“Valuables” requires users to log on to the platform via their Twitter account to verify that tweets listed for sale are done so by their true creators.)
However, he withdrew the offer to sell one of his tweets as a non-fungible token (or NFT). On Tuesday, Musk changed his tune, saying in a tweet:
“Actually doesn’t feel quite right selling this. Will pass.”
According to “Valuables,” the tweet itself will “continue to live on Twitter,” but the winning bidder would own the NFT, “signed and verified by the creator,” which in this case, is Musk.
Elon Musk supports NFT
The tweet-for-sale also contained a short video loop, which portrayed a trophy labeled “Vanity Trophy” with the term “NFT” at the top, and “HODL” across the bottom. HODL is a cheer used by cryptocurrency fans and retail investors to encourage peers to hold onto a coin or shares in a company, rather than sell.
NFTs are unique crypto tokens used to represent digital assets, including images and video clips. They can be bought and sold like physical collectibles. NFTs run on a decentralized digital ledger, or blockchain, which means that transactions, ownership and validity of any asset that an NFT represents can be tracked.
Musk wasn’t the first founder to list a tweet for sale.
Jack Dorsey, CEO of Twitter and Square, recently listed his first tweet as an NFT through “Valuables.” In March, Dorsey said that all proceeds would be converted to bitcoin and donated to GiveDirectly, an organization helping those living in poverty in Africa.
The highest bidder for Dorsey’s tweet is also Bridge Oracle’s Estavi for $2.5 million.
Like Dorsey, Musk has been a part of a wave of support for the cryptocurrency space – the experimental CEO has been known for his endorsement of digital assets of late, including bitcoin, Dogecoin and now NFTs. In February, Tesla revealed it purchased $1.5 billion in bitcoin and might continue to make cryptocurrency acquisitions.
His buzz-generating NFT offer on Monday helped Musk distract his tens of millions of followers on Twitter from news of personnel changes in the top ranks of Tesla and a federal probe into a Tesla crash that took place in Detroit late last week.
On Monday, financial filings revealed that former Tesla Automotive President Jerome Guillen would be vacating that role to become Tesla’s president of Heavy Trucking, instead. Tesla has not yet announced a successor to Guillen for the role of president of Automotive.
On the same day, the federal vehicle safety authority, NHTSA, said it would be sending a team to Detroit to investigate the underlying causes of a “violent” crash that occurred there on March 11 involving a Tesla sedan and a semi-truck. The investigation is now underway.
In recent months, the U.S. Securities and Exchange Commission has warned investors against buying or selling stocks and other assets based on info shared on social media. The financial regulator has also warned investors against buying shares in SPACs, or other assets, simply because of celebrity involvement in the deal.