CoinFlip CEO Daniel Polotsky draws attention to Elon Musk for placing his company’s ATMs in Tesla dealerships and discusses his outlook for cryptocurrency.
Elon Musk sells a new techno music track he produced on non-fungible tokens, or NFTs, as an NFT.
An NFT is a unique digital token that can transform any item in the digital world from tweets to Gifs, to videos into a collectible asset. Like Bitcoin and other cryptocurrencies, NFTs are sold and bought via the blockchain. Non-fungible tokens verify authenticity and ownership by encrypting the creator’s signature on the blockchain.
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Musk, who recently described himself as a ‘technoking’ from Tesla in a documentary at the Securities and Exchange Commission, shared the song in a tweet on Monday.
The loop video contains a trophy with a gold ball affixed to the top, with the words “Vanity Trophy”. The bottom of the trophy shows the letters “HODL”, the abbreviation for the phrase “hold on for the best life”, which is mostly used by traders who invest in bitcoin and other cryptocurrencies. Just above the HODL, small gold dogs and coins revolve around the trophy, which probably represents Dogecoin.
At various points in the short video, the words next to the trophy shift from ‘computers’ to ‘never sold’, while a female singer sings lyrics such as ‘NFT for your idity’ and ‘computers never sleep’.
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The NFT track comes after the launch of Musk’s electronic dance music track called “Don’t Doubt ur Vibe” on Spotify earlier this year. Musk also released a song called RIP Harambe in 2019 about the Cincinatti Zoo of the same name, which was killed in 2016 after a 3-year-old boy climbed into its fence. Musk released the tracks under the name Emo G Records.
Musk admitted he was a “bitcoin fan” when asked on February 1 during a live interview in the popular audio app Club House about his thoughts on cryptocurrencies.
“A lot of friends of mine have been trying for a long time to convince me to get involved with bitcoin,” he said.
In addition, Tesla said in an SEC filing last month that it was investing $ 1.5 billion in bitcoin to “further diversify and maximize the return on its cash.” The company also noted that it expects to accept bitcoin in the “near future” as a means of payment for its cars.
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The NFT song tweet is sold on a platform called Valuables. The new digital outfit is built on blockchain stores Ethereum and Matic Network, enabling users to record and sell individual tweets.
“Owning any digital content can be a financial investment, holding sentimental value and creating a collector-creator relationship,” Valuable said on the FAQ page. “Like a signature on a baseball card, the NFT itself is the creator’s signature on the content, making it rare, unique and valuable.”
Anyone can offer their public tweets using valuable for sale, and 95% of the money earned goes to the original creator of the tweet, while the rest goes to the company. For secondary sales, 87.5% goes to the seller, 10% goes to the maker and 2.5% goes to valuable.
The money is automatically credited to the seller’s crypto wallet when they agree to sell. It usually takes an hour before the transaction is completed on the Ethereum network.
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According to the valuable digital auction of the tweet, the NFT song’s highest bid currently amounts to $ 100,000 from the Twitter user. Amir Soleymani.
Soleymani said his offer for the song “is a strategic step to just laugh,” and claims that Musk will never sell or accept an offer to sell his tweets.
“So PPP, do not take everything seriously,” Soleymani added. “No [ethereum] ever paid. This is just a bid. ‘
Musk’s other tweets posted on Valuable include lion king meme with a current bid of $ 3,500 and a tweet of an eggplant with a current bid of $ 20,000. Others who have taken advantage of the NFT craze include Twitter CEO Jack Dorsey, who is selling his first ever tweet, Tampa Bay Buccaneers’ tight end Rob Gronkowski, who sells digital trading cards, and the NBA’s market for highlights, Top Shot , who sold a clip of Lebron James spoiling a quick break for $ 100,000.