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Tesla CEO Eles Musk on Thursday created a cartoon on Twitter that makes a comical reference to non-fungible token (NFT) investors.
In the recent tweet, Musk portrayed a hypothetical party scene where a man in a party hat stands in the corner and watches other partygoers.
Right next to him are the words, “They do not know that I possess the non-fungible sign of this song.”
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The tweet, which has since received more than 17,000 retweets since being posted, came just after Musk reversed the course after announcing he would sell a techno track he was producing over NFT.
Musk said it did not feel right to sell the song, even though he was offered as much as $ 1,121,000 by Twitter user @sinaEstavi, which is the highest bid of the NFT song, according to the valuable digital auction of the tweet.
“Actually, it does not feel quite right to sell it. Will succeed,” he shared on Twitter on Tuesday after sharing the music with the public.
In a short video, a trophy with a gold ball reads ‘vanity trophy’ and ‘HODL’ or an acronym for the phrase ‘hold on for the best life’, used by traders trading in bitcoin and other cryptocurrencies invest. During the loop grip, a female singer repeats ‘NFT’ to the beat.
An NFT is a unique digital token that can turn any item in the digital world from tweets to GIFs and videos into a collectible asset.
ELON MUSK TURNS COURSE TO SELL NFT SONG
A fungible sign is an asset that can be exchanged on a one-by-one basis. Think of dollars or bitcoins – each one has exactly the same value and can be traded freely. A non-workable object, on the other hand, has a distinct value like an old house or a classic car.
NFTs confirm ownership of an item by recording the details on a digital ledger, known as a blockchain, which is public and stored on computers across the Internet. This effectively makes it impossible to lose or destroy.
One purpose of NFTs – which have recently become popular in the investment world – is that they can be used to trace the origin of an object, which some select owners can prove. It’s a way to create scarcity so you can sell something at higher prices.
Fox News’ Julia Musto and The Associated Press contributed to this report.