Elon Musk selling techno track he produced about NFTs as an NFT
Musk, who recently declared himself the "technoking" of Tesla, previously released an electronic dance music track called "Don't Doubt ur Vibe" on Spotify earlier this year
CoinFlip CEO Daniel Polotsky pitches to Elon Musk to put his company's ATMs in Tesla dealerships and discusses his outlook for cryptocurrency.
Elon Musk is selling a new techno music track he produced about non-fungible tokens, or NFTs, as an NFT.
An NFT is a unique digital token that can turn 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.
ELON MUSK OFFICIALLY DECLARED TECHNOKING OF TESLA
Musk, who recently declared himself the "technoking" of Tesla in a filing with the Securities and Exchange Commission, shared the song in a tweet on Monday.
The looping video features a trophy with a golden orb affixed to the top of it which has the words "Vanity Trophy" orbiting around it. The bottom of the trophy shows the letters "HODL," short for the phrase "hold on for dear life," which is most commonly used by traders who invest in bitcoin and other cryptocurrencies. Just above the HODL, little gold dogs and coins rotate around the trophy, presumably representing Dogecoin.
At various points in the short video, the words along the trophy shift from “computers” to “never sell” while a female vocalist sings lyrics over top like “NFT for your vanity” and “computers never sleep.”
HISTORIC TWEET BY JACK DORSEY HITS $2.5M IN DIGITAL AUCTION
The NFT track comes following the release of Musk's electronic dance music track called "Don't Doubt ur Vibe" on Spotify last year. Musk also released a song called RIP Harambe in 2019 about the Cincinatti Zoo gorilla of the same name, who was killed in 2016 after a 3-year-old boy climbed into its enclosure. Musk released the tracks under the name Emo G Records.
Musk acknowledged that he was a "supporter of bitcoin" when asked about his thoughts on cryptocurrencies during a live-streamed interview on the popular audio chat app Club House on Feb.1.
“Many friends of mine have tried to convince me to get involved in bitcoin for a long time,” 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 begin accepting bitcoin as a form of payment for its cars in the "near future."
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The NFT song tweet is being sold on a platform called Valuables. The new digital outfit is built on blockchain outlets Ethereum and Polygon which enable users to tokenize and sell individual tweets.
"Owning any digital content can be a financial investment, hold sentimental value, and create a relationship between collector and creator," Valuable said on its Frequently Asked Questions page. "Like an autograph on a baseball card, the NFT itself is the creator’s autograph on the content, making it scarce, unique, and valuable."
Anyone can put their public tweets up for sale using Valuables, and 95% of the money made will go to the tweet's original creator, while the rest goes to the company. For secondary sales, 87.5% goes to the seller, 10% goes to the creator, and 2.5% goes to Valuable.
The money is automatically credited to the seller's crypto wallet when they agree to sell. It generally takes an hour for the transaction to clear on the Ethereum network.
CLICK HERE TO READ MORE ON FOX BUSINESS
According to the Valuable's digital auction of the tweet, the NFT song's highest bid currently sits at $100,000 from Twitter user Amir Soleymani.
Soleymani said his offer for the song was "a strategic move as well as just to laugh," claiming Musk "will never sell or accepts an offer to sell his tweets."
"So PPPlease, dont get everything seriously," Soleymani added. "No [ethereum] was ever paid. Its just a bid."
Musk's other tweets posted on Valuable include a 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 is selling digital trading cards, and the NBA's marketplace for highlight reels, Top Shot, which sold a clip of Lebron James spoiling a fast break for $100,000.