The Tesla and Space X CEO Elon Musk offered to sell one of his tweets as a Non-Fungible Token (NFT) on Monday. later when one bidder offered $1 Million for the digital asset, Musk withdrew the offer to sell on Tuesday saying it doesn’t feel right.
Elon Musk made a proposal on his tweet which was a song about NFTs as an NFT which included the lyrics- ”NFT for your vanity. Computers never sleep. it’s verified. its guaranteed”. The tweet which was up for sale also contained a short video on loop, which portrayed a golden trophy and had the words- ”Vanity Trophy” written over it with the term ‘NFT’ at the top and ‘HODL’ at the bottom. HODL is a cheer used mostly by cryptocurrency fans and retail investors to motivate and inspire peers to hold onto a coin or shares in a company, rather than selling it immediately.
NFTs are unique cryptocurrency tokens that represent digital assets, including video clips and images and they can even be sold and bought just like physical collectables. NFTs function on a decentralized digital ledger, also known as Blockchain technology which means that transactions, validity, and ownership of an asset represented by NFT can be tracked.
Off late, Elon Musk has been vocal for his endorsement of digital assets including cryptocurrencies like Bitcoin, Dogecoin, and NFTs. In February, Tesla announced that it had purchased $1.5 billion in Bitcoin and might even continue to make Bitcoin acquisitions.