After Musk, who regularly tweets about bitcoin as well as the meme-based dogecoin, offered to sell one of his tweets as an NFT on Monday, he’s now changed his mind—deciding it “actually doesn’t feel quite right selling this. Will pass.”
NFTs, or non-fungible tokens, are unique files that exist on distributed ledgers, known as blockchains, and are a way to verify ownership of digital assets. The market for NFTs has suddenly accelerated as digital creators and influencers have flocked to a new way to potentially monetize their work.
Musk’s tweet—which reads “I’m selling this song about NFTs as an NFT,” and features an image of a “vanity trophy” alongside the song—appeared on the tweet-based NFT marketplace Valuables.
The song includes the lyrics: “NFT for your vanity. Computers never sleep. It’s verified. It’s guaranteed.”
The current highest bid of $1.1 million was made on Tuesday by Sina Estavi, the chief executive of Malaysia-based Bridge Oracle, an application built on top of the tron blockchain.
Estavi is also the leading bidder on Twitter chief executive Jack Dorsey’s NFT of the social network’s very first post. Estavi made a bid of $2.5 million for Dorsey’s tweet that reads “just setting up my twttr” on March 6.
Valuables auctions don’t end until the original poster of the tweet accepts a bid. According to Valuables, 95% of the sale total goes to the original tweet creator, with the platform taking the remaining 5%.
Last week, the world of NFTs was set alight by the digital artist known as Beeple selling an NFT of his work for $69 million at the world-famous auction house Christie’s—making him the world’s third most valuable living artist.
Total NFT sale volume has soared to $436 million, according to nonfungible.com, a website that tracks the NFT market. Some of the biggest NFT sales have raked in millions, with the CryptoPunk pixel art avatar “ape in a fedora” selling for $1.5 million in February.
Last month, the singer and musical artist Grimes, who has a son with Elon Musk, sold NFTs of 10 pieces of art for $6 million.