Elon Musk, CEO of luxury electric car maker Tesla, is selling a song about NFTs (Non--Fungible Token) as an NFT itself, according to a tweet put up by him on Twitter. He did not provide any other details about the mode of sale such as when, where and how he will sell it.
NFT is a crypto token, which is non-fungible, meaning that it can neither be transferred like money nor replaced with something else. This token is gaining popularity among artists and content creators as this can protect their pieces of art like painting, songs, videos, tweets, etc.
NFTs are pieces of tokenized content that are verifiably unique, with the authenticity, rarity, and scarcity, and are secured on blockchain. They are typically built of Ethereum, though other blockchains like TRON and NEO can be used. The NFT transaction is executed on blockchain using smart contracts to store and record their unique information.
When a person buys an NFT of a collectibles and rare items of art and music, he receives a token containing the same only and does not get ownership rights. NFTs are currently the hottest product in the digital asset space, with celebrities launching NFTs for their art and music collections as another revenue stream for their work.
Musk, who changed his title to Technoking of Tesla recently, tweeted, "I'm selling this song about NFTs as an NFT." He later wrote in another tweet that "Actually, doesn't feel quite right selling this. Will pass."
Meanwhile, Musk has received a highest bid of $1.12 million from a user named @sinaEstavi for the NFT of the song, which is from Sina Estavi, CEO of Bridge Oracle. The bidding for the tweet is taking place on the Valuables @Cent marketplace platform.
The NFT on sale features a spinning gleaming gold trophy with a moon and rockets around it called "Vanity Trophy" with "NFT" written on the top as well as "HODL" and "Computers Never Sleep" written on the base of the trophy.
There are also small images of two hands and two diamonds as well as dogs and coins in the center of the trophy, maybe denoting Dogecoin. The NFT techno song is playing in the background with the lyrics: "NFT for your vanity. Computers never sleep. It's verified. It's guaranteed."
Recently, Twitter CEO Jack Dorsey also had put up his first-ever tweet on sale as NFT and raised $2.5 million in an auction for charity.
Earlier in March, Kings of Leon made history by becoming the first band to release their album "When You See Yourself" as an NFT that was auctioned.
Blockchain-based game F1 Delta Time conducts auctions for digital official Formula 1 or F1 team cars, with the cars being represented by F1 NFTs.
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