Crypto video clip auction: Musk auctions tweet and rejects bid

Auction of crypto video clip
Musk auctioned tweet and declined bid

The self-proclaimed technoking Elon Musk produces a song about the crypto art NFT and offers the music video in an internet auction – as NFT. A well-known prospect is willing to pay more than a million dollars for the digital artwork and still gets nothing.

Elon Musk loves cryptocurrencies and technology. This has been known since his dodgecoin tweets, with which he pushed the price. What is new is that he can also gain something from crypto art, which is stored on the blockchain in the form of so-called non-fungible tokens (NFT). Or at least has dealt with it extensively.

On Tuesday, the Tesla boss tweeted a video clip as an NFT for sale: "I'm selling this song on NFTs as an NFT," he wrote. The techno-style lyrics of the song address or ridicule the hype surrounding this technology: "NFT for your vanity. Computers never sleep. That has been proven, under guarantee." Musk is "apparently making fun of any bidders for his NFT by assuming they are vanity as a motivation for the purchase," writes the online platform t3n.

The clip shows a golden cup, two hands in the center, two diamonds in the middle, and Shiba-Inu dogs all around – probably an allusion to the crypto currency Dogecoin. The Japanese dog breed is the mascot of the "joke cryptocurrency". At the top of the trophy hovers and rotates a cratered moon, which is orbited by the words vanity (vanity) and trophy (trophy).

When the tweet, caption, video and the song were offered for sale together on the "Valuables by Cent" platform, the value of this crypto work of art rose from $ 3,000 to $ 100,000 in less than an hour, according to the Cointelegraph portal. On Tuesday, a prospect even offered over a million US dollars. According to Valuables, this was @SinaEstavi. Estavi is not only the head of Bridge Oracle, but also the highest bidder for the first tweet from Twitter boss Jack Dorsey.

Despite what was on offer, Estavi ended up with nothing. Either Musk wasn't serious from the start or he ended up changing his mind. In his next post he wrote: "Actually, it doesn't feel right to sell this. It will fit." Observers interpret the whole thing as a reaction to the Christie's auction, in which a digital work of art by US artist Beeple recently fetched a record $ 69 million. With the price, it is one of the three most expensive works of art ever auctioned – as an NFT. 22 million people followed the auction in the final minutes.

Musk's partner, Canadian singer Grimes, recently made around $ 6 million in an NFT sale in just 20 minutes. A real hype has recently developed around crypto art. Like cryptocurrencies, the system is based on blockchain technology. In contrast to digital money, a non-fungible token is unique and, to a certain extent, a virtual collector's item. Musk, who now has around 49 million followers on Twitter, declared himself Tesla's "technoking" on Monday.

. (tagsToTranslate) Economy (t) Elon Musk (t) Cryptocurrencies (t) Auction (t) Digitization