Elon Musk makes light of NFT investors on Twitter
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Tesla CEO Elon Musk created a cartoon Thursday on Twitter, making a comical reference to non-fungible token (NFT) investors.
In the recently posted tweet, Musk depicted a hypothetical party scene where a man in a party hat is standing in the corner watching other party-goers.
Right next to him are the words: "They don't know I own this song's non-fungible token."
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The tweet, which has since gained more than 17,000 retweets since being posted, came just after Musk reversed course after announcing that he would sell a techno music track he produced about NFT.
Musk said it didn't "feel quite right selling" the song despite being offered as much as $1,121,000 from Twitter user @sinaEstavi, which is the NFT song's highest bid according to Valuable's digital auction of the tweet.
"Actually, doesn’t feel quite right selling this. Will pass," he shared Tuesday on Twitter after sharing the music with the public.
In a short video, a trophy with a golden orb reads "vanity Trophy" and "HODL" or an acronym for the phrase "hold on for dear life," which is used by traders who invest in bitcoin and other cryptocurrencies. During the looping clip, a female vocalist repeats "NFT" to the beat.
An NFT is a unique digital token that can turn any item in the digital world from tweets to GIFs and videos into a collectible asset.
ELON MUSK REVERSES COURSE ON SELLING NFT SONG
A fungible token is an asset that can be exchanged on a one-for-one basis. Think of dollars or bitcoins — each one has the exact same value and can be traded freely. A non-fungible object, by contrast, has its own distinct value, like an old house or a classic car.
NFTs confirm an item’s ownership by recording the details on a digital ledger known as a blockchain, which is public and stored on computers across the internet. This makes it effectively impossible to lose or destroy.
One purpose of NFTs — which have recently become popular in the investment world — is that they can be used to trace an object’s digital provenance, allowing a select few to prove ownership. It’s a way to create scarcity so that you can sell something for higher prices.
Fox News' Julia Musto and The Associated Press contributed to this report.
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