The crypto world is left scratching its heads after Elon Musk, CEO of Tesla, rejected an offer of a whopping $69 million for his song about NFTs, asking for 420 million DOGE coins instead, which at this time is worth approximately $24 million. Some investors are left wondering as to why Elon would do this, as many speculate DOGE to lose its value over time.
Elon makes a song about NFTS, then sells it as an NFT
It is worth pointing out that one of the biggest reasons for DOGE’s success is the fact that Elon is backing it. Unlike other cryptocurrencies, this coin emerged as a sort of joke, even being heavily based on the popular meme of the same name. Its value also skyrocketed following the GameStop incident. In addition to this, NFTs (non-fungible tokens) have risen in popularity as well, helping artists earn millions worldwide.
It would then make sense for Elon to list his song as an NFT, despite the fact that the song itself is about the same subject matter. That didn’t stop Mike Winkelmann, a popular digital artist, from bidding for the song, offering $69 million. Elon would reject this and ask for 420 million DOGE, as we already know.
NFTs grow in value following Musk’s action
In a continued effort to make NFTs even more popular, Elon Musk released the aforementioned song. He then listed the song for sale on Valuables, a popular platform often utilized by consumers to purchase and sell tweets and other NFTs. The song had also managed to receive an offer of 625 ETH, which roughly translates to just over $1.1 million.
Many in the world of digital trading are still new to the use of NFTs, and some don’t know what to make of them as of yet. Still, they have helped artists gain not only a sizable income but also enough popularity to get them into the mainstream audience’s attention. Elon isn’t the only influential person to subscribe to the NFT mentality, as others such as Floyd Mayweather and DJ Khaled have also dipped their toes into this as well.
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