Breaking Elon Musk’s ‘Song About NFTs’ Attracts $1.1 Million Bid

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In Brief
  • Elon Musk tweets that he is selling an NFT, which is a song about NFTs.

  • The sale comes at a time when NFTs are growing at a phenomenal pace.

  • NFTs are also finding several applications in the sports industry.

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Elon Musk is selling his first non-fungible token (NFT) — an electronic song dubbed “Song About NFTs.”

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Tesla CEO and SpaceX founder Elon Musk announced on March 16 that he would be selling an NFT. This particular NFT is a “song about NFTs,” and it has already received a lot of attention from would-be investors.

Musk didn’t provide a link to the asset in the tweet, but it does appear to be for sale on the Valuables platform. The highest bid at the time of press was 625 ETH worth over $1.1 million.

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Interestingly, the top bid was made by user SinaEstavi. This user also has the top bid of $2.5 million for the NFT of Twitter CEO Jack Dorsey’s first tweet.

In what appears to be a joke, Beeple, a digital artist who famously made headlines earlier this year for selling an NFT for a whopping $69 million, offered the same amount for the song.

The NFT in question features a strong electronic music vibe and features words and phrases such as “HODL” and “Vanity Trophy.” It also includes the Shiba Inu mascot of Dogecoin, an asset that Musk has tweeted about multiple times in the past.

Musk is also one of cryptocurrency’s most notable proponents, having purchased $1.5 billion in Bitcoin (BTC) for Tesla. Like many others, he believes there is value in bitcoin as a means of exchange, making it suitable as a modern, digital form of currency.

Musk’s partner, a musician who goes by the moniker Grimes, has also dabbled in NFTs. She sold a digital art collection called “WarNymph” for $5.8 million last month. The collection was made available on the Nifty Gateway platform, selling out in just 20 minutes.

These NFT marketplace platforms are cropping up at a rapid pace. Sports collectibles are easily becoming one of the top niches.

NFT Space Continues Massive Surge

NFTs have quickly gone mainstream, becoming one of the most popular niches in the crypto space. The number of Google searches for NFTs has even surpassed DeFi.

Several artists have already taken to it, but mainstream adoption is finding a strong presence in the sports domain.

Several teams are considering, or all have already implemented NFT solutions for merchandise, highlights, and exclusive offers. Among these is NBA Top Shot, which ties NBA highlights to NFTs and gives holders exclusive ownership of the content.

More generally, sports teams have also begun accepting payments in Bitcoin for VIP access and other features. For instance, the Oakland Athletics baseball team now accepts BTC as payment for luxury suites for its home games.

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Rahul's cryptocurrency journey first began in 2014. With a postgraduate degree in finance, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has guided a number of startups to navigate the complex digital marketing and media outreach landscapes. His work has even influenced distinguished cryptocurrency exchanges and DeFi platforms worth millions of dollars.

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