Elon Musk's Tweet as an NFT?

Elon Musk, the billionaire business tycoon, seemed to be pitching a recent tweet as an NFT. Elon, the Chief Executive of SpaceX & Tesla, posted on March 16;

“I am selling this song about NFTs as an NFT”

Musk, a driving force behind the cryptocurrency craze, announced on March 16 that he was auctioning a tweet about a song about NFTs as an NFT, only days after an NFT was auctioned for a whopping 69 million USD.

However, he has withdrawn his proposal to auction one of his tweets as a non-fungible token (NFT) when bidding for the digital resource surpassed 1.1 million US Dollars. After putting the tweet up for auction, Tesla "TechnoKing" Elon Musk rejected a 1.1 million USD bid to acquire it as an NFT, stating it “doesn't seem quite right.”

Musk's tweet was posted on the blockchain-backed auctions site Valuables, where a person entitled @sinaEstavi had placed an offer of 1.12 million USD.

"NFT, for your vanity, computers never sleep, it's verified, it's assured," the tweet says, referring to a techno ballad regarding NFTs.

The clip includes a gold cup with the words "Vanity Trophy," "NFT," and "HODL," all of which relate to keeping things rather than trying to sell them. As of now, Sina Estavi, Chief Executive of Bridge Oracle, has the highest bid. This is not the only instance he has spent a lot of money on NFTs. He paid 2.5 million USD on the NFT of Twitter pioneer Jack Dorsey's inaugural Tweet on the social networking platform earlier in March.

The Musk NFT was being sold on Valuables, a website that mandates people to sign in with Twitter before advertising or purchasing an object. According to the platform's regulations, a counter-offer to Estavi's must increase the amount by a minimum of 10 percent.

NFTs, or non-fungible tokens, are a type of digital property, which cannot be traded for equivalent worth or split up into tiny pieces. They are frequently used as a collectible and cannot be replicated. They are the trendiest new phenomenon in the crypto world, and the digital artist Beeple made headlines in March when he traded an NFT for 69 million USD, marking him among the world's three most costly alive artists.

Considering that Elon Musk has been a significant element driving the current bitcoins surge and has consistently promoted meme cryptocurrency Dogecoin, it was just a matter of how long until they caught Musk's interest.

In the last month, NFTs have burst into the pop culture arena. They are crypto assets, which symbolize digital content that may be purchased and traded, like picture files or video snippets. To assure authenticity, originality, and worth, they are recorded using blockchain.

Investing in digital content might seem odd to some people. NFTs, on the other hand, is regarded by some digital material producers and enthusiasts as a much more safe and long-term venture.

“Because an NFT is digital in essence, it eliminates some of the constraints of physical goods such as the requirement for physical space and physical degradation,” Whale Shark (an NFT Collector) explained, adding that as the globe is becoming more digital, people are devoting more time on the internet and obtaining more virtual “real estate,” like computer displays and tablets.

“All of these displays have the ability to serve as ‘mantle spaces' for digital collectibles.”

NFTs are also much more trustworthy verification mechanisms, as per Dan Kelly, the President of NonFungible.com.

“I would rather buy an NFT than a real object because the legitimacy and rarity could be readily verified, cannot be duplicated, and the methods to prove are independent and accessible.”