Elon Musk sent out a tweet "selling a song about NFTs as an NFT" for 420M Dogecoins, and someone might have just taken the bait (or not).
i'll give you $69M for it. https://t.co/DMd4EEOGCZ— beeple (@beeple) March 15, 2021
Dogecoin the Money of the Internet
Dogecoin is a cryptocurrency initially released in 2013. Created by the software engineers Billy Markus and Jackson Palmer, this fun payment system made its way to the internet and was immediately accepted by the online community. Currently, the Dogecoin has a value of $0.06.
The Dogecoin namesake came from the "Doge" meme in 2013, a picture of a Shiba Inu dog often accompanied by thoughtful or funny texts. The Dogecoin commemorates this meme by putting the face of this Shiba Inu dog as their coin logo.
Read Also: How Cryptocurrency Can Make You Rich
Non-Fungible Token (NFT) for Sale
NFTs stand for a non-fungible token, a digital file whose ownership is verified on the blockchain. NFTs are created files uploaded as digital artworks or multimedia to be sold on the auction market. Often, NFTs are bought through cryptocurrency. Selling and buying NFTs give the owner or buyer digital certificates of authenticity.
The song Musk is selling is a techno beat with an electrical remix. The song also repeats "NFT" for the most part. Near coda, a female-voice sings, "NFT for your vanity, computers never sleep, it's verified, it's guaranteed."
Cnet analyzed the clip released with the song, saying that the animation of a spinning "vanity trophy" has multiple references from different technology elements. The spinning base is associated with coins and dogs, which is presumed to be the Dogecoin, the platform Musk decided to sell his song in.
Over the last few years and especially these last few weeks, NFTs are becoming popular with artists, entertainers and people in the media. They sell digital rights to all sorts of things. This is gaining a lot of weight in online communities.
For example, posted on January 25 in TopShot, an NFT clip of Lebron James sells for $100,000. Early March, a new album by Kings of Leon is sold as NFT with three types of tokens, including special artworks and perks.
Rolling Stone also reported that a line of digital goods of pop star Shawn Mendes was sold as an NFT. This happened after his manager, Andrew Gertler, got involved with an NFT marketplace called sturdy exchange. Even an NFT electoral map to commemorate the 2020 US presidential contest is auctioned off by the Associated Press.
Twitter CEO Jack Dorsey also joined the market by selling his first tweet on the platform as an NFT.
Elon Musk Sells NFT
Elon Musk is now joining the market by selling his first NFT, a song of NFTs. The Twitter community easily accepted the hype, with Elon's tweet having 19,100 Retweets, 4,830 Quote Tweets, and 130,700 Likes in less than a day it is released. The online community is literate with cryptocurrency, and another user actually offered buying at $69 Million.
Elon, however, counter proposes accepting only Dogecoins for this NFT. Even as a casual joke, this NFT marketing could be the next step we are heading for technological advancements.