Elon Musk turns down $1 million for the tweet he was selling as an NFT

• One of the world's richest men, billionaire Elon Musk, has turned down $1 million for a tweet he was selling as a non-fungible token.
• This comes after the founder of SpaceX and Tesla posted that he was selling a song "about NFTs as an NFT."
• Listed on the NFT platform, Valuable, the highest bid was from Sina Estavi, the chief executive of Bridge Oracle, at $1.12 million.
  

The eccentric billionaire Elon Musk just turned down $1 million for a tweet that he was selling as a non-fungible token (NFT) — small peanuts for the second-richest man the world, currently worth $175 billion, according to Bloomberg.

On March 15, Musk tweeted that he is “selling this song about NFTs as an NFT.” The tweet was accompanied by a two-minute video featuring an NFT-themed electronic dance music track.


The tweet, the video and the caption were subsequently listed as a NFT for sale on ‘Valuables’, a platform released by Cent — a social media network built on blockchain. And, the highest offer is $1.12 million from Sina Estavi, the chief executive of Bridge Oracle.

But, Musk seems to have changed his mind. “Actually doesn’t feel quite right selling this. Will pass,” he said in another tweet on March 16.

According to CNBC, the flurry of activity around Musk’s announcement helped distract his followers on Twitter from the news about personnel changes within the ranks of Tesla and the ongoing Federal probe into a Tesla crash that occurred in the US city of Detroit last week.

What are NFTs?
Non-fungible tokens or NFTs are a special class of digital assets but they operate differently from digital currencies. They cannot be exchanged with one another for equal value or broken down in smaller values like most currencies.

No two NFTs are identical. They are characterised by their unique qualities as well as authenticity — a collectors item of sorts.

The SpaceX and Tesla founder is only the latest to jump on to the NFT bandwagon. Global brands like Nike and Louis Vuitton are also generating NFT-based consumer goods and services.

In fact, the NFT market is estimated to be worth $250 million according to a 2020 report by tech tracking company L’Atelier BNP Paribas. And, NFT creators are earning big bucks. On March 2, Musk’s partner, a musician who goes by the name Grimes, sold her digital collection WarNymph for $5.8 million in under 20 minutes.

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