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Tesla CEO Elon Musk created a cartoon on Twitter on Thursday, making a comic reference to non-fungible token (NFT) investors.
In the tweet posted recently, Musk described a hypothetical party scene in which a man in a party hat is standing in a corner watching the other partygoers.
Beside it are the words: “They don’t know that I own the non-fungible token of this song.”
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The tweet, which has since won more than 17,000 retweets since it was posted, came just after Musk reversed the course after announcing that he would sell a techno track he produced on the NFT.
Musk said it “didn’t seem very right to sell” the song, even though it was offered up to $ 1,121,000 from Twitter user @sinaEstavi, which is the highest bidder for NFT music according to the digital auction of the tweet from Valuable.
“Actually, it doesn’t seem right to sell that. It will pass,” he shared Tuesday on Twitter after sharing the song with the public.
In a short video, a trophy with a golden orb says “Vanity Trophy” and “HODL” or an acronym for the phrase “wait for your life”, which is used by traders who invest in bitcoin and other cryptocurrencies. During the looping clip, a vocalist repeats “NFT” with the beat.
An NFT is a unique digital token that can transform any item in the digital world, from tweets to GIFs and videos, into a collectible asset.
ELON MUSK REVERSES THE NFT SONGS COURSE
A fungible token is an asset that can be exchanged individually. Think of dollars or bitcoins – each has exactly the same value and can be traded freely. A non-fungible object, on the contrary, has its own distinct value, like an old house or a classic car.
NFTs confirm ownership of an item by recording the details in a digital ledger known as blockchain, which is public and stored on computers on the Internet. This effectively makes it impossible to lose or destroy.
One of the goals of NFTs – which have recently become popular in the investment world – is that they can be used to track an object’s digital provenance, allowing a select group to prove ownership. It is a way of creating scarcity so that you can sell something at higher prices.
Julia Musto and The Associated Press of Fox News contributed to this report.