Tesla Inc (NASDAQ: TSLA) Elon Musk dismissed the flurry of non-fungible tokens that sweeps investors.
What happened: The businessman tweeted an image on Thursday that contained a hypothetical party scene with a man standing in the corner wearing a party hat thinking to himself: “They don’t know that I own the non-fungible token of this song.”
– Elon Musk (@elonmusk) March 19, 2021
Musk tweeted earlier in the week that he put a song on the NFTs up for sale as an NFT. Even the tweet that made this announcement went on sale on v.cent, a platform for selling autographed tweets.
Why does it matter: The intensity of the NFT’s hype can be gauged by the fact that Musk’s music on the NFTs attracted a buyer in the form of the artist Beeple, who offered $ 69 million for it.
Musk then changed his mind about selling the song, saying, “Actually, I don’t feel good about selling it. Will pass.”
Musk’s partner – Canadian artist Grimes, Banksy and Lindsay Lohan are just a few of the few artists who have sold art as NFTs.
The NFT frenzy also boosted the shares of companies vaguely associated with the trend. These include Takung Art Co Ltd (NYSE: TKAT), which soared 49% on Thursday in the regular trading session and after the closing of the exchange. Jiayin Group Inc (NASDAQ: JFIN) stocks soared 84% on the same day in both sessions.
Share price: Tesla shares closed almost 6.9% lower at $ 653.16 on Thursday and fell 0.4% in the after-hours session.
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Photo courtesy of JD Lasica via Flickr
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