After his wife, Grimes, sold over $6 million worth of digital art through non-fungible tokens (NFTs), billionaire Elon Musk is getting on the bandwagon. Musk is selling an electronic music track via NFTs. Coincidentally, the track itself is about NFTs, too. Musk didn’t share a link for the sale though, so it’s unclear what platform he will be using for the sale.
Musk’s interest in NFTs isn’t quite surprising though. The billionaire has spoken for cryptocurrency trading in the past. His company, Tesla, even invested $1.5 billion in bitcoin, helping the digital asset touch the $50,000 mark last month. Interest from people such as Musk and Twitter’s Jack Dorsey has often been cited as the reason for bitcoin’s recent bull run, which made the digital asset worth over $60,000 this month.
The song also doesn’t have a name right now. The video musk shared shows something like a trophy, with the words “vanity trophy” and “NFT” on it. It also says “computers never sleep” on the bottom, with the term “hodl” written on top of it. “Hodl” is a common term among crypto enthusiasts, which means one is holding Bitcoin or other crypto assets. The term is said to stand for “hold on for dear life”, though some argue that it was only an incorrect spelling for the world “hold”.
NFTs are a new form of crypto tokens, which have boomed recently. Twitter’s Jack Dorsey recently sold the first ever tweet for over $2.5 million, sparking interest in the subject. Unlike cryptocurrencies, NFTs cannot be used for buying and selling items, as you would do with other currencies. Instead, NFTs are more like land deeds, which signify the ownership of a particular digital item, and use the blockchain to keep a record of the same forever.
You can find a more in-depth explanation of how NFTs work and what they are here.