Tesla Inc TSLA CEO Elon Musk’s song about NFTs, which he put up on sale as a non-fungible token on Monday has found a taker in the artist Mike Winkelmann, popularly known as Beeple.
What Happened: Beeple offered Musk $69 million for the catchy song but Musk wanted to be paid 420 million Dogecoin DOGE/USD instead.
420M Doge
— Elon Musk (@elonmusk) March 15, 2021
It is notable that Musk’s asking price of 420 million DOGE equals $24 million, which is significantly less than Beeple’s offer.
Even the tweet announcing the sale of the song was put on sale on v.cent, a marketplace for buying and selling Tweets.
At press time, the highest bid on that tweet was ETH 153.48 or $275,000.
DOGE traded 2.68% lower at $0.057 at press time, while Ethereum ETH/USD was down 6.77% at $1,759.12. The apex cryptocurrency Bitcoin BTC/USD traded 9.3% lower at $54,580.57.
See also: How to Buy Dogecoin (DOGE)
Why It Matters: Beeple himself sold an NFT artwork titled “The First 5000 Days” for $69 million last week through the auction house Christie’s.
Musk’s price tag of 420 million DOGE is seemingly a reference to cannabis slang which refers to smoking the psychoactive drug at 4:20 pm.
NFTs have been gaining momentum of late with 2010’s memes “Grumpy Cat” and “Bad Luck Brian” selling for $83,463.74 and $36,000 recently on the Foundation marketplace.
A Banksy piece, whose original was destroyed by cryptocurrency enthusiasts, went for $394,000 as a digitalized NFT at an auction this month.
Musk’s partner — the Canadian artist Grimes — too has sold NFT artwork and so has Lindsay Lohan.
See also: What is a Non-Fungible Token (NFT)?
Price Action: Tesla shares closed 2.05% higher at $707.94 on Monday and fell 0.84% in the after-hours session.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
