Tesla CEO Elon Musk is getting in on the NFT craze by selling a song about NFTs as a non-fungible token.
Musk tweeted a video Monday afternoon showing an animated gold trophy emblazoned with the words “vanity trophy,” “HODL”—a crypto meme that stands for “hold on for dear life”—and “computers never sleep” while the song he’s selling as an NFT plays in the background.
I’m selling this song about NFTs as an NFT pic.twitter.com/B4EZLlesPx
— Elon Musk (@elonmusk) March 15, 2021
Non-fungible tokens have exploded in popularity over the last few months as cryptocurrency enthusiasts, artists, musicians and others look to cash in on the new way to buy and sell digital art. An NFT can be any type of one-of-a-kind digital asset, such as a piece of art or a video clip, where ownership of that asset is represented on a blockchain. The buyer of an NFT basically gets a crypto-backed digital receipt proving their ownership, and that the NFT is authentic. The most expensive NFT ever sold raked in $69.3 million last week for a piece of digital art from the artist known as Beeple. Musk isn’t the only tech CEO selling NFTs. Twitter CEO Jack Dorsey is auctioning off his first-ever tweet as an NFT and will donate the proceeds, which may be as high as $2.5 million, to charity.
Electro-pop musician Grimes, who is married to Musk, sold her digital art collection called “WarNymph,” as an NFT last month for $5.8 million.