Elon Musk passes up $69 million offer for his NFT

Elon Musk passes up $69 million offer for his NFT

Tesla and SpaceX CEO Elon Musk’s foray into the non-fungible token (NFT) trading was cut short as he decided against selling his NFT—after being offered $69 million for it.

“Actually, doesn’t feel quite right selling this. Will pass,” Musk tweeted today.

Unlike “common” cryptocurrencies, NFTs are crypto tokens that are non-interchangeable. This means that each of them is unique and scarce—qualities that are highly valued by collectors. NFTs can contain all kinds of digital data such as artworks, music, photographs, videos, and so on—or even combinations of them.

$69 million for an NFT

Yesterday, Musk decided to join the ranks of NFT traders by announcing that he will be “selling this song about NFTs as an NFT.”

Shortly after, top-grossing crypto artist Mike Winkelmann, aka Beeple, offered Musk $69 million for his NFT. And he could actually put his money where his mouth was—especially after his NFT artwork “EVERYDAYS: THE FIRST 5000 DAYS” has been sold for $69.3 million on Christie’s auction.

In his usual “memeful” manner, Musk made a counter-offer of 420 million Dogecoin—which was worth $24 million at the time. While it’s over twice as less than Beeple’s initial offer, it’s still a substantial sum.

However, just a day later Musk decided to “pass.” While this exchange could’ve likely been just two multi-millionaires joking around (Beeple’s artworks sold for over $100 million in total), it yet again demonstrated how crazy the NFT scene is today.

After all, NFT whale Metakovan did actually pay $69 million for Beeple’s artwork.

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