Elon Musk's impossible auction: an NFT, a song, and a decision that changed everything

It happened in 2021! It went viral and is still being talked about. And the protagonist was Elon Musk! We already know that CEO of Tesla He is a media personality: one of the richest men on the planet, leader of a company that makes electric cars, sponsor of space travel, owner of the social network X, now, senior advisor to the President of the United States and big cryptocurrency enthusiast. Another quality of Elon Musk It's always something to talk about, as happened with this anecdote: he creates an NFT, auctions it, and ultimately regrets selling the NFT. 

Nothing Elon Musk does goes unnoticed. Nothing! That's why, in 2021, when he decides to create an NFT, Everyone immediately paid attention. It's worth remembering that pandemic restrictions were still in place that year: masks, quarantine, and many people stuck at home, unable to go out. This situation caused multitudes to turn to the internet, using social media to find out what was happening in the world and interact with other people. So when Elon Musk uploaded a tweet in which he auctioned an NFT, it went viral almost immediately..

Elon Musk, cryptocurrencies, and NFTs

The CEO of Tesla is quite a celebrity. His assets are estimated at four hundred billion dollars, considered the richest person in the world. With university degrees in Economics and Physics, he has distinguished himself in the business world thanks to the founding of prominent technology companies, such as Tesla and SpaceX. At the same time, he has been a fervent defender of the use of cryptocurrencies. 

During the month of February 2021, the Tesla reported an investment of more than 1.500 billion in BitcoinFor his part, Elon Musk announced that they were willing to accept Bitcoin as part of payments, both for Tesla products and SpaceX. Such a large investment made Tesla what they call a "whale," that is, an owner of large amounts of BTC, whom the markets are keeping an eye on, as any movement in its cryptocurrencies can influence the market.

Justly, Elon Musk has become a figure at the center of debates and price fluctuations in cryptocurrencies.His tweets and lectures often address the topic of cryptocurrencies. In fact, in recent years he has become a cryptocurrency promoter. Dogecoin, about which he usually gives a very favorable opinion, arguing that it is a “green cryptocurrency"(eco-friendly, uses less energy than BTC and does not have a heavy carbon footprint).

Finally, it's no secret that Musk likes to innovate and, so to speak, cause controversy. Why does he do it? Fame generates publicity for him; being on everyone's lips is profitable in these times of media exposure on the web, although perhaps he does it for fun. And one way to enjoying his fame has been with his passion for NFTs (Non Fungible Token), which are unrepeatable digital assets of any kind: an image, a GIF, a painting, etc. Being Unrepeatable, they become collector's items that are incorporated into a blockchain network (just like cryptocurrencies).

Elon Musk's NFT and an online auction

Musk invented a song about NFTs.But the curious thing is that the "song about NFTs" was converted into an NFT by Elon Musk. That is, he added the song's audio file to the blockchain network. He also wanted it to be accompanied by an image: a gold trophy, along with a “victory hands” emoji"Who would be interested in buying this Musk brainchild? 

sina stavi, who is CEO of CryptoLand and Bridge, was the one who bid the most for this NFT. How much? Well, the amount of 1,12 million dollars. Other people had also offered huge amounts of money. Moreover, all this was done in a short time: As soon as Elon Musk offered the auction, the news was released and many offers were received in exchange for the NFT.This auction had not yet been closed when the Elon Musk decided to close it and not sell itHis sudden decision surprised everyone, but the CEO of Tesla offered no further explanation.

Faced with hundreds of questions about what had happened, asking why the auction had been cancelled, Elon Musk said (using his social networks) that it was actually cancelled. it was a joke. The auction wasn't serious! He just wanted to expose the ironic idea that a song about NFTs could also be an NFT. That was his whole intention! In fact, Elon Musk confessed that he didn't imagine so many people would offer money for the auction.Much less, that the offers reached the amount of 1,2 million dollars.

It's important to remember that it was Elon Musk who closed the auction. Perhaps, had he continued bidding, he would have received amounts greater than $1,2 million. This shows that In the world of cryptocurrencies and NFTs, price depends on supply and demand.. NFTs always have a very low supply, as they are unique copies. However, their price can be somewhat subjective. In this case, since it is a digital archive created and auctioned by a media personality as famous as Musk, then the NFT can have an outsized value, which is surprising, but it shows that NFTs can even compete with cryptocurrencies.