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Elon Musk receives $1.1 million offer for tweet but gives up selling

Elon Musk’s foray into the NFT market is over. After putting a tweet up for sale via an NFT and receiving an offer of $1.1 million, the businessman gave up selling.

At least for a while. The CEO of Tesla and SpaceX has more than 49 million Twitter followers paying attention to his every random thought and, recently, Musk’s tweets have become increasingly focused on cryptocurrencies. His latest tweet focused on the growing field of non-fungible tokens (NFTs) – and, for a while there, you could buy it.

On Monday, Musk tweeted an original music video about NFTs, with the video highlighting a gold trophy adorned with the glittering words “NFT” and “HODL”.

“I’m selling this song about NFTs as an NFT”, Musk tweeted along with the video. And with that, the bidding started on the platform that Twitter CEO (and Bitcoin enthusiast) Jack Dorsey is using to auction off his first tweet for charity.

The highest bid on Musk’s tweet reached $1.121 million, but on Tuesday night, Musk tweeted that he had changed his mind about the sale. “In fact, it doesn’t seem right to sell that. Will pass.” The sales page is still active and the highest bidder is listed as CEO of Bridge Oracle, Hakan Estavi, who also has the highest bid currently in Dorsey’s $2.5 million tweet. Dorsey’s sale is expected to end on March 21.

The sale of tweets as NFTs comes amid an increase in interest and value around collectible tokens, with about $342 million in turnover in February 2021 alone. This includes original art, rare game and collectible items Digital, such as NBA Top Shot, and the month’s total is more than the entire 2020 NFT trading volume combined.

February also saw the sale of $6 million in NFT works of art by the musician Grimes, partner of Elon Musk. By the way, this is the same month that Tesla announced that it bought $1.5 billion in Bitcoin as a reserve asset.

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