The bidding for Musk’s tweet, which features a video and song about NFTs, had a top bid of $1.1 million.
But later Tuesday, Musk changed his mind. “Actually, doesn’t feel quite right selling this. Will pass,” he tweeted. The bidding page was still active as of Tuesday night.
A non-fungible token (NFT) is a verifiable digital asset vouchsafed by blockchain technology. NFTs are not exchangeable like currencies — each is unique and can’t be replicated. NFTs use blockchain, the technology ledger backing cryptocurrencies like bitcoin BTCUSD,
According to the auction on Valuable By Cent, the tweets marketplace holding the auction, the highest bidder would have received “a digital certificate of the tweet, unique because it has been signed and verified by the creator.”
The auction winner would also have gotten the metadata of the original tweet, including “when the tweet was posted, what the text contents are of the tweet, the timestamp of the tweet, and the digital signature from the creator’s crypto wallet address.“
Twitter CEO Jack Dorsey is also selling one of his tweets as an NFT — bidding has reached $2.5 million.
As of Tuesday afternoon, the highest bid in both NFT auctions for Musk’s and Dorsey’s tweets are held by the same Twitter user, @sinaEstavi.
The user did not respond to a request for comment.
NFTs have exploded in popularity in recent months as people have spent hundreds of millions of dollars on digital assets like NBA Top Shot and other digital art. One piece of digital art by the artist known as Beeple sold recently sold for $70 million.