Tesla Inc (NASDAQ: TSLA) Elon Musk played down the non-fungible token hoopla sweeping investors.
What Took place: The business owner tweeted an image on Thursday which contained a hypothetical celebration scene with a male standing in the corner wearing a celebration hat thinking to himself, “They dont know I own this tunes non-fungible token.”
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Musk tweeted previously in the week that he had set up a song on NFTs on sale as an NFT. Even the tweet making that statement was put on sale on v.cent, a platform for offering autographed tweets.
Why It Matters: The intensity of the NFT buzz can be evaluated by the fact that Musks tune on NFTs brought in a buyer in the type of the artist Beeple, who used $69 million for it.
Musk then changed his mind on offering the song saying, “Actually does not feel quite right selling this. Will pass.”
Musks partner– the Canadian artist Grimes, Banksy, and Lindsay Lohan are simply a few of the couple of artists who have sold art as NFTs.
The NFT craze has also buoyed the stocks of companies loosely connected with the pattern. These consist of Takung Art Co Ltd (NYSE: TKAT), which surged 49% on Thursday in regular and after-hours trading. Jiayin Group Inc (NASDAQ: JFIN) shares skyrocketed 84% on the very same day in both sessions.
Rate Action: Tesla shares closed almost 6.9% lower at $653.16 on Thursday and fell 0.4% in the after-hours session.
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Photo thanks to JD Lasica via Flickr
The NFT craze has actually likewise buoyed the stocks of companies loosely associated with the pattern. These consist of Takung Art Co Ltd (NYSE: TKAT), which surged 49% on Thursday in after-hours and routine trading. Jiayin Group Inc (NASDAQ: JFIN) shares soared 84% on the very same day in both sessions.
— Elon Musk (@elonmusk) March 19, 2021