Elon Musk Makes U-Turn Against Cashing Out Millions On His NFT

Non-fungible tokens, a relatively booming terrain in the cryptocurrency space, continues to gain popularity and influence in the cryptocurrency market. Surprisingly, despite its recent successes, the unique virtual assets, which have been amassing enormous funds for its creators and owners, occupy a small space in the crypto market. However, Elon Musk- the CEO of Car Giants Tesla, who has been meddling with cryptocurrencies in the past, has now passed up on an opportunity to earn millions of dollars from his NFT. The businessman and crypto investor also confirmed that he will likely not be involving himself with NFTs for now.

Despite his decision not to sell, bids are still open

Since mid-last year, Musk has always been meddling around the affairs of cryptocurrency, as the investors are always fond of tweeting about the digital assets, much to his followers’ delight. The Billionaire has once called himself the owner of Dogecoin, a move that improved the altcoin’s fortunes by more than 200% in barely hours. Aside from messing around Dogecoin, Musk is also fond of tweeting several Bitcoin memes and tweets, which have moved prices almost every time.

However, On Monday, Musk tweeted about an NFT piece, a music video showing a gold trophy, and many beautiful words. The music video, which Musk wanted to sell as an NFT piece, also contains a song about NFTs. The NFT piece became a subject of many bids on Valuables, the same place where Jack Dorsey is auctioning off his tweets as NFT. According to Valuables, the NFT piece has received a bid of up to $1.1 million after about 24 hours on the platform.

Surprisingly, Elon Musk has now decided against trading off the piece as an NFT, as he decided to hold on to it for now. The Billionaire has already informed his followers on Twitter that he will not be selling the NFT piece, but the bid page is still open. According to Valuables, the bids to Musk’s NFT are still open at the time of writing and Hakan Estavi, Bridge Oracle’s CEO, is currently the highest bidder, despite Musk confirming not to sell his piece.

There’s no stopping for NFTs now

Elon Musk continues to get involved in the cryptocurrency space, as it seems the space is attracting the Billionaire. The Billionaire became one of the topmost institutional investors in Bitcoin when his company bought $1.5 billion worth of the digital asset earlier in January. In the same month, the Billionaire confirmed that most of his tweets towards Dogecoin are a joke, as he is not an investor in any altcoins.

However, the NFT space’s growth has been remarkable, as the NFT space has reportedly generated almost $400 million in revenue this year alone. Before Musk’s auctioning, Beeple- one of the highest earners in the NFT space sold his piece of work for a whopping $69 million, a record-breaking sale. The sale that Justin Sun of Tron narrowly missed out on is the highest ever NFT sale and shows that the NFT space will continue to grow in value.