Photo by: Daniel Oberhaus, CC BY-SA 4.0
Tesla (NASDAQ: TSLA) founder & CEO Elon Musk is taking another page out of fellow billionaire Jack Dorsey’s crypto playbook.
First, Elon bought $1.5 billion worth of Bitcoin and put it on Tesla's balance sheet just like Jack did for his company Square Inc. (NYSE: SQ).
And now, Elon is selling his first song and work of art about NFT's as an “NFT.”
An NFT, or non-fungible token, is a unique cryptocurrency token that represents assets – in this case, a digital work of art and music.
Here it is:
On March 5, Jack, who's also the founder and CEO of Twitter (NASDAQ: TWTR), became the first person to auction the digital rights to a tweet.
He was also the first person to ever send a tweet.
So, Jack decided to turn the first tweet ever (the one he sent) into an NFT and sell it.
As you can see, a user by the name of @sinaEstavi is currently bidding $2.5 million worth of Ethereum for the digital rights to Jack's first tweet.
Here's the coolest thing about what Jack is doing: He's converting the sale of his NFT into Bitcoin and sending to people living in poverty in Africa through a company called Give Directly.
It's unclear what Elon intends to do with the proceeds of his first NFT sale.
But @sinaEstavi is also currently winning that auction… with a $1.1 million bid.
Now, you might be wondering what the point of all this is…
Why would you buy an NFT when you can look at the digital art and listen to the music for free?
It's all about the digital property rights.
That's why Bitcoin has over $1 trillion worth of value and all the other cryptocurrencies combined are worth another $700 billion.
Blockchains create digital scarcity. And only the keyholder truly owns the rights to the digital property.
In a couple decades, it wouldn't surprise me at all to see the digital art market eclipse the physical art market…
Just like digital music sales dominate physical music sales today.
Every day, people are preferring digital goods and services to physical ones.
Digital money, music, and art are great examples.
Thanks to NFT blockchains, the world is exponentially becoming more digital. And we're lucky to be alive during this transition.
It will be fascinating to see which other cryptocurrencies (or “altcoins”) will pop.
One thing is for sure: the spoils will go to the most open-minded people who learn before the majority of the population catches on…
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