Elon Musk announced that he is selling his song about NFT (Non-Fungible Token) as an NFT, and the video shows Dogecoin going to the moon.
Billionaire tech giant Elon Musk took a jab at the concept of NFT (non-fungible token) by announcing that he’s selling his very own song about NFT as an NFT. But fans are more excited that the accompanying video shows Dogecoin going to the moon.
Like DOGE, NFT is a bit of a meme. Earlier this year Twitter founder Jack Dorsey sold his first ever tweet for USD$2.5 million. How is that even possible? By buying something called a Non-Fungible Token.
A non-fungible token (NFT) is a digital file whose unique identity and ownership are verified on a blockchain (a digital ledger).NFTs are not mutually interchangeable. NFTs are commonly created by uploading files, such as digital artwork, to an auction market. This creates copies of the files, which are recorded as NFTs on the digital ledger. The tokens can then be bought with cryptocurrency and resold.
NFT is a meme.
So, in a nutshell, you are buying a make believe token of ownership for something that doesn’t exist in the physical realm. For this very reason NFTs have become a bit of a meme, and Elon Musk has jumped on it.
I’m selling this song about NFTs as an NFT pic.twitter.com/B4EZLlesPx— Elon Musk (@elonmusk) March 15, 2021
Elon Musk wrote a little two-minute song about NFTs which he announced he will be selling online as an NFT. People aren’t too fussed whether he is joking or not, what they are more excited about is the accompanying video.
The video two his two-minute song about NFT shows the DOGE dog and some coins circling a giant golden cake. Above DOGE is a diamond between two open palm hands and some rockets heading to the moon.
Dogecoin to the moon?
Is Elon Musk saying that he’s going all in and sending Dogecoin to the moon? This wouldn’t be the first time that the tech billionaire has endorsed the meme cryptocurrency.
On Feb 15th Musk tweeted: “If major Dogecoin holders sell most of their coins, it will get my full support. Too much concentration is my only real issue, in my honest opinion.”
Musk’s concerns were legitimate. Such high concentration means that that key investors can pump and dump the currency and screw over smaller investors… but perhaps that has now been resolved. However, since then he has showed a lot of support for Dogecoin, even with his NFT music video.
Dogecoin is very volatile at the moment but it has the potential of making good money for momentum traders. It is currently at AUD$0.075 and went all the way up to AUD$0.11 late last month.
If you are interested in playing around with some Dogecoin we recommend using Kraken.
US-based cryptocurrency exchange Kraken were one of the few to buy/sell Dogecoin and they took on a lot of traffic the first time Elon Musk tweeted about the coin.
Now more exchanges and retailers are accepting Dogecoin because of its sudden spike in popularity. But we’d still recommend Kraken because of their amazing support team and low fees (sign up within minutes here!).
Realistically Dogecoin is not taking off anytime soon and probably wont be going to the moon just yet, but it is definitely worth keeping an eye on it.