Was Elon Musk’s dig at NFTs silly?

Sahana Kiran
Elon Musk
Source – Pixabay

The NFT bug hasn’t spared anyone but Elon Musk. non-fungible tokens popularly known as NFTs entered the market and revolutionized the entire digital space. Mainstream firms to the average Joe, NFTs lured several into the crypto market. An array of them has spent millions on these tokens that are not tangible. Luxury car brands, Lamborghini, Mercedes Benz, and others have also jumped onto the bandwagon. Tesla, however, is likely to steer clear of NFTs. At least Musk’s tweet says so.

Yesterday, Elon Musk changed his Twitter profile picture to a montage of Bored Ape Yacht Club NFTs. Just when the community began speculations about how Musk might have made an NFT purchase, hep poured cold water on these rumors. Taking a dig at the fungibility factor of NFTs, Musk tweeted,

This obviously did not sit well. While some began educating Musk about NFTs, a few others began pitching their NFTs to him. Gary Vaynerchuk, the creator of Veerfriends, however, explained how NFTs really work. He noted that just taking a picture of something doesn’t mean you own it.

Appearing in a recent interview with CNBC’s Squawk Box, Vaynerchuk pointed out people were bringing in their “internet brain to the blockchain.” He further said,

“I can take a picture in front of a Lamborghini outside, it doesn’t mean that I own it. Most people are bringing their internet brain to the blockchain, so they say silly things like that.”

He further shed light on the fact that blockchain is a ledger that stores everything. It shows the ownership of these NFTs.

NFT market sales plummet by 92 percent

According to a recent report curated by The Wall Street Journal, NFT sales have dropped by 92 percent since September 2021. Along with the sales, the active wallets have also taken a steep fall to 14,000 which is about an 88 percent dip since November 2021.

While the fervor around the NFT space urged people to believe that it was the future, speculations about how it was a fad that is nearing its end have been making the rounds.