Elon Musk changed his Twitter profile photo into various images from the NFT Bored Ape collection. What is the impact? Of course, the value of ApeCoin is skyrocketing.
ApeCoin is a token launched by maker Yuga Labs, maker of Bored Ape. The value jumped 19% to USD 17.64, just an hour after Musk changed his profile photo on Wednesday (4/5/2022), although later the value dropped to USD 15.43.
It is unclear whether Musk's action was done because he actually bought NFT Bored Ape. But what is clear is that the action of the millionaire who just acquired Twitter was protested by Michael Bouhanna, an executive from Sothesby's auction house, who said the image was made for sale at Sothesby's.
@elonmusk as much I admire your work I’d like you to remove your pfp that I created for our Sotheby’s sale. Or you credit me 😂. Happy to send you the original file minted with the buyer approval 🫡 pic.twitter.com/e83ZyxWGH5
- Michael Bouhanna (@michaelbouhanna) May 4, 2022
Even so, he actually allowed Musk to use the photo as long as he mentioned his photo credit. Even Bouhanna claimed to send the original file with the permission of the buyer.
"I would be happy to send you the original file with the buyer's permission," Bouhanna wrote in the tweet.
This means, perhaps, Musk simply copied the image and turned it into a Twitter profile photo. Although Twitter actually has a special feature that allows its users to use NFT as a hexagonal profile photo, but what Musk uses as an avatar is just a regular profile picture.
NFT itself is actually created to authenticate ownership of digital works using blockchain. However, many parties are skeptical of this, because NFT images are very easy to imitate and distribute without the need to buy tokens.
Musk, who had just 'released' USD 44 billion to buy Twitter, also mocked NFT in his tweet, we were quoted as saying by CNBC, Thursday (5/5/2022).
"I don't know ... this looks fungible," tweeted the Tesla and SpaceX boss.
I dunno… seems kinda fungible
- Elon Musk (@elonmusk) May 4, 2022
In fact, NFT is not something that can be exchanged without permission, according to the length of its name, non fungible token.
This is also not the first time that Musk's action has made the exchange rate of crypto assets soar through his Twitter tweets. Previously it used to make the value of bitcoin and dogecoin go up and down drastically.
