From the Believe It or Nuts Department: Elon Musk, aka Technoking of Tesla and SpaceX boss, has tweeted that he will create an NFT Digital Video Artwork that showcases his self-immolation. Tesla CFO Zack Kirhorn, who just changed his corporate title to Master of Coin, will wrap the video with an NFT (non-fungible token) for Dogecoin (CRYPTO:DOGE).
Entrepreneur Mark Cuban tweeted that he is already weighing an opening bid of $5bil dogecoin to become the proud owner of Musk’s digital art. Not to be outdone, Social Capital founder Chamath Palihapitiya, aka The SPAC King, has already dismissed Cuban’s plan and has filed an S-1 for a $50bil Special Purpose Acquisition Company that will focus on rolling up NFT Art. A source at Palihapitiya’s Social Capital, who is not authorized to comment on securities filings, said “NFTART Acquisition Corp. will be the biggest SPAC biggest ever, and it will be the planet’s most valuable stock when you consider the underlying assets we will acquire, including the Musk self-immolation piece.”
Musk Says “We’re Burning Down The House”
According to sources, cryptocurrency exchange Crypto.com has pushed its plan to create an NFT marketplace for top artists and will launch Friday Mar 19 in order to be the primary auction platform for Elon Musk’s “greatest piece of work ever”.
Once an obscure part of blockchain technology, NFTs have boomed in recent months thanks to the embrace of almost all corners of the art, entertainment, and media worlds.
In case you’ve been asleep for the past weeks, Wikipedia explains that 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 (see fungibility). NFTs are commonly created by uploading files, such as digital artwork, to an auction market. This creates an entry on the blockchain’s digital ledger which includes a reference to the cryptographic hash of the digital file which the NFT represents. The tokens can then be bought with cryptocurrency and resold.
Pre-IPO Crypto Futures Options for the April 1 $60bil strike price for Social Capital’s SPAC are already trading at $10mil per contract.
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Thomas Petterfy, founder and Chairman of online brokerage Interactive Brokers said, “If people want to trade it, we will list it, although margin requirements will be set at 500x the typical margin needed, just like we do for options in GME.” Interactive Brokers is also increasing its referral fee from $200 to $2,000 for customers who refer new accounts to the Professional’s Gateway to the World’s Markets.
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