Power Players

Elon Musk said he'd sell his tweet as an NFT and the highest bid was over $1.1 million

SpaceX owner and Tesla CEO Elon Musk (R) gestures as he arrives on the red carpet for the Axel Springer Awards ceremony, in Berlin, on December 1, 2020.
Britta Pedersen | AFP | Getty Images

Billionaire Elon Musk appeared to be selling a recent tweet of his as an NFT, or non-fungible token.

"I'm selling this song about NFTs as an NFT," Musk, CEO of SpaceX and Tesla, tweeted on Monday.

In the Twitter post, Elon released a techno song with the lyrics: "NFT for your vanity. Computers never sleep. It's verified. It's guaranteed."

There is also a short futuristic video loop, which shows a trophy labeled "Vanity Trophy" with the term "NFT" at its top and "HODL," a nod to a cryptocurrency community term meaning to hold a coin rather than sell, repeated across its bottom.

NFTs are unique cryptocurrency tokens used to represent digital assets, including jpegs and video clips. NFTs can be bought and sold, just like physical assets. And since they run on blockchain, a decentralized digital ledger that documents transactions, ownership and validity of the asset the NFTs represent can be tracked.

Musk's tweet, including his caption, clip and song, was listed for sale as an NFT on "Valuables," a platform released by Cent, a social media network built on blockchain. As of Tuesday morning, the highest offer was from Sina Estavi, CEO of Bridge Oracle, for $1.12 million, the website showed. ("Valuables" requires users to log on to the platform via their Twitter account to verify that tweets listed for sale are done so by their true creators.)

According to "Valuables," the tweet itself will "continue to live on Twitter," but the winning bidder would own the NFT, "signed and verified by the creator," which in this case, is Musk.

However, later on Tuesday, Musk decided that he wouldn't sell his tweet after all.

"Actually, doesn't feel quite right selling this," he tweeted Tuesday evening. "Will pass."

Musk wasn't the first founder to list a tweet for sale.

Jack Dorsey, CEO of Twitter and Square, recently listed his first tweet as an NFT through "Valuables." In March, Dorsey said that all proceeds would be converted to bitcoin and donated to GiveDirectly, an organization helping those living in poverty in Africa.

The highest bidder for Dorsey's tweet is also Bridge Oracle's Estavi for $2.5 million.

Like Dorsey, Musk has been a part of a wave of support for the cryptocurrency space – under his leadership, Tesla bought $1.5 billion in bitcoin in February. And for months, Musk has tweeted about dogecoin, a cryptocurrency that started as a joke.

Today, Musk is worth $175 billion, according to Bloomberg.

A representative for Musk and Estavi did not immediately respond to CNBC Make It's request for comment.

This story has been updated to reflect that Musk ultimately decided not to sell his tweet.

Check out: Use this calculator to see exactly how much your third coronavirus stimulus check could be worth

Don't miss:

What are NFTs and what's driving the growing craze?
What are NFTs and what's driving the growing craze?