[Bitcoin Now] Musk's Interest in NFT Recovers Price to 65 Million Won Range

62 Million to 65 Million Won in a Day... Expectations for NFT Market Expansion
Elon Musk Changes Title... From CEO to 'Techno King'

On the 15th (local time), Elon Musk, CEO of Tesla, announced on Twitter that he would sell a 2-minute voice post as a non-fungible token (NFT). (Source: Screenshot from Elon Musk's Twitter account)

[Asia Economy Reporter Gong Byung-sun] Bitcoin, the representative virtual currency (cryptocurrency), which had fallen to the 62 million KRW range the previous day, has recovered to the 65 million KRW range. The news that Elon Musk, CEO of Tesla, is participating in the recently popular non-fungible token (NFT)-based virtual asset market appears to have had a positive impact.

According to the domestic cryptocurrency exchange Upbit, as of 1:50 PM on the 17th, Bitcoin recorded 65.07 million KRW, down about 1.4% from the previous day. It had dropped to the 62 million KRW range the day before but is now recovering. It even rose to 66.02 million KRW at one point that morning.

The news that CEO Musk is entering the NFT-based virtual asset market seems to have acted as a favorable factor. On the 15th (local time), Musk announced on Twitter, "I plan to sell a Twitter post containing a 2-minute song as an NFT." According to the U.S. economic media CNBC, Musk’s Twitter post will be auctioned and sold on the blockchain-based trading platform Valuables.

NFTs are Ethereum-based cryptocurrencies that have recently gained attention in the virtual asset market. They are not compatible with other cryptocurrencies, making them suitable for containing unique value, and ownership can be proven through blockchain technology without holding physical items. Therefore, celebrities are selling their cherished items or artworks through NFTs. On the 9th, Jack Dorsey, Twitter CEO, auctioned his first Twitter post and sold it for 2.5 million USD (about 2.83 billion KRW). Musk’s wife, Grimes, also sold all 10 of her artworks as NFTs within just 10 minutes on the 3rd.

Meanwhile, Musk has also given himself cryptocurrency-related titles. According to the U.S. economic media Bloomberg on the 15th, Tesla announced that Musk’s title was changed from CEO to 'Technoking,' and CFO Zach Kirkhorn’s title was changed to 'Master of Coin.' The reason for the change was not disclosed. They will continue their roles as CEO and CFO regardless of the new titles.

Reactions to this were mixed. Wedbush Securities analyst Daniel Ives explained in a report on the 15th that this title change signifies Tesla’s aggressive move into cryptocurrency investment. He also added that it reflects Tesla’s intensified push for technological innovation. On the other hand, U.S. IT media TechCrunch pointed out that Musk’s unserious behavior could be disadvantageous in lawsuits with investors. On the 12th, a Tesla investor filed a complaint with the Delaware court, claiming losses due to Musk’s erratic statements and Twitter activity causing the stock price to drop.

This content was produced with the assistance of AI translation services.