Musk reversely shouted a single NFT to cross the wild period

The cosmic internet celebrity Musk has once again hyped up NFTs.

Different from the previous call for Dogecoin, this time, he mocked the “non-homogenization” of NFT – replaced by copy and paste the “Boring Ape” avatar, which seems to be nothing special.

Musk reversely shouted a single NFT to cross the wild period

However, Musk’s move was immediately bombarded by people in the NFT industry: “I’m going to sue you, this is not a joke”, “Using the artist’s works, suspected of copyright infringement”, “My avatar art, I have to spend a million yuan to see it once “.

Perhaps frightened, Musk immediately put on a new avatar: a little boy holding a rocket. On the one hand, he maintains the character that he yearns for in space, and on the other hand, he expresses that he is not malicious.

The one-day tour of Musk’s NFT avatar may have made it popular to the public, the boundaries of NFT’s copyright awareness, and how we should look at this new type of Internet art.

Musk changed his avatar and played with NFT

On May 4, Musk played another NFT (Non-Fungible Token) on Twitter.

The world internet celebrity replaced the avatar with a collection of avatars from the Boring Ape series, including 101 Boring Ape avatars, with the BYAC number 5809 in the middle.

Musk reversely shouted a single NFT to cross the wild period

 At the same time, he also tweeted, mocking “non-homogenization”, saying: “I don’t know…it seems kind of replaceable”.

Musk reversely shouted a single NFT to cross the wild period

“Bored Ape Yacht Club” (BAYC for short) is currently the hottest NFT project in the world. The floor price (the lowest price) on May 9 exceeded 98ETH (about 245,800 US dollars). That is to say, the price of each Boring Ape NFT work has exceeded one million yuan.

Obviously, Musk, who just reached the Twitter acquisition agreement, doesn’t know enough about NFTs. Shortly after his replacement, Michael Bouhanna, a contemporary art expert at Sotheby’s, called on him to remove it on Twitter.

Musk reversely shouted a single NFT to cross the wild period

Bouhanna said that the picture was inspired by the NFT he created for the event of “101 Boring Apes (including Ape 5809) sold by Sotheby’s for $24 million in September 2021”, and that Musk, who was not authorized, was suspected of infringing on the NFT rights of producers and collectors.

In fact, the NFT circle doesn’t welcome Musk’s flirting.

Musk reversely shouted a single NFT to cross the wild period

Another protester said: “My brother-in-law is a state trooper in Texas, if anyone uses my NFTs in any way without my permission, please be ready to contact the state of Texas, this is no joke .”

Another suspected owner of the Boring Ape NFT said: “You have to spend millions to see my artwork.”

Musk reversely shouted a single NFT to cross the wild period

Some people, because Musk helped promote the boring ape, the token APE soared, gave a thumbs up and expressed their gratitude.

Musk reversely shouted a single NFT to cross the wild period

ApeCoin, launched by Bored Ape founder Yuga Labs, surged 19 percent within an hour to a daily high of $17.64 after Musk changed his avatar, according to Coinbase data. It has since pared gains and was last at $11.24.

ApeCoin tokens have lost about 34% in the past week. With a market cap of $3.2 billion, it ranks 35th on the CoinGecko digital currency market cap list.

Shortly after Michael Bhana’s tweet was posted, Musk liked the tweet and replaced his Twitter avatar with a little boy holding a rocket and yearning for the universe.

Musk reversely shouted a single NFT to cross the wild period

In fact, Musk’s criticism and doubts about NFTs have never stopped. In sorting out his past remarks, we may be able to see Musk’s attitude towards NFTs.

Musk does not accept NFTs

Musk has been criticizing NFTs for a long time. On January 22 this year, Twitter announced that it would launch a feature on its subscription service Twitter Blue, allowing iOS users to use NFTs as their avatars. Musk immediately expressed his dissatisfaction, criticizing its waste of resources, “it’s so annoying,” and by the way criticized the spam problem related to cryptocurrencies.

Musk reversely shouted a single NFT to cross the wild period

Musk has not always rejected NFTs. On March 16 last year, he posted a tweet about electronic music and claimed to sell it in the form of NFT to test the waters of NFT.

The tweet reached a maximum of 625.64 ETH on the NFT auction platform website

Musk reversely shouted a single NFT to cross the wild period

Shortly after, however, Musk said “it didn’t feel right” and that would pass.

In a follow-up tweet, Musk described a hypothetical party scene with a man in a party hat standing in a corner watching the rest of the audience.

The line right next to him read: “They don’t know that I have the irreplaceable mark of this song.”

This may indicate that compared to NFTs whose main gimmick is investment, Musk values ​​private and irreplaceable experiences.

In fact, in addition to NFT, this cosmic internet celebrity also touches digital currency from time to time.

Musk likes to change his Twitter avatar to show his attitude. Previously, his replacement of Bitcoin and Dogecoin-related avatars caused related price fluctuations.

Musk reversely shouted a single NFT to cross the wild period

Musk personally may not be interested in NFTs, but his upcoming Twitter account is one of the first social media to test the waters of NFTs.

One of the main promotional selling points of Twitter Blue, which Twitter has recently promoted, is the NFT avatar.

Twitter has a dedicated NFT avatar feature that allows users to set their NFTs to display pictures in a hexagonal shape, but Musk’s avatar is just a standard circular picture.

Musk reversely shouted a single NFT to cross the wild period

Currently, Twitter only supports static image NFTs (JPEG, PNG) minted on the Ethereum blockchain (such as ERC-721 and ERC-1155 tokens).

In addition, Musk used the capital behind the acquisition of Twitter, and there are many Web3.0 giants,

Elon Musk’s revised 13-D filing for Twitter’s acquisition with the SEC reveals a list of consortiums that go private, including the world’s largest crypto exchange, Binance, top crypto Field investment institutions AH Capital Management, LLC (a16z) and other related crypto giants.

Musk reversely shouted a single NFT to cross the wild period

After Musk completes the privatization acquisition of Twitter, will Twitter become the base for the development of cryptocurrencies and Web 3.0?

Not long ago, Musk proposed a series of reforms to the Twitter Blue premium subscription service, including slashing prices, banning ads and offering the option to pay with the cryptocurrency Dogecoin.

According to people familiar with the matter, Musk has declared to investors that if investors support his acquisition of Twitter, he will be very confident that they will get 2 to 3 times the return on investment; if all goes well, he may get 5 to 10 times the investment. return.

In recent years, however, Twitter has failed to address stagnant user growth and ad dependence.

Perhaps, cryptocurrency and Web 3.0 will become an important engine for Musk to revive Twitter’s performance growth.

On May 9, a Florida pension fund, the Orlando Police Pension Fund, recently filed a lawsuit against Musk and Twitter, alleging that Twitter’s board’s decision to allow the deal to go through violated its fiduciary duties. They argue that, because of Musk’s stake in Twitter, the deal won’t legally close until 2025 at the earliest.

Perhaps Twitter’s Web 3.0 transformation will not be so smooth.

Even as Twitter becomes a private company, what it does is still regulated by federal law. The copyright awareness of NFTs (especially avatar NFTs) will become more and more important, and what will define this?

Web3, back to reality

What determines whether an NFT avatar constitutes infringement?

In September of last year, Curry replaced his Twitter avatar with a Boring Ape, which he bought for 55 ethereum (about $180,000).

At the time, some people said that these hundreds of thousands of dollars in avatars could be possessed by copying them. Now Musk’s practical experience shows that this is impossible, at least not in the United States.

Behind the battle between Sotheby’s and Musk, the real source of NFT rights is revealed: real-world law.

“Blockchain only plays a role of deposit and circulation. If you really want to protect your rights, you still have to rely on the legal machine in the real world.” An industry insider said.

With the launch of NFT functions on various social platforms, the regulation of digital currency is also coming out.

In March, U.S. President Joe Biden signed an executive order outlining the U.S. government’s strategy on cryptocurrencies. According to CNBC, specific measures will focus on six key areas: consumer and investor protection, financial stability, illegal activity, U.S. competitiveness in global markets, financial inclusion, and responsible innovation.

In terms of consumer protection, the Biden administration conducts assessments and studies on investor scams, and strengthens supervision over the systemic financial risks posed by digital assets.

NFT project parties and investment institutions may receive more compliance inspections.

From this point of view, although Musk does not accept NFT, he will also popularize the copyright of NFT. Can it be called a reverse call, or is it intentional?

The NFT hype is over, and the circle is broken

There are various signs that the NFT hype period has passed.

According to a recent report by The Wall Street Journal, the NFT market has underperformed, down 92% from its highs in September last year, when there were about 225,000 sales in the market. The number of active wallets for NFTs has also dropped by around 88%, with last week’s figure of 14,000 instead of the November high of 119,000.

In March, blockchain analytics firm Nansen analyzed 19.3 million NFTs and found that one out of every three NFT projects had little or no trading activity, and another third had traded less than the issuer minted tokens. the cost of.

In March 2021, the NFT of Twitter co-founder Jack Dorsey’s first tweet was photographed by Malaysians for 1630 ETH (current price US$2.91 million).

On April 6, the buyer announced that he was going to resell the NFT through the Opensea platform, with a price tag of 14,969 ETH, equivalent to $48 million, and the auction continued for a week. After the auction, a total of 7 bidders bid, with offers ranging from 0.0019 ETH ($6) to 0.09 ETH ($277). The investor lost more than 99%.

“Almost all NFT projects have entered the beta bonus period, and the alpha era has passed.” Web follower Xu Surfing said that Tugou has a high probability of returning to zero, and there will generally be liquidity supplements at this stage. The recent emergence of collateralized lending and arbitrage methods shows that NFTs have reached a bottleneck period.

However, some blue-chip NFT projects, such as the works of artists such as Cai Guoqiang and Fang Lijun, are expected to lose 90% of their capital.

Some industry insiders believe that the recent drop in NFT data is a sign that the hype has cooled, rather than a bubble bursting. NFTs will still be used in everything from video games to commerce.

On the one hand, the NFT market is falling into a bear market, and on the other hand, NFT avatars will usher in popularity.

In addition, not only Twitter, but also Meta and Telegram have also launched NFT-related functions.

In addition to Twitter, on May 8, Meta’s social media Instagram is planning to integrate NFTs of Ethereum, Polygon, Solana and Flow, and will first conduct pilot work for some groups of people.

It is reported that Instagram will plan to support Web3 wallets such as MetaMask, allowing users to display their NFTs and NFT creators in their profiles. Instagram said it will not charge users to upload and display NFTs.

Additionally, Telegram launched NFTs on Disintar.

In the past business history, popularization means diminishing marginal costs and lower commodity prices. NFTs will evolve from the speculation of a few people and differentiate into mass cultural commodities and luxury artworks.

In fact, NFT is no longer limited to speculation and speculation on Opensea, and is increasingly accepted by the mainstream world.

Not long ago, Coinbase planned to make an animated film with the theme of Boring Ape NFT, and it must also seek consent from the selected characters and pay the copyright fee.

In April of this year, China Li Ning also held a flash mob event for the boring ape in Sanlitun, Beijing.

Musk reversely shouted a single NFT to cross the wild period

(China Li Ning held a boring ape-related event in Sanlitun, Beijing in April this year)

NFTs naturally have cultural attributes, making them favorable conditions for their dissemination. Now, with Musk’s reverse orders and more perfect supervision, the public will see more and more NFT products on Instagram, Twitter, and Telegram. This may indicate that NFT is about to cross the early wild era and gradually come into the sun.

Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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