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Viktor Kniš
May 4, 2022, 1:20pm
Reading time: 1:41

Elon Musk Changed His Profile Picture To The Most Valuable NFT Of A Bored Ape And Caused Market Madness

Elon Musk is making moves on the crypto market again. This time, he took a positive stance towards NFTs. But it could all end very differently.

Viktor Kniš
May 4, 2022, 1:20pm
Reading time: 1:41
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On Wednesday at noon, Elon Musk changed his profile picture on Twitter. Users can now see his profile as a compilation of pictures from the most valuable NFT collection Bored Ape Yacht Club. 

 

Source: Elon Musk / Twitter

 

The businessman and one of the most powerful men on the planet when it comes to technologies did not, at first, write a description or a comment to the photo. 

 

Yet, he immediately mobilized investors on the crypto front and the NFT front. As expected, the price of the $APE token, which is directly connected to the ecosystem of the Bored Ape Collection, began to rise first. In a few minutes, the price was up 15%, but went back to the stable 10% after a small correction. 

 

Source: Binance

 

However, that is far from everything. Elon Musk caused a craze among NFT investors who immediately started buying apes from the rare collection. While it was custom for only a couple dozens of apes to sell in a day on the secondary market Opensea, after Elon's change of profile picture, investors started to buy NFTs much faster. 

 

Source: Opensea

 

People started to buy NFTs in bulk for over 300 000 euros, since they expect their price to rise significantly thanks to Musk's profile picture.  

 

The value of other collections affordable for investors with a smaller budget which are directly connected to the Bored Ape Yacht Club have skyrocketed as well. The cheapest NFTs from the ecosystem sold on early Wednesday afternoon for approximately 12 thousand euros. These are virtual parcels Otherside which even the investors do not know uch about because the company Yuga Labs behind their development is quite secretive about it. 

 

Source: Opensea

 

The profile picture used by Elon Musk was created by Sothebys auction house. Their owner was unknown at the time of their sale. Refresher did a background check on a few pieces from the collection. The result of our analysis concludes that the tokens are not located in the same wallet, which does not necessarily mean that they are not owned by the same person. Owners often do not keep them in one place for safety reasons. 

 

No craze lasts forever. Some time after changing his profile picture, Elon wrote a status in which he indirectly denied that NFTs are non-fungible tokens. "I don't know... they look quite fungible (I dunno ... seems kinda fungible)," he wrote. Again, it is up to the investors to interpret his words. However, from the technical point of view, Elon has contested the very basis of NFT. 

 

 

 

 

 

 

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Thumbnail: Elon Musk / Twitter
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