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After changing his Twitter profile picture (PFP) to a collage of BAYC NFTs, Elon Musk, is finally embracing the NFT space. However, due to Elon’s negative comments about NFTs previously, many are questioning the timing of the change.
Hours after changing his profile picture that includes 3 gold BAYCs, Elon Musk tweeted:
I dunno … seems kinda fungible
— Elon Musk (@elonmusk) May 4, 2022
Elon Musk’s portfolio full of high-value NFTs
By tracking the location of some of the NFTs in the profile photo, we can see that he owns an impressive collection of NFTs. Significantly, hours before Elon tweeted and changed his PFP, the portfolio received multiple NFTs. Among them are the first NFT that Elon Musk made and six Bored Apes, including three gold apes.
The wallet is now full of NFTs with great value, including Doodles, Azuki, Moonbirds, etc. It is worth noting that many of these NFTs come from MoonPay’s vault. MoonPay builds payment infrastructure for cryptocurrencies. Some of the world’s biggest cryptocurrency brands use it for their business.
In recent months, Elon Musk was spotted with the MoonPay team, and now, they are sending NFTs from their vault.
Interestingly, the PFP collage also contains images from Bored Apes that Elon Musk does not own. Some in the space are accusing the world’s richest man of theft and copyright infringement.
In addition, the tweet and rebranding helped boost ApeCoin’s price by more than 18%. Apecoin ($APE) is the token created by the creators of Bored Ape, Yuga Labs.
Finally, in the 24 hours since Elon Musk exchanged his pfp for a Bored Ape NFT, there have been more than 22 new BAYC sales. Perhaps this is the beginning of a new relationship between Elon and the NFT community.
ApeCoin soars 20% after Elon Musk’s shameless new BAYC PFP
Who had Elon Musk trolling BAYC by triggering a spike in ApeCoin on his NFT Twitter bingo card for this month? Well evidently, that’s what happened this morning. However, anyone who thought this might be Elon’s NFT conversion might have to think again. That’s because Musk went on to troll NFTs in a tweet shortly thereafter.
ApeCoin or not, Elon Musk loves to troll NFTs
ApeCoin wasn’t the only thing that sparked Elon Musk’s tweet this morning. In fact, NFTs Twitter went into overdrive after the Tesla CEO changed his Twitter profile picture to a collage of bored monkeys. Specifically, an image linked to a 101 BAYC lot that came up for auction at Sotheby’s last year.
The billionaire currently working on the Twitter buyout had people speculating that perhaps he was the anonymous buyer of those Monkeys. Others wondered if he had held an NFT portfolio all along. Whether by chance or as a direct result of the action, ApeCoin saw a rapid rise in price.
According to CoinGecko data, ApeCoin’s price skyrocketed from $14.50 to $17.46 in about an hour. And ApeCoin’s surge in value occurred right around the time of Elon Musk’s PFP change.
Despite its seemingly positive effect on ApeCoin, those thinking about Elon Musk’s NFT position soon got their answer. He followed up the PFP change with a troll tweet. “I dunno…seems a bit fungible,” he posted, mocking the idea that NFTs are unique. Not surprising, considering Elon Musk’s long-held opinion of NFTs.
In any case, the turnaround was short-lived: the price of ApeCoin fell almost as fast as it rose. At the time of writing, it stands at $15.86.
