Elon Musk Reposted A Memes on Twitter and It Sold as an NFT for about $20 000 just in 2 days. Click for more trending nft news
Memes are a favourite pastime of billionaire Elon Musk, who is well-known for his enjoyment of them. In addition, he routinely reposts them on his Twitter account, which has 61 million followers on it.
Despite the fact that some people resent Musk’s reposting because he frequently fails to give credit to the original meme authors, others have benefited from his habit, like self-proclaimed “hobby artist” Eva Beylin.
Beylin was overjoyed when Musk shared her meme on Twitter on Wednesday. “The ultimate prize in memeology is for your meme to be used by the ultimate meme lord,” Beylin, 28, tells CNBC Make It. “The ultimate prize in memeology is for your meme to be used by the ultimate meme lord.”
“I am over the moon,” she says, explaining that she is a big fan of Musk, despite the fact that he did not give her any credit for the work.
To illustrate her point, she created a meme, which she dubbed “Love in the Time of Web3.” It features a cartoon couple appreciating the current prices of bitcoin and ether, which are respectively $69,000 and $4,200. However, while the price of bitcoin has not yet reached $69,000, the figures are a clear reference to meme culture.
Because of his position as Executive Director of The Graph Foundation, which promotes the blockchain data protocol The Graph, Beylin is enthusiastic about Web3, which is a decentralized iteration of the internet that drives blockchain-based applications such as NFTs.
Following Musk’s post, the song “Love in the Time of Web3 ” received a lot of attention. In the evening of that day, Beylin published it as an NFT, or known as non fungible token, on the cryptocurrency marketplace Zora, and shortly afterward, it sold for five wrapped ether, which is approximately $19,800 at current exchange rates, to an unknown bidder for five wrapped ether.
Beylin had the idea for the meme, but she did not design or change the image of the cartoon pair, nor did she edit the prices of Bitcoin or Ethereum, even though it was her idea.
Following the publication of a post by another Twitter user who modified the cryptocurrency prices and tweeted it as a joke, Beylin was inspired to create the meme. Beylin compensated the user, who goes under the handle @shegenerates, by giving her a share of the revenues from the NFT transaction, equal to 20% of the total. Shegenerates told CNBC Make It that she was happy with Beylin using her edit and that she had no objections to it.
After purchasing “Love in the Time of Web3,” the buyer has already relisted the meme on eBay for 69.42 wrapped ether, which is approximately $275,000. Despite the fact that it is less than the buyer’s asking price, a bidder has already offered 6.94 wrapped ether, which is approximately $27,500, for the meme in question. Beylin will receive a 15 percent royalty if the product is resold, according to her.