Elon Musk, the CEO of Tesla and SpaceX, has been known to have a significant influence on the cryptocurrency market with his tweets. On May 10, 2021, he tweeted about an NFT (non-fungible token) artwork called “Milady” by artist Joan Cornellà, which caused a surge in its value.
Here are the most important things to know about Elon Musk’s tweet featuring Milady NFT artwork:
1. The tweet: Elon Musk tweeted a picture of the Milady NFT artwork with the caption “It’s inevitable” on May 10, 2021. This tweet caused a frenzy among cryptocurrency enthusiasts, and the value of the artwork skyrocketed.
2. The surge in value: The floor price of the Milady NFT artwork increased from 0.5 ETH to 7.3 ETH within hours of Elon Musk’s tweet. This means that the minimum price for purchasing the artwork went up by more than 14 times. However, the price eventually settled at 5.69 ETH, which is still significantly higher than its original value.
3. The impact on the NFT market: Elon Musk’s tweet about the Milady NFT artwork is just one example of how influential he can be in the cryptocurrency market. It highlights the potential for NFTs to become a valuable asset class, and it also shows how social media can drive demand for digital assets.
In summary, Elon Musk’s tweet featuring Milady NFT artwork drove the floor price to 7.3 ETH before settling at 5.69 ETH. This highlights the power of social media and the potential for NFTs to become a valuable asset class in the future.