Wealthy person Elon Musk, CEO of pretty much everything, is apparently into NFTs.
Tesla and SpaceX CEO and soon-to-be Twitter owner has changed his avatar on Twitter into a collage of Bored Ape NFTs, a popular collection which currently costs hundreds of thousands of dollars per NFT.
For an explainer of what NFTs are, go here. Suffice to say that they’re a special type of cryptocurrency, each one is unique, and they can get very pricy.
Bored Apes (the full name of the project is Bored Ape Yacht Club) are highly coveted among NFT collectors. So coveted, in fact, that a recent NFT project launch by Yuga Labs, makers of the Bored Ape NFT, caused gas fees on Ethereum to rise into thousands of dollars. Ethereum is a blockchain platform that charges users gas (which is basically just ETH, the underlying currency of the platform) for each transaction. When the blockchain gets clogged due to high number of transactions, gas fees go up, sometimes astronomically.
So, what does it all mean? Does Elon Musk own a Bored Ape? Is he buying that entire project as well? Is this his Ethereum wallet (it owns the Bored Ape that Musk used for his Twitter avatar)? We don’t know for sure, cause Musk hasn’t commented on it. But rest assured, the man will say something about it on Twitter very soon. He always does.