Elon Musk exhibited his market-moving powers by changing his Twitter profile picture to that of a collage of Bored Ape Yacht Club NFTs, which caused an immediate rise in price as sales increased.
Musk tweeted it with the caption, "I dunno … seems kinda fungible", trolling the NFT club.
Musk hasn't expressed his opinion regarding the NFT craze, yet his tweet seemed like a dig at the most prominent collection of NFTs. Rather than purchasing the non-fungible token and then displaying it, he saved a collage of the collection from Google to upload on the platform.
He has previously hinted that he isn't much of a fan of NFTs, as he called Web3 "more marketing buzzword than reality." Even when Twitter released a feature that allowed NFT owners to display their collections as hexagonal profile pictures, Musk called it out as "bs".
Musk's tweet, however, boosted the price of the Bored Ape Yacht Club collection. Twenty-seven of the collection were sold off in under 30 minutes of Musk trolling it.
The floor price of the collection, according to Cnet, drove up over $40,000, from 105 ether to 120 ether ($300,000 to $340,000). The crypto created for the upcoming Bored Ape metaverse called Otherside, Ape Coin, also shot up briefly by 20%. Hourly sales for Otherdeed and NFT land deeds for Otherside went from 60 in the hour to 360 an hour.
In under 60 minutes of Musk's tweet, Bored Ape, Mutant Ape and Otherside sold NFTs worth $21 million.