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Elon Musk changes his profile picture to BAYC but isn't impressed

 


Elon Musk changes his Twitter profile picture to...

BAYC is an NFT project that found its way into traditional media thanks to its high-priced images of monkeys. Most NFTs have sold for millions, and many have become rich trading them on secondary markets, such as OpenSea . On the other hand, there has been a lot of controversy surrounding the buying and selling of simple JPEGs.


Not everyone understood the technology behind the blockchain, which confirms who was the true owner of these images. That includes Elon Musk, who recently changed his Twitter profile picture to a collection of BAYC images. He also tweeted, "I don't know... seems kind of fungible," showing how "unimpressed" he is with the current NFT trend of images.


Will the crypto market crash because of Elon Musk?

Elon Musk is known for occasionally speaking out about cryptocurrencies. In fact, his previous contributions had an effect of 5% to even 10% on the market in the short term, and even more in the medium term. The bashing of NFT technology should definitely have an impact on the market. Especially crypto projects dealing with smart contracts like Ethereum, Cardano and Solana.


On the other hand, the crypto market is much more mature today than it used to be. The market is already down more than 40% since November 2021, making the crypto market heavily oversold at the moment.

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