Elon Musk, founder of Tesla and now owner of Twitter, changed his Twitter profile picture on Wednesday to a Bored Ape Yacht Club (BAYC) NFT, the most famous collection of NFTs.
Bored Ape Yacht Club (BAYC) Collection NFTs are highly sought after since celebrities like Eminem, Neymar and Snoop Dogg, to name a few, bought at least one collector's item. Since Twitter supports NFTs, it is common for owners to use their NFTs as their profile pictures.
When the richest man in the world publishes a tweet the world moves its eyes, it does not seem to be an exception when he changes his profile picture. From that moment on, the native token ApeCoin (APE) created by Yuga Labs for the Bored Ape Yacht Club universe increased its value by +11% since the opening of the European market.
Subsequently, Elon Musk posted a tweet saying "I dunno… seems kinda fungible", a gesture that he considers meaningless that NFTs are considered part of Twitter, remembering that in January Twitter launched the function to verify the NFT as a profile image and Musk made his disagreement known.
Twitter is spending engineering resources on this bs while crypto scammers are throwing a spambot block party in every thread!? - Elon Musk / Tweet
There is no correlation between the rise of ApeCoin (APE) and the NFT as Elon's avatar for a short period, but it is clear that when the billionaire tweets, the market reacts.
Disclaimer: The information provided in this section does not represent investment advice.
Sources: Twitter, Opensea.com