Jack Dorsey Offers to Sell The First Tweet as an NFT
Twitter's CEO, Jack Dorsey, has seemingly put up the world's first-ever tweet for sale as a non-fungible token (NFT), and the first bid is already at $2.5 million offered by Sina Estavi, CEO of Bridge Oracle.
Dorsey shared the link to his purchasable tweet on a platform called Valuables.
just setting up my twttr— jack (@jack) March 21, 2006
The tweet was the first to grace the social media platform, posted by Dorsey no less, on March 21, 2006, and read "just setting up my twttr."
But what exactly is an NFT?
The popularity of NFTs has steadily grown of late and these are used as a way to sell digital art, and other artistic offerings such as music, explains CNN. Every NFT is unique and can't be exchanged like for like, against money, for example.
These tokens are stored in the same blockchain as a cryptocurrency called Ethereum, per The Verge. They are used to effectively verify authenticity and ownership of the art form on sale and are encrypted with the artist's signature on the blockchain.
As Popular Mechanics explains in simple terms "It’s like wrapping a fancy PowerPoint in mathematical padlocks and auctioning it at Christie’s."
As these tokens can't be exchanged for other assets, they're rare and unique by nature. They can also help prove ownership of a virtual item thanks to blockchain.
A famous artist to sell her work via NFT is musician Grimes, Elon Musk's girlfriend. Grimes sold her crypto art through NFTs for $5.8 million, while the creator of the infamous Nyan Cat, Chris Torres, sold a unique version of his viral meme and GIF for 300 Ethereum, the equivalent of $600,000, according to Live Mint.
The NFT space is only increasing, and with big names such as Twitter's Dorsey on the market, it can only keep gathering steam.