Non-fungible tokens (NFTs) are becoming increasingly popular in the cryptocurrency space, and we are finding new ways to use them. Artists and content creators are now using NFTs to ensure their work remains unique and gets paid adequately.
Dorsey’s first tweet attracts a $2.5 million bid
The first-ever tweet was sent by Twitter founder and CEO Jack Dorsey. The CEO made the tweet available as an NFT a few weeks ago, and it attracted multiple bids, with the auction ending yesterday. Following the end of the auction period, the top bid for the NFT was $2.5 million.
The first tweet by Dorsey reads “just setting up my twttr,” and it was posted on Marcy 21, 2006. Earlier this month, Dorsey announced that the tokenized version of the tweet was available on the non-fungible token (NFT) platform Valuables.
The tweet was minted in December last year, and Dorsey making it available as an NFT sparked a bidding war amongst the interested party. The most exciting bidding war was from Sina Estavi, the CEO of Malaysia-based Bridge Oracle and Justin Sun, founder of Tron and the CEO of BitTorrent.
Estavi edged out Sun in the war after bidding $2.5 million for the NFT. His offer was the highest and has been since he made it on March 6. Most people were skeptical that Dorsey would sell the NFT. However, he tweeted on March 9 that the auction would end on March 21 and accept the winning bid.
Ending this March 21st
Will immediately convert proceeds to #Bitcoin
And send to @GiveDirectly Africa Response
— jack (@jack) March 9, 2021
Dorsey doesn’t intend to hold on to the money as he is donating it to GiveDirectly, a non-profit organization that provides direct cash transfers to low-income people. His Africa response signifies that the funds could go to the Covid-19 Africa Response campaign.
NFT Pros & Cons
NFTs have made it easier for people to tokenize a wide range of things. By tokenizing art and other content, artists have a way of claiming ownership and collect compensation for their digital works.
NFTs signify ownership, but in the case of tweets, we must ask ourselves: “What happens if Jack simply deletes the tweet after the sale?“