Twitter CEO Jack Dorsey sold his first-ever tweet as a non-fungible coin, or NFT, to a Malaysian buyer for $2.9 million on Monday for charity.
An NFT is a one-of-a-kind digital asset protected on a blockchain that has gained momentum this year as cryptocurrencies have grown in popularity. Each NFT has its own signature that can be checked in the public ledger and is unique.
World First Tweet
A website run by Cent, a blockchain-based social media network. Elon Musk, the CEO of Tesla, has also mentioned a tweet on the website, but has yet to sell it.
Mr. Dorsey receives 95% of the proceeds from the primary sale under the platform’s rules, while Cent receives 5%.
“Just setting up my twttr,” the tweet clearly said on March 21, 2006. On December 15, the first offer was made, and the bidding ended on March 21.
The Tweet was Sold Off to a Malaysian Businessman, Sina Estavi
Sina Estavi, a Malaysian customer, compared the purchase to purchasing a Mona Lisa painting. Mr. Estavi made a tweet about it saying “This isn’t just a tweet!” “I assume that, like the Mona Lisa painting, people will understand the true meaning of this tweet years later.”
Mr. Estavi, as the customer, will receive a certificate that has been digitally signed and validated by Mr Dorsey, as well as the original tweet’s metadata. The data would include things like the time the tweet was sent and the text it contained.
On March 5, Dorsey first tweeted a link to an auction listing his tweet. In a tweet on March 9, the executive said that he would “immediately convert proceeds to bitcoin” and contribute to the Africa answer of the nonprofit GiveDirectly. The executive thanked the buyer in a screenshot he shared hours after the news broke.
However, even after it has been sold off, the tweet will remain publicly visible on Twitter. Bids crossed over $88,000 in the first few minutes of the auction.
According to social media experts, the selling of tweets and other online posts will grow in popularity. Just like people buy physical memorabilia, they will buy tweets, messages, and snaps so that they can feel closer to the stars.
Stay connected with Stanford Arts Review for all the latest updates.
