UPDATE (3/22): Jack Dorsey has sold his first tweet as an NFT for roughly $2.9 million to Bridge Oracle CEO Sina Estavi (the sale was completed using the cryptocurrency Ehterium, and technically sold for 1630.5825601 ether). Dorsey created the NFT and launched the sale last December, but interest (and publicity) started growing in early March as the overall conversation around NFTs grew. In his quest to purchase the NFT, Estavi found himself in a bit of a bidding war with Justin Sun, a tech entrepreneur and founder of the cryptocurrency platform TRON.
Per Reuters, Dorsey received 95% of the $2.9 million sale, while the other 5% went to Cent, which owns the NFT platform, Valuables. As he previously promised to do, Dorsey converted the Etherium from the sale into Bitcoin and then donated it to Give Directly, an organization helping those in poverty and those impacted by Covid-19 in Africa.
— jack (@jack) March 22, 2021
Dorsey launched the sale Friday, March 5th, tweeting out a link to the platform, Valuables. The site allows people to sell one-of-a-kind digital certificates of specific tweets, which are “autographed” and verified by the original sender. The current highest bidder for Dorsey’s inaugural tweet — which reads simply, “just setting up my twttr” — is Bridge Oracle CEO Sina Estavi.
As to why anyone would pay to own a tweet, Valuables states in an FAQ page: “Owning any digital content can be a financial investment, hold sentimental value, and create a relationship between collector and creator. Like an autograph on a baseball card, the NFT itself is the creator’s autograph on the content, making it scarce, unique, and valuable.”
NFTs are an increasingly popular element of the ever-growing world of cryptocurrency. Essentially, they can turn anything digital — tweets, Gifs, videos, art, songs — into a collectible or asset. Like Bitcoin and other cryptocurrencies, NFTs are sold and bought via the blockchain, a transparent digital ledger to track the item’s movement; as Vasja Veber, CEO of a start-up called Viberate recently explained to Rolling Stone, NFTs “cannot be copied and are easily tradable.”
In the music world, the interest in NFTs and cryptocurrencies has grown significantly, with many seeing an opportunity for artists to enhance revenue streams and engage with fans directly. In February, Grimes auctioned off 10 pieces of digital artwork as NFTs, while that same month, Portugal. the Man launched their own crypto coin, PTM Coin, which fans will eventually be able to spend on NFTs. And last Friday, March 5th, Kings of Leon became the first band to release an album as an NFT.
From Rolling Stone US