Jack Dorsey – the CEO of both Square and Tesla – is setting up an auction in which people can purchase the very first tweet ever issued via the social media giant. What’s the catch? The tweet is being offered as a non-fungible token (NFT), which is a form of cryptocurrency.
Jack Dorsey Is Selling a Piece of Twitter History with Crypto in the Mix
Dorsey has long been a bitcoin and cryptocurrency advocate. In recent weeks, he has set up a new fund with Rapper Jay-Z and says he will be contributing money to the fund so that a stronger bitcoin and cryptocurrency presence can be set up in regions such as Africa and India. He will not be tasked with running the firm and says he is now on the lookout for potential chairmen.
In addition, he has often stated that bitcoin will one day serve as the world’s only currency, and that it will beat out all other assets and forms of fiat. His payment firm Square was also one of the first institutions to buy a heavy stake in bitcoin.
Dorsey uploaded a link last week on a website known as Valuables. The site allows the selling of tweets as NFTs, which means this has been going on for some time. The very first tweet in question was issued by Dorsey himself and simply reads:
Just setting up my twttr.
Right now, the tweet still exists on the social media platform and is free to view for anyone with a valid account. With that said, there seem to be many individuals out there willing to shell out huge amounts of money to buy it.
One such individual is Justin Sun, the CEO of altcoin company TRON. At press time, he’s offering more than $2.5 million for the tweet, which at first seems like a lot, though this figure is being dwarfed by the likes of those from people such as Sina Estavi, the CEO of Bridge Oracle Platform. It seems that while the tweet is available to all, ownership is a huge deal considering those bidding on the tweet believe they will be owning a healthy portion of history.
The unique thing about NFTs is that they often cannot be exchanged in the same way as more mainstream cryptocurrencies, such as Ethereum or bitcoin. They exist only within specific arenas or environments, such as games or digital communities. They cannot be traded for items of equal value and are typically represented through certain goods such as videos, albums or in this case, a tweet.
This Will Be a Big Deal
Ashwin Ramasamy – co-founder of consumer insights firm Pipe Candy – explained in a statement:
If Jack’s tweet is not inherently valuable to be sold at $2.3 million as an NFT art for just being the first tweet, it is worth more for being the first piece of popular digital product drop to have made NFT art sales a mainstream discussion topic.