Technology
Twitter boss Jack Dorsey sells his first tweet for $2.9MILLION using ‘NFT tech’
TWITTER boss Jack Dorsey on Monday sold his first-ever tweet for more than $2.9million (£2.09million).
The American billionaire promised to donate all of the cash to a charity battling Covid-19 in Africa.
Twitter boss Jack Dorsey has sold his first-ever tweet as an NFT[/caption]
The tweet was sold as a unique digital token, known as an NFT (non-fungible token), following a bidding war between Sina Estavi, CEO of cryptocurrency company Bridge Oracle, and tech entrepreneur Justin Sun.
An NFT is a limited edition, virtual item that can be bought and sold like any other asset – but has no physical form of its own.
The NFT can take the form of a digital image, video file or other virtual asset and is unique, meaning if you buy one, you’re the only person with it.
It works as a certification for ownership of a physical asset which means the NFT will effectively function like a rare trading card.
The tweet was sold following a bidding war between Sina Estavi, CEO of cryptocurrency company Bridge Oracle, and tech entrepreneur Justin Sun[/caption]
NFTs are bought using cryptocurrency and run on a blockchain, a decentralised digital ledger that documents transactions, and ownership.
The tweet, which reads “just setting up my twttr” was posted at 8.50pm on March 21, 2006.
After the bid was secured, Mr Estavi wrote on Twitter: “This is not just a tweet!
“I think years later people will realize the true value of this tweet, like the Mona Lisa painting.”
He added that he was “glad this money is being donated to charity”.
The money has been sent to GiveDirectly’s Africa Response, which provides Covid relief.
What is an NFT?
Here’s a simple guide…
- NFTs are a hot new tradable item taking the internet by storm
- The letters NFT stand for “non-fungible token”
- If something is “fungible”, it can be traded for an identical counterpart
- For instance, Bitcoin is technically fungible – you can swap one for another, and have the same thing
- Physical cash is also fungible – you could trade one £10 note for another
- An NFT is a totally unique digital token with no copies
- Like Bitcoin and other cryptocurrencies, NFTs work using a blockchain
- A blockchain is a public ledger of transactions recorded across the internet – and is totally unalterable
- The NFTs on the blockchain can be traded like Bitcoin, but they’re unique by design
- This gives them a special value, because each NFT is individual and unique
- You can turn almost any kind of data into an NFT
- People are selling digital artworks, songs and even tweets in NFT form
- More elaborate NFT sales include virtual trainers/sneakers and even a virtual house
- Importantly, NFTs are not physical – so if you buy an NFT object, you’re just owning a part of the blockchain and NOT a physical item
The tweet will remain publicly available, even now the auction has finished, and indeed could still be deleted by Mr Dorsey.
However, Mr Estavi will receive a digitally signed certificate, verified by Mr Dorsey, as well as the metadata of the original tweet.
Mr Estavi also bid $1.1million (£793,800) to own the NFT of a recent tweet by Tesla boss Elon Musk.
He also owns three other NFTs, valued at less than $130 (£94), and has sold NFTs for some of his own tweets for approximately 100 dollars (£72).
NFTs have grown in popularity in recent weeks, with artist Krista Kim recently selling a digital house for approximately $500,000 (£360,625).
Gucci is even selling virtual trainers as NFTs that no one can actually wear. They cost £9 a pop.
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In other news, Elon Musk says Bitcoin is now better than real cash.
The PayPal founder’s fortune soared $15billion in a DAY in November due to the skyrocketing price of Tesla stock.
And, Apple fans can now pay using Bitcoin on their iPhones.
What do you make of Dorsey’s NFT sale? Let us know in the comments!
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