Twitter CEO Jack Dorsey sold his first-ever tweet as the NFT for a figure of 2,915,835.47 USD in two weeks of the bid being on the market. Sina Estavi was the winning bidder who held the highest bid since offering 2.5 million USD on March 6. He raised the bid to the number at the last moment. Dorsey put the tweet up for a digital auction as the NFT, or the non-fungible token, which is a good digital living on the Ethereum blockchain, in the first week of March. Bids were handled on Valuables which was a platform made by Cent that enables people to make offers on the tweets which are autographed through their original creators.
just setting up my twttr— jack (@jack) March 21, 2006
The bids on the first tweet of Dorsey’s succinct “just setting up my twttr” coming from March 21, 2006, got escalated quickly, and he later added the wound finish bidding on the 15th anniversary of the tweet. According to the Cent’s timestamp, Sina Estavi made his winning bid after a week and paid through the famous Ether cryptocurrency in the form of 1630.5825601 ETH. Sina Estavi, who is the CEO of the blockchain company Bridge Oracle, told Reuters that he was grateful.
Highest Bid and GiveDirectly for Africa Response
Dorsey added previously he would convert the highest bid into bitcoin firstly and then donate it to GiveDirectly for the Africa Response, and then he tweeted his receipt later onwards. GiveDirectly is basically a charitable organization that donates money directly to the people who live in poverty.
Auction winners on Cent attain a digital certificate of that tweet following the purchase, which is actually unique. It is because it is autographed and verified by the creator of the tweet. Dorsey gets to have 95 percent of the total sales price, and Cent gets to have 5 percent.
We see how just like the burning of a CD, the algorithm of scarcity is applying here well to a tweet, making it more valuable and important as it gets sold among collectors.
The Bidding War and TRON Platform
Dorsey made the NFT and then launched the sale in December of last year. However, interest and publicity got to grow in the early months of March when the overall talk about the NFTs got to grow. In the quest to attain the NFT, Sina found himself in a little bidding war with Justin Sun, who is a tech entrepreneur and the founder of the cryptocurrency TRON platform.
Dorsey got 95 percent of the 2.9 million USD sale, while the other 5 percent got to Cent that owns the actual Valuables, the NFT platform. As he promised to pursue, Dorsey converted Ethereum from the sale into the more popular currency and then gave it away for charity, mainly for poverty-stricken people and those who got affected by the pandemic.
The site Valuable enables people to sell unique digital certificates, which are getting more and more popular in the market. A lot of people see this as an amazing opportunity for digital artists to improve and improvise their revenue streams. Moreover, they believe they can engage with their fans directly. In the month of February, Grimes put an auction off ten pieces of digital artwork as NFTs, while in that same month in Portugal. The Man also issued their crypto coin of their own with the name of PTM coin, which the fans would be able to spend on their NFTs. On March 5, Kings of Leon got to be the first band to be releasing the album as an NFT.
As you can see, NFTs have taken the world of cryptocurrencies by the storm. They have undoubtedly highlighted new concepts we never thought of before – the concept of ownership and the concept of permanence in the assets you own is what we believe NFTs are bringing a true revolution about. What’s more, just the idea of how diverse NFTs can be is a mind-blowing concept of its own. Let’s take this example we have discussed throughout this article. Who could think a simple tweet could be sold in millions of dollars? This has a lot to do about following the algorithm of scarcity.