"Just setting up my twttr," this is the tweet that has everyone asking themselves, what is NFT? The tweet was originally posted in March 2006 by the co-founder and CEO of Twitter, Jack Dorsey himself.
The whole NFT ‘non-fungible token’ movement has been on the spotlight after Dorsey announced that he was selling a tweet that has been digitally free for almost 15 years. Dorsey now wants to sell his old tweet as an NFT, a unique digital certificate that states who owns a photo, video or other forms of online media. The bid will be made available through a newly launched platform called Valuables BY CENT.
The highest bidder will receive an autographed digital certificate that will only be issued once on Valuables. It is signed using cryptography and includes metadata of the original tweet like when the tweet was posted, what the text contents are of the tweet, the timestamp of the tweet, and the digital signature from the creator’s crypto wallet address.
In a blog post that is available on the Valuables BY CENT platform, its founders are comparing an NFT tweet with buying an autograph of a signed basketball t-shirt that one will use as an investment.
“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.” Reads the blogpost.
The tweet has already gone on a bid, and as of Saturday Dorsey tweet got the highest offer with the bid going for a whopping $2 million from tech entrepreneur Justin Sun.
Sun previously made a half-million-dollar offer to buy Dorsey’s tweet but he quickly topped-up his offer, letting everyone on Twitter know that he was not losing his bet on this offer.
“Hi @jack, I made a half-million USD offer to buy your first NTF tweet...I have updated my offer to 2 million USD.” The tweet reads.
Besides the NFT move, Dorsey has been impressively making major money moves in the tech space. As IOL TECH reported, in the last week Dorsey’s digital payments firm Square bought a controlling stake in the streaming music platform Tidal that is owned by the rap mogul Jay Z.