Jack Dorsey seems to be promoting the sale of the first tweet as a non-fungible coin, or NFT.
The Twitter CEO posted a link to a website called “Valuables” on Friday afternoon, where his March 21, 2006 tweet “just setting up my twttr” was up for auction. According to the website, the biggest bid was $2.5 million from Sina Estavi, CEO of Bridge Oracle, as of Saturday afternoon.
just setting up my twttr— jack (@jack) March 21, 2006
These properties are registered on a blockchain, which is a distributed database equivalent to the networks that support bitcoin and other cryptocurrencies. However, unlike other currencies, one NFT cannot be exchanged for another in the same way as dollars or other commodities can. Each NFT is one-of-a-kind and serves as a collectible object that cannot be duplicated, making them extremely rare.
Crypto collectibles have been very popular in recent months, with everything from musicians to rock bands minting their work. In an online auction last month, a digital rendition of the Nyan Cat meme from 2011 sold for almost $600,000.
Any buyers of NFTs claim that, thanks to blockchain, they would be able to prove ownership of a virtual object.
Dorsey has been a supporter of digital currency, with a ”#bitcoin” in his Twitter profile, so he seems to be a perfect fit for NFTs. In late February, his digital payments company Square bought an additional 3,318 bitcoins, bringing the total to 4,709 since October 2020.