The tweet was sold as a non-fungible token, unique digital assets whose popularity is growing rapidly; proceeds were donated to a charity working with families affected by COVID in Africa.
Twitter boss Jack Dorsey sold his first tweet from over a decade ago as a single digital asset for just over $ 2.9 million.
The tweet was sold on Monday as a non-fungible token (NFT) – a kind of digital certificate that has exploded in popularity so far in 2021. The token is a digital seal of authenticity that confirms that an item is unique and real. .
Each NFT has its own blockchain-based digital signature, which serves as a public ledger, allowing anyone to verify the authenticity and ownership of the asset. They can be attached to digital art or almost anything that comes in digital form – audio files, video clips, or animated stickers.
NFTs have recently swept the world of online collecting where they are used to solve a central problem with digital collectibles: how to claim ownership of something that can be easily and indefinitely duplicated. A digital work of the artist Beeple sold for over $ 69.3 million at an online auction by a UK auction house earlier this month, with an NFT as a guarantee of its authenticity.
Dorsey’s tweet – “just set up my twttr” – made on March 21, 2006, was her first.
The NFT was auctioned off on a platform called Valuables, which is owned by the US company Cent. It was purchased using Ether cryptocurrency (ETH), for 1,630.5825601 ETH, which was worth $ 2,915,835.47 at the time of sale, confirmed Cameron Hejazi, CEO and co-founder of Cent.
Cent confirmed that the buyer was Sina Estavi. Estavi’s Twitter profile, @sinaEstavi, indicates that he is based in Malaysia and is CEO of blockchain company Bridge Oracle. When asked to comment on the purchase, Estavi told Reuters news agency he was “grateful”.
Bitcoin enthusiast Dorsey tweeted a link to the website where the NFT was listed for sale on March 6. He then said in another tweet on March 9 that he would convert the auction proceeds into Bitcoin and donate it to those affected by COVID-19 in Africa.
Dorsey receives 95% of the proceeds from the main sale, while Cent receives 5%.
Dorsey tweeted the Bitcoin receipt on Monday afternoon and said the funds had been sent to the charity, GiveDirectly’s Africa Response.
“Amazing – huge thanks to @jack and @sinaEstavi – can’t wait to get this $ into the hands of recipients soon,” GiveDirectly tweeted after Dorsey’s announcement.
Hejazi de Cent said his platform allows people to show their support for a tweet that goes beyond the current options of liking, commenting and retweeting.
“These assets can go up in value, they can go down in value, but what will remain is the ledger and history of ‘I bought it from you right now’, and it will be both from the buyer, the seller and the memory of public viewers, ”Hejazi said, adding that such assets are“ inherently valuable ”.