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Yes, you heard that, right! A tweet can be worth as high as $2.5 million, provided it’s from Jack Dorsey, the CEO and co-founder of Twitter. Jack’s first tweet made on 21st March 2006, in which he said, “Just setting up my twttr” was set up on auction on a website called “Value By cent.”
The highest bid for the tweet stood at $2.5 million at 17:05 GMT on Tuesday made by Sina Estavi. He heads the blockchain service called Cryptoland and also heads the software company Bridge Oracle.
Jack plans to convert all of his proceeds from the auction sale of his first tweet into Bitcoin. Another one of his company, Square, which offers financial services, recently invested $170 million into Bitcoin.
The website will sell the tweet as a Non-Fungible Token or NFT, which works as a cryptographic digital signature. NFT cannot be changed by their individual specifications. These are mainly used when buying/selling digital art, digital collectables, memes or in-game items.
NFT is already mainstream among crypto enthusiasts. Nyan Cat, a meme of an animated cat, fetched $590,000 for its creator Chris Torres. Meanwhile, Elon Musk’s girlfriend, Grimes, scored a whopping $6 million by selling her digital art as NFT.
In the case of a Tweet, though, the NFT token is the digital signature or autograph of the creator, making it unique.
But the question remains, “How is a Tweet worth millions?” In the physical world, the ownership certificate of the tweet and the NFT have no value. However, it is a piece of tech history in the digital world, and by converting it into an NFT, it becomes a digital investment.
And just like Bitcoin, the price of digital investment will likely go up. A startup called NFTfi accepts NFT as collateral for loans. Therefore, as it gains mainstream acceptance, the value of NFT is set to rise.
According to the auction website, Jack’s first tweet will fetch him 95% of the total sale amount. Meanwhile, 5% will go towards the auction website. The tweet’s re-seller will get a reduced share of 87.5%; meanwhile, the original creator will get 10%, and the rest will be reserved for the website.
