Crypto collectibles have gained prominence recently, with music groups like Daft Punk creating physical representations of digital currency and art enthusiasts printing their exclusive pieces.
Now, it looks like Jack Dorsey might be about to deliver the first NFT tweet.
Late in the afternoon on Friday, the Twitter CEO published a URL to an auction site named “Valuables,” where his March 21, 2006, post was for sale.
Dorsey is one of the very first tweets posted on the social media service in 2006, and reads “Just setting up my twttr.”
just setting up my twttr
— jack (@jack) March 21, 2006
The highest bid, $2.5 million, comes from the, Sina Estavi, CEO of Bridge Oracle.
NFTs (or non-fungible tokens) have gained popularity in recent months as a method for selling creative projects, such as illustrations and music sketches.
NFTs serve as an identity-verification mechanism in an increasingly digital world. The bitcoin blockchain has been encoded with the artist’s signature to prevent fraud and counterfeiting.
A mosaic of 5,000 photographs taken in 13 years, produced by Beeple, was recently put up for sale on the digital platform. It was the first entirely digital NFT to be offered for sale in that way.
It doesn’t end there: NFTs have reached NBA status and are already being used to purchase some of the most popular athletic highlight images, including some of Lebron James’ iconic dunks.
NBA Top Shot, a digital platform created by Dapper Labs, offers moments for NBA consumers to purchase and sell ‘creative’ their favorite moments. As they’re becoming more common with virtual trading cards, we’re getting collectors to trade bigger items on the website.
This is to be expected from Twitter CEO Dorsey, since he tracks other projects in the cryptocurrency industry closely. Dorsey’s other business Square purchased 4,000 of $50 million worth of Bitcoin in late 2020 before buying $170 million of Bitcoin last week.
What is an NFT?
To create true digital scarcity, and to guarantee the long-verifiability of assets, nonfungible tokens are used to facilitate network interoperability.
Non-fungible tokens are used to make special interactive things such as digital sculpture, non-graphic collectibles, and non-fungible gaming.
As far as gaming-related NFTs are concerned, they were the first blockchain collectible card games. In other words, projects including Age of Chains and Rare Pepes implemented Counterparty-based blockchain-based trade cards before this year’s anniversary.
They are also used to authenticate and protect the copyright in digital art. During the introduction of CryptoPunks on the Ethereum in June 2017, it was “the beginning of the end of” for artists to ask for tips on social media, or “the end of the beginning of the line” for them to be paid in the form of Bitcoin.
Non-fungible tokens, such as CryptoKitties, were used by popular video games like games later on the Ethereum’s blockchain. Some in-game objects and items are represented with NFTs and the player will own them instead of the developer.
The new utility of NFTs is to create ‘ERC’ (NFT with custom symbols) carrying ERC-721 tokens (custom ERC-721), digital data, and other types of NFTs which can be freely swapped amongst them.