“Just setting up my twttr,” read the tweet, which was posted on March 21, 2006. The bidding began on December 15 and ended on March 21.
just setting up my twttr
— jack (@jack) March 21, 2006
On March 5, Dorsey sent out a link to an auction listing his tweet.
The Highest Selling Tweet Ever
In a tweet on March 9, the executive said he would “immediately convert proceeds to bitcoin” and contribute to the African nonprofit GiveDirectly.
The executive thanked the buyer for his gift in a screenshot shared hours after the news broke.
An NFT is a one-of-a-kind digital asset secured on a blockchain that has exploded in popularity this year, coinciding with the meteoric rise of cryptocurrencies.
Each NFT has its own signature, which can be checked in the public ledger and is unique.
When anyone buys an NFT, they acquire ownership of a one-of-a-kind token on the blockchain. When someone purchases a picture, a meme, or, in this case, a message, they are not purchasing the material itself.
In reality, they don’t own the artwork and don’t have much power over the distribution rights. Rather, they’re purchasing the rights to the one-of-a-kind token that links their identity to the artwork.
Dorsey’s tweet was auctioned off on Valuables, a website run by Cent, a blockchain-based social media network. Elon Musk, the CEO of Tesla, has also mentioned a tweet on the website but has yet to use it.
According to Cent CEO and co-founder Cameron Hejazi, Dorsey’s tweet was purchased with Ether for 1630.5825601 ETH, which was worth about $2,915,835 at the time of sale. The profits would go to Dorsey in the sum of 95%, with the remaining 5% going to Cent.
What are NFTs?
To create unverifiable digital scarcity as well as asset interoperability, non-fungible tokens are used.
Digital items such as artwork, collectibles, collectibles, and games utilize NFTs to include extra range.
SatoshiDICE was the first to use cryptocurrency-based game cards with non-fungible tokens. Some projects, such as Rare Pepes and Age of Chains utilized the Counterparty protocol to put out blockchain-based trading cards in 2016 that utilized Bitcoin.
Additionally, NFTs help guarantees the accuracy and validity of visual art. The release of CryptoPunks on Ethereum in June of 2017 set the foundation for NFT digital currency.
Non-fungible game tokens were utilized by Ethereum-based gaming apps such as CryptoKitties later. Instead of buying in-game currency with real money, in-game properties can be bought with NFTs.
Clear token standards have been developed to advocate the usage of blockchain in gaming It includes the CryptoKitty and later, the ERC-55.
Another use for NFTs (NFTs) is to create unique ERC-721 fungible tokens that can hold different kinds of digital assets, archives, and cryptocurrencies.