- Founder of Twitter Jack Dorsey is auctioning his tweet as a non-fungible token.
- Commonly referred to as an NFT, a non-fungible token is a new crypto-trend that allows one to register the ownership of a digital object.
- With the virtual auction blocks being open to all, anyone can sell or buy a tweet.
On 21 March 2006, the founder of Twitter, Jack Dorsey, published the first ever tweet. “Just setting up my twttr,” he said referring to the platform by its prototypical spelling.
Since then his tweet has been transformed into a non-fungible token. Commonly referred to as an NFT, a non-fungible token is a new crypto-trend that allows one to register the ownership of a digital object. It can be any type of media including, but not limited to art, videos, music, gifts, games, texts and memes. By being non-fungible the object is unique and irreplaceable. This makes it a collectible commodity.
Writing about NFTs, the Milan based cultural platform design boom explained their value as follows:
Before Dorsey’s tweet, some of the more prominent NFT happenings include auction house giant Christies opening a one-artwork sale for a piece by Mike Winkleman. Since 1 May 2007, Winkleman has every day published one artwork around society’s fickle obsessions and fears around technology. He titled the series Everyday, the series features more than 5000 images. For the Christies auction, the images were put together in pixelated collage titled Everydays —The First 5000 Days by Mike Winkelman. With a starting price of $100, its bidding has risen beyond $8.3 million. It’s sale price will be revealed tomorrow 11 March 2021 when the crypto auction is concluded.
However the weight of a collectible is not necessarily in institutional backing as auctions are known to be. Artist Chris Torres sold his Nyan Cat gif for $561 000, an amount he told Artnet News “was crazy”.
Now an NFT, Dorsey’s 2006 tweet was posted on to the trading platform, Valuables on 5 March 2021, for users to bid on. Since starting the bid for the tweet five days ago, the highest bid is currently $2.5 million. Other tweets on sale include Taylor Swift bidding farewell to 2020, some from Elon Musk and a few nudes from every day Twitter users.
It is uncertain when the bid for Dorsey’s tweet will be concluded, but its exponential growth seems inevitable. All are welcome to auction their tweets or join the bidding war. All the crypto auction houses as is that counter-offers be of a $1 or 10% increment, whichever is more. Other tweets on sale include Taylor Swift bidding farewell to 2020, some from Elon Musk and a few nudes from every day Twitter users.