Jack Dorsey had the idea to sell his first tweet as a non-fungible token (NFT) or cryptocurrency. It seems that cryptocurrency collections have become increasingly popular these days.
The Twitter CEO shared a link on his Twitter account that he labeled as “valuables” or valuable items. He invited his followers to bid on his first tweet on March 21, 2006, which read “just setting up my Twitter”.
The highest bid was finally won by Sina Estavi, CEO of Bridge Oracle. He is willing to buy the historic tweet for a ransom of $2.5 million.
However, unlike most virtual currencies, one NFT cannot be with another as it does with dollars or other assets. Each NFT is unique and acts as a non-duplicable collector’s item, making it rare by design.
Cryptocurrency collections are trending recently. From artists to rock bands to print their content. For instance, a digital rendition of a Nyan Cat meme from 2011, sold for nearly $600,000 in an online auction last month.
Some people who buy NFTs believe that this virtual currency can help them prove ownership of virtual goods thanks to blockchain.
Dorsey has also been a supporter of digital currencies. He even featured ‘#bitcoin’ on his Twitter bio. So it is not surprising that now he is also venturing into the NFT.
His digital payments company, Square, bought around 3,318 Bitcoins at the end of February and expanded its purchases in October 2020 by 4,709.