Individuals with a lot of spare time and money have offered $2.5 million to purchase Twitter creator Jack Dorsey’s first tweet on the website.
The auction winner will receive a digital certificate that will enable them to assert the 2006 tweet wherein Dorsey posted “just setting up my twttr.”
The bidding war for the tweet is part of a new virtual trend recognized as “non-fungible tokens,” or NFTs.
Blockchain technology, which underpins decentralized currencies such as Bitcoin, is used to construct an NFT. The term “non-fungible” refers to anything that is one-of-a-kind and cannot be replicated.
And if Dorsey’s tweet is “bought” in the bid, it will still remain on Twitter.
And during disease outbreak, gathering tweets, photographs, and visual art became extremely common among the wealthy. In the previous week, a 10-second video by visual artist Beeple priced for $6.6 million, reviving the phenomenon.
The holders will put their NFTs on show in an online gallery.
Friday, Dorsey posted a link to the Valuables website’s online auction. The offer price has been under $1 million until he revealed the connection. The value had risen to $2.5 million by Saturday afternoon.
As per Forbes, Dorsey, 44, is worth approximately $12.5 billion. There was no indication that the sale was for a charitable reason. The Valuables site states in its FAQ page that a tweet bought stays on Twitter, but the recipient receives a digital certificate of the tweet that is exclusive since it has been authenticated and validated by the author.
NFT fans hope that the products they buy will appreciate in value, yet it’s unclear if the virtual items will have a long-term market.