In an interesting digital bid, Twitter CEO Jack Dorsey sold his first tweet from 2006 as a non-fungible token (NFT). An NFT is a digital slice of content on blockchain that proves the authenticity of an item. It is proof that the item is real and one-of-a kind by recording the details on a blockchain digital ledger.
Dorsey’s tweet that said, “just setting up my twttr,” was sold for more than $2.9 million. This is more than two weeks after the CEO had announced an auction of the post signed by him. Bought by Bridge Oracle CEO Sina Estavi, the 15-year old post will be used t raise money to support African families.
The Twitter CEO had tweeted earlier this month that proceeds from the auction would be converted to Bitcoin. As a digital currency, it is not tied to a bank or government. Instead, it will go to the nonprofit GiveDirectly’s Africa Response, Dorsey had mentioned. This charity has been raising money to support African families who have been affected by the ongoing coronavirus pandemic.
On Monday, Dorsey tweeted the Bitcoin receipt to show that the funds were in fact sent to the charity.
The bidding happened on Valuables. According to this website, 95% of proceeds from the sale price will go to the tweet’s original creator. About 5% of the price will be absorbed by the platform.
Artists and collectors are increasingly considering NFTs because of the encouraging price bidding that happens online. In December 2020, NFT sales reached $8.2 mn according to cryptocurrency art analytics platform CryptoArt.io.