Dorsey’s First Tweet
On the non-fungible token marketplace OpenSea, a copy of Dorsey’s first tweet — by Twitter Inc. co-founder Jack Dorsey — has been offered for $48 million, 16 times what the owner paid for it a year ago.
Sina Estavi, the CEO of Malaysian blockchain firm Bridge Oracle, stated on Twitter that he’s selling the NFT version of the March 21, 2006 tweet “just setting up my twttr” for 14,969 Ether. In March of last year, he paid $2.9 million for it.
Following his initial tweet announcing the sale, Estavi followed up with another offering to contribute half of the money to GiveDirectly, a charity that provides cash to people living in poverty and which Dorsey had previously stated he supported following the first sale of the NFT.
What are NFTs?
Non-fungible tokens (NFTs) are blockchain-based cryptographic assets having unique identifying codes and metadata that separate them from one another. They cannot be traded or exchanged for equivalency, unlike cryptocurrencies. This is in contrast to fungible tokens, such as cryptocurrencies, which are identical to one another and hence can be used as a means of exchange.
Each NFT’s unique construction allows for a variety of applications. They’re a great way to digitally represent actual things like real estate and artwork, for example. NFTs can also be used to eliminate intermediaries and link artists with audiences or for identity management because they are based on blockchains. NFTs can eliminate middlemen, streamline transactions, and open up new markets.
Cryptocurrencies, like actual money, are fungible, which means they may be sold or exchanged for one another. One bitcoin, for example, is worth the same as another bitcoin. A single unit of ether is always equivalent to another unit of ether. Cryptocurrencies are suited as a safe means of transaction in the digital economy because of their fungibility.
NFTs change the crypto paradigm by making each token one-of-a-kind and irreplaceable, making it impossible to compare two non-fungible tokens. They are digital representations of assets that have been compared to digital passports since each token has its own unique, non-transferable identity that allows it to be distinguished from others. They’re also extendable, which means you can “breed” a third, unique NFT by combining two NFTs.
His response to the community
“Why not 99 percent of it?” Dorsey responded on Twitter. He addressed his reaction to Estavi, GiveDirectly, and Elon Musk, the creator of Tesla Inc. (and a recent Twitter board member).
On Monday, Twitter’s stock jumped 27% when it was revealed that Musk had purchased a 9.2% interest in the firm. A day later, he was named to Twitter’s board of directors. In November, Dorsey resigned as Twitter’s CEO.