At the time of writing, the highest bid is $ 1.5 million from a crypto entrepreneur named Sina Estavi. He is in a battle with Chinese tech entrepreneur Justin Sun. Which increased his offer several times in the past hours.
Why the two bidders are so eager to take ownership of Dorsey’s tweet is unclear. Presumably it has to do with a cryptocurrency-related phenomenon that is rapidly gaining popularity. These are NTFs, which stands for non-fungible token.
Recorded in the blockchain
That is a unique property characteristic that is recorded in the blockchain, just like bitcoins or ethereum, for example.
An NTF only differs in a crucial part of cryptovaluata. Where you can exchange a bitcoin for another and one euro coin has the same value as the other, it is different with an NTF. It represents a digital art form, such as a gif, video or tweet.
There’s only one first tweet from Jack Dorsey, in other words.
Painting or poster of painting
That the right of ownership can now be traded, compares tech site The Verge with the difference between having a Monet artwork or a poster of it. Anyone can do the latter, the former is only reserved for one person.
And that person can make a lot of money if he decides to sell the Monet. The fact that this is also possible with digital art makes for spectacular deals. The NTFs for digital artworks are sold for millions of dollars, The Verge describes.
Anyone can do it
The fact that Dorsey has now put his first tweet for sale via the site Valuables by Cent seems to be a reaction to The Verge’s article. The author of the piece joked that anyone can now try to sell their tweets as NTF.
That is also possible, via the site Valuables by Cent. The buyer will receive a digital certificate of the tweet, which is signed (digitally again) by the author.
With the purchase, the buyer creates a bond between him and the sender of the tweet, claim the initiators of Valuables by Cent. This is because the NTF is a kind of signature of the tweet. And that in turn can yield money, just like signed baseball pictures.