Fifteen years ago, Jack Dorsey typed out a now-overused message – “just setting up my twttr.” This also became the first-ever tweet as he launches a global platform. Twitter, on the other hand, has become a controversial and dominant force in civil society. Published on March 21, 2006, he now hosts an auction to sell ownership of the tweet. Of course, the bid now reaches $2.5-million.
Twitter CEO’s first-ever tweet turns fifteen years old; now being sold at auction
Dorsey’s tweet will be sold as an NFT, or a non-fungible token. It uses the same blockchain technology behind cryptocurrencies to turn anything from art to sports trading cards into virtual collector’s items that doesn’t allow duplication, making it scarce.
What makes Twitter CEO’s first-ever tweet so valuable?
NFTs value comes largely derived as a function of scarcity and speculation. It doesn’t have much intrinsic value beyond those factors. Demand for Dorsey’s tweet started slowly. Valuables by Cent hosts the auction. On December 15, a bidder offered one dollar as the tweet’s first offer. Within a few weeks, the offer became $ 3, 500. However, the bidder had canceled the offer which sent it back to zero.
“Non-fungible” more or less means that it remains unique and nothing can replace. For example, a bitcoin remains fungible – trade one for another bitcoin, and you’ll have exactly the same thing. A one-of-a-kind trading card, on the other hand, remains non-fungible. If you traded it for a different card, you’d have something completely different.
It doesn’t stop any person from selling their good tweets. However, NFT gets considered as an evolution of fine art collecting, only with digital art. NFTs give you something nobody can copy – an ownership of the work. Although the artist can still retain the copyright and reproduction rights (just like with physical artwork), you still own it.
Dorsey remains an American technology entrepreneur and philanthropist. He remains the co-founder and the CEO of Twitter.
Angela Grace P. Baltan is a Communication graduate from Colegio de San Juan de Letran. She doesn’t hesitate to be opinionated in analyzing movies and television series. As a writer, she uses her articles to advocate for feminism, gender equality, and mental health among others.