Jack Dorsey, CEO of Twitter and Square, sold his first tweet as an NFT, or non-fungible token, for more than $ 2.9 million on Monday when the auctions ended on the “Valuables” platform, which is operated by Cent, a blockchain-powered social media network.
The tweet, which reads, “I’m just setting up my twitter,” was first posted by Dorsey on March 21, 2006.
just setting up my twttr
– jack (@jack) March 21, 2006
NFTs are digital assets, including JPEG files and video clips, that can be bought and sold, just like physical assets. And since they operate on the blockchain, a decentralized digital ledger that documents the transactions, ownership, and validity of each can be tracked.
Although there was a bidding war over the NFT of Dorsey’s tweet between tech entrepreneur Justin Sun and Bridge Oracle CEO Sina Estavi, in the end, Estavi’s bid for more than 2 , $ 9 million was won.
Estavi also offered $ 1.1 million to own the NFT of a recent tweet from Elon Musk, CEO of SpaceX and Tesla, which was also on “Valuables.”
The tweet itself “will continue to live on Twitter,” but the successful bidder would own the NFT, “signed and verified by the creator,” as a virtual autograph.
In March, Dorsey said all profits from her sale of NFT would be converted into bitcoin and donated to GiveDirectly, an organization helping people living in poverty in Africa.
Dorsey has long supported the crypto space. In February, his financial services company Square bought an additional $ 170 million worth of bitcoin, and Dorsey has consistently stood up for bitcoin. Today, Dorsey is worth $ 13 billion, according to Forbes.