TheNFAPost Podcast

Bengaluru, NFAPost: Twitter CEO Jack Dorsey bagged $2.9 million in the auction sale of his first tweet on Monday. The tweet was sold as a non-fungible token (NFT) with its own blockchain-based digital signature via an auction platform called Valuables, which is owned by a US company, Cent.

Non-Fungible Token

NFT is a kind of unique digital asset that can be registered as a public ledger to enable verification of the asset’s authenticity and ownership. It was bought digitally with the cryptocurrency Ether, for 1630.5825601 ETH, which was valued at $2,915,835.47 at the point of sale as confirmed by Cameron Hejazi, the CEO and co-founder of Cent.

Dorsey’s first tweet created history on 21 March, 2006 as its status read: “just setting up my twttr”. Mr. Sina Estavi (@sinaEstavi), CEO of Malaysia-based blockchain company Bridge Oracle, has brought this popular tweet on auction as confirmed by Cent.

As Reuters reports, Estavi felt “thankful” when asked to comment about his invaluable purchase.

Dorsey’s First Tweet  for Auction Sale

Dorsey, a bitcoin enthusiast, had advertised his first tweet as “NFT for sale” on 6 March and promoted a link to his advert on auction site via Twitter. In his next tweet on 9 March, he revealed his intent to convert the proceeds from the auction into bitcoin and donate them to Covid-19 relief fund in Africa.

The proceeds of the auction sale have been split in two parts: Dorsey takes 95% share while the advertising platform Cent bags 5% share.

Cent Auction Platform

Cent CEO Cameron Hejazi proudly stated that his platform enabled people to extend support for a tweet beyond using the common options such as like, comment and retweet.

“These assets might go up in value, they might go down in value, but what will stay is the ledger and the history of ‘I purchased this from you at this moment in time’ and that’s going to be in both the buyer, the seller and the public spectators’ memory,” Hejazi said, adding that this was “inherently valuable.”

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