Twitter CEO Jack Dorsey’s first tweet is quite well-known on the platform. Published almost 15 years ago, the tweet reads, “Just setting my twist.” While there is no doubt that it is meaningful in popular culture, Dorsey clearly also feels that it has received monetary value. And it appears that he is right.
Dorsey posted a link to the auction, hosted by a forum called Valuables on Twitter on Friday, without comment or explanation. Some of you may be asking how he can sell a tweet? Dorsey is selling a “non-fungible token” of his tweet, known as NXT. Things that are non-junior are one-of-a-kind and cannot be exchanged for something of equal value. The tokens represent an asset on their blockchain, or the mechanism by which cryptocurrencies such as bitcoin and ether are bought and sold.
Now, what exactly does the person who won the auction for Dorsey’s tweet get? According to Valuables, you get a “Tweet’s digital certificate, unique because it has been signed and verified by the creator.” Despite the sale, the tweet will remain live on Twitter.
“This autographed digital certificate will be issued on Valuables only once. It is signed using cryptography, and contains metadata of the original tweet: such as what the text content is when the tweet was posted, the tweet’s timestamp, and the digital signature from the creator’s crypto wallet address, “Valuables said Gone .
While this may not sound like a grand purchase, or even one in a million people putting up for it, buying NXT is a thing right now. Grimes sold his artwork to NFT earlier this month for $ 6 million, including videos. In February, an NXT of Nyan Cat GIF was sold for around 300 ether. The cryptocurrency was valued at approximately $ 587,000 at the time of the sale.
As stated by NPR, while some people may think that you are buying something similar to a barcode, it can also be seen as a certificate of authenticity for a version of the artwork that is registered on the blockchain as you is.
Donna Reidel of Fordham Law School said, “What you’re buying is the underlying thing code that appears as images”. “You’re buying a different format of art.”
Nevertheless, buying NXT does not usually mean that you are acquiring copyright or trademark to the original. Artists can sell many NXTs of their work. Case in point: Grimes provided thousands of copies of the two NXTs that he put up for auction. According to The Verge, approximately 700 copies of NXT, including short videos, were sold for $ 5.18 million.
As of the publication of this blog, the highest bid for Dorsey’s tweet is $ 2.5 million. The person bidding this jaw dropping amount for Dorsey’s tweet is Hakan Estavi, CEO of Malaysian company Bridge Oracle, which uses the Oracle system to enable smart contracts on the TRON network.
However, on Twitter on Saturday, Estavi said he would actually be willing to shell out too much for the tweet. He is willing to go up to $ 10 million.
Gizmodo took to Twitter to ask why Dorsey was selling Tweet’s NXT and what he planned to do with the money generated from the sale. A Twitter spokesman said the company had no comment.
You know what they say: Art derives from its value what you are prepared to pay for it. I think the tweet now means art.