Jack Dorsey’s First Tweet’ NFT went on sale for $48m

Twitter CEO Jack Dorsey’s non-fungible token (NFT), first ever tweet could sell for under $280, the NFT was listed for $48 million by the current owner last week.

In March 2021, Iran born crypto entrepreneur Sina Estavi purchased the NFT for $2.9 million.

In an announcement last week on his twitter page, Sina said he wished to sell the NFT and pledge 50% of the proceeds around $25 million to charity.

The offer, however, closed on Wednesday with just 7 offers being made which include,

• 09 ETH (measured at $277)
• 0019 ETH ($6)

In his statement,

“The deadline I set was over, but if I get a good offer, I might accept it, I might never sell it.”

“I decided to sell this NFT (the world’s first ever tweet) and donate 50% of proceeds ($25 million or more) to the charity.

Talking point on how the NFT was bought over

1. The auction for the genesis tweet by Twitter co-founder in March 2006 closed Monday
2. The winning bidder, Sina Estavi (@SinaEstavi), offered around 1630.6 ethereum on March 6, which was not surpassed for the remaining 16 days into the auction
3. Estavi is the CEO of Bridge Oracle, a public oracle system on the Tron network
4. This amount was worth $2.5 million at the time of purchase, but has increased considerably to over $2.9 million with the slight appreciation recorded in price of Ether
5. Dorsey had listed the tokenized version of the tweet March 5 on non-fungible token (NFT) platform valuables, a program for selling authenticated tweets created by startup Cent.
6. The winning bidder will receive a digital certificate of the tweet, signed and verified using cryptography by its creator.
7. The Tweet was minted in December, prompting a bidding between Estavi and Tron founder Justin Sun.
8. The Twitter CEO announced March 9 that proceeds from the auction will be donated to charity.

What is NFT?

Simply put, NFT is a nun-fungible token, this means that it can neither be replaced nor interchanged given its unique properties.

Expansively, NFT is a digital asset that represents internet collectibles like art, music, and games with an authentic certificate created by blockchain technology.

NFT is unique in the sense that it cannot be forged or manipulated, in this regard it can only be exchanged using cryptocurrencies such as Bitcoin usually on specialist sites.

Conclusion

NFTs have been around since 2015, however, now experiencing a boost in popularity given to the normalization and excitement of cryptocurrencies and the Blockchain frameworks.

Consumers want to get in on the opportunity to own unique digital content and hold them potentially as a type of investment.