NFT craze is in full swing. Yesterday, the first-ever tweet by Jack Dorsey on Twitter sold as an NFT for 2.9 million dollars in the crypto auction.  

The tweet has been minted on the blockchain. The CEO and co-founder of Twitter, also the author of the tweet, plans to donate the money to charity.

The brief tweet was first published on the social media platform on March 21st, 2006. It is first ever by Jack and first ever on Twitter.

The buyer, Sina Estavi, is a Malaysian businessman. He is the CEO of a TRON based crypto project by the name of Bridge Oracle. Mr Estavi compared his purchase to buying the painting of Mona Lisa.

This is not just a tweet!

I think years later people will realize the true value of this tweet, like the Mona Lisa painting https://t.co/vnA5pz3esQ

— Estavi (@sinaEstavi) March 22, 2021

The tweet was sold as a Non-Fungible Token (NFT). NFTs act as a collector’s item. The ownership of an item is certified by the verifiable record on the blockchain. The buyers of NFTs usually pay the price in cryptocurrency.

Interesting For You: The Rise of NFTs in 2021

NFTs are rising in popularity in 2021. Multiple marketplaces are selling NFTs in online spaces. Digital artwork, Popular Basketball moments and other digital works signed by celebrities are some of the popular NFTs.

Sina Estavi bought tweet using Ethereum, the second most popular cryptocurrencies after bitcoin. Jack Dorsey will receive 95% of the remuneration. The rest of the 5% will go to the Valuables platform (the online marketplace auctioning the tweet).

On the other hand, the buyer of the tweet will get proof of ownership. He will receive a signed and verified digital certificate by Jack Dorsey along with metadata of the tweet.

Snowball Effect:

Analysts believe that a new trend of selling tweets and online posts will start following the initiative of Jack Dorsey.

Earlier this month, a digital artist Beeple received $69M for his piece. Essentially, we are ushering into an era of digital collectable.