A few months after its creation, Jack Dorsey’s first tweet was sold for nearly three million dollars in an auction. The CEO of Twitter turned the image of his five-word tweet into a digital file that is stored on the blockchain. Years from now, people will realize the actual value of the tweet, which is comparable to that of the Mona Lisa painting. But how did a single tweet go from a lowly $0.50 to a million-dollar value?
Estavi relisted the tweet on the auction site OpenSea last week, asking for nearly $2.9 million to get back his money. Despite the high price tag, the auction did not get much attention. It received bids ranging from 0.0019 ETH to 2.2 ETH, roughly the equivalent of USD 6,800.
In another auction, a former Twitter employee, Sina Estavi, bought a copy of the first tweet by Jack Dorsey. The tweet, with the immortal line, sold for $2.9 million. It is the second highest auction in history, following the Beeple’s Everyday sale at Christie’s, which was also a first. Since the auction was so high-profile, the gold-rush mentality has taken hold.
The auction of the NFT-equivalent of Dorsey’s first tweet reflects a trend toward collecting digital content. People are increasingly willing to spend hundreds of thousands of dollars for a digital piece of content. Even though digital content is freely available, owning a piece of it has sentimental value. It creates a bond between a collector and the creator. An NFT is the creator’s signature on content. Remember to read NFT Politan news regularly to stay abreast of new developments in the field.
Estiva is a prominent figure in the crypto community, although he currently lives in Malaysia. Last May, he was arrested in Iran and held in solitary confinement. He was accused of disrupting the economic system of his country. But he later told the Iranian press that he was jailed because of the popularity of crypto. He described himself as a “victim of crypto.” The NFT, a cryptocurrency, is selling for $2.9 million in a tweet on April 6, and he has pledged to donate 50% of the proceeds to charity.
Last year, the auction started in December but didn’t reach its high point until March. On March 6, the bids surged from $3,500 to $2.5 million in a few hours. There were no additional bids placed on the auction afterward. The final bid, which was equivalent to $2.9 million, came from an increase in the value of ether. The auction took place on Valuables, an auction site operated by Cent. All proceeds will go to the nonprofit GiveDirectly.
However, this NFT is still up for grabs. It’s the first NFT of the Twitter CEO, and it’s one of a kind. However, it’s hard to estimate what it’s worth in the long term, considering that tweets have a short attention span. And with its apparent nature, it might even be harder to sell as NFTs than art.
The NFT market has been hit hard in recent months. The floor price has fallen 60-70%. The market cap has dropped to $10 billion. However, the prices of some collections remain near their highs. This is a sign that the market is getting more traction. There’s plenty of hype in the market, but many of the projects are a scam or are doing nothing but filling creators’ pockets.
