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How Twitter CEO’s first ever tweet sold for US$2.9 million

Twitter Twitter Social media platform Twitter was founded in March 2006

Tue, 23 Mar 2021 Source: www.ghanaweb.com

The first ever post on micro-blogging social media platform, Twitter, has been sold by Chief Executive Officer Jack Dorsey following a bidding war on Monday, March 22, 2021.

Dorsey sold his first ever tweet for US$2.9 million as an non fungible token (NFT).

He published the tweet which read: “just setting up my twttr,”on March 21, 2006.

The tweet which was shared some 15 years ago went an auction on a platform called Valuables owned by Cent, another social media network built on blockchain after Jack Dorsey tweeted a link listing sale of the tweet.

Within hours, the Twitter CEO announced a buyer had been found.

The tweet was purchased using Ether for 1630.5825601 ETH, which was worth around US$2,915,835 at the time it sold, according to the Cent CEO.

Dorsey is expected to receive 95% of the proceeds, while the remaining amount will go to Cent.

Making the announcement, Dorsey stated that he would “immediately convert the proceeds from the sale of the tweet to bitcoin” and donate to nonprofit GiveDirectly's Africa response.

What is an NFT

An NFT is a unique digital asset secured on a blockchain that has gained traction in recent times in line with the rising popularity of cryptocurrencies. Each NFT has its own signature, which can be verified in the public ledger and cannot be duplicated by another.

How an NFT works

When a person buys an NFT, they gain the rights to the unique token on the blockchain. For instance, if a person buys an image, a meme or a tweet, they are not buying the content.

Upon a sale, the original owner would have no ownership or rights to the distribution of the artwork but instead, they are purchasing the rights to the unique token that connects their name to the artwork.

Source: www.ghanaweb.com