People with a lot of time and money have bid $ 2.5 million to “ buy ” Twitter founder Jack Dorsey’s first post on the platform.
The winner of the auction will receive a digital certificate that entitles them to the 2006 tweet, in which Dorsey wrote, “I just set up my twttr.”
The battle to buy the tweet is part of the latest digital craze known as “non-replaceable tokens” or NFTs.
An NFT is created using blockchain technology, the same technology behind digital currencies as Bitcoin. The “non-replaceable” part means that it is unique and cannot be replaced.
Dorsey’s tweet remains where it is on Twitter, even after being “bought” at auction.
Collecting tweets, videos, and digital art became extremely popular for those with a deep pocket during the pandemic. A 10 second video of digital artist Beeple sold for $ 6.6 million last week, drawing new attention to the trend.
Owners can display their NFTs in an online gallery.
Dorsey tweeted a link to the online auction held on the Valuables site on Friday. Before sharing the link, the offer price was less than $ 1 million. By Saturday afternoon, the price had risen to $ 2.5 million.
Dorsey, 44, is worth an estimated $ 12.5 billion, according to Forbes. There was no sign that the auction was for a good cause.
In the FAQ section, the Valuables site explains that a purchased tweet is still on the social media site, but the buyer will receive a digital certificate from the tweet that is ‘unique because it has been signed and verified by the creator’.
NFT enthusiasts hope that items they buy will increase in value, but it is not yet clear whether there will be a lasting market for the digital collectibles.