Sina Estavi, CEO of Malaysian blockchain service Bridge Oracle, paid Twitter co-founder Jack Dorsey the equivalent of $ 2.9 million for his first tweet in the form of an NFT token.
The deal took place on the Cent platform, where every user of the social network can sell iconic messages backed by unique tokens. Estavi acquired the first ever tweet “just setting up my twttr,” posted by Dorsey on March 21, 2006.
As a reminder, NFT tokens and the use of the blockchain in general make it possible to turn an ordinary tweet into a unique collectible. A special token will be assigned to the post, the creation of which is approved by the author of the publication. Thus, anyone can compete to acquire a tweet.
Of course, the main guarantee of active trading is the value of the record. In this case, the tweet was the first post on the Twitter platform from its co-founder. Since nothing like this exists anymore, millions of dollars were offered for it.
While the NFT topic may seem daunting to people unfamiliar with the blockchain, it is easy enough to list your tweets for sale. We did the same and covered the essence of cryptocurrency trading in a separate article. We recommend that you familiarize yourself with what is happening.
How much did the first tweet sell for?
It is noteworthy that the auction was attended by the creator of the platform Justin Sun, who previously tried to get a piece of art from the artist Beeple for more than 69 million dollars. However, Sun lost the auction for the second time. The winning bet in the case of the tweet was the amount of 1,630 ETH or $ 2.9 million at the cryptocurrency exchange rate at the time of the transaction.
Auction progress
Earlier, Dorsey said that he would immediately convert the proceeds from the sale into bitcoins and donate it all to GiveDirectly, a charitable organization operating in eight countries, including Africa. After the sale ended, Dorsey tweeted about the deal. In total, a little more than 50.87 BTC was credited to the GiveDirectly account .
Sent to @GiveDirectly Africa fund Thank you, @sinaEstavi.
– jack (@jack) March 22, 2021
We have checked the actual data. The GiveDirectly platform accepts payments both from classic platforms like bank cards or PayPal, and from alternative ones. In the case of cryptocurrencies, you can pay with Bitcoin, ETH or ERC20 tokens, that is, cryptocurrencies based on the Ethereum blockchain.
Supported payment methods on GiveDirectly
At the same time, the auction was held in ETH, and its winner paid 1630 Ether. As we have already found out, Jack Dorsey could have sent exactly this amount to the address of a charity, because it accepts broadcasts. However, the entrepreneur chose a different path. He transferred the received ETH to the Kraken exchange, sold ether in exchange for bitcoins and sent BTC as a donation.
Here is a screenshot of a transaction in which analysts saw Jack Dorsey’s activity. Such a conclusion was made possible by the similarity of the amount and the appropriate time for the transfer.
Jack Dorsey’s transaction
That is, Dorsey most likely started converting cryptocurrencies solely for ideological reasons. Recall that he actively supports Bitcoin, and his company Square in October 2020 acquired the first cryptocurrency for $ 50 million.
Estavi also shared his victory on the social network. In general, many commentators have noted the «uselessness» of such a purchase: supposedly a tweet is not worth several million dollars on its own. However, the winner of the auction was quick to prove the opposite. According to him, in the future, the value of Dorsey’s unique first tweet will only grow, as if the value of Leonardo da Vinci’s painting «Mona Lisa» is growing. Well, people have yet to realize the «real value» of the first Twitter post.
Sina Estavi’s Twitter avatar
We believe that the current hype around NFT is really doing its job. The trend has become very popular and has allowed dozens of artists, artists and other content creators to make a fortune. Will NFTs become a real replacement for traditional art? Time will show. In the meantime, industry participants should take a closer look at this topic. It is possible that the growing popularity of the creators of the works will eventually make it possible to sell the work purchased today at a much higher price. At least this has already happened the day before.
