Jack Dorsey's first-ever tweet has sold as an NFT for nearly $3 million after more than two weeks of bidding. The auction winner, Sina Estavi, upped the winning bid at the last moment, ramping the final sale price up from $2.5 million to the final price of $2,915,835.47.
It's a hefty sum to take digital ownership of the Twitter CEO's first tweet, but one that Estavi clearly feels is worth the investment. It is, after all, a unique piece of internet history.
Dorsey's First Tweet Sells for $2.9 Million
Jack Dorsey's relatively simplistic first tweet has been sold as an NFT, a non-fungible token. The NFT was put up for auction on March 6, 2021, and immediately captured the imagination of the explosive NFT market—though its final price isn't as high as some other NFT sales.
just setting up my twttr
— jack (@jack) March 21, 2006
The final sale price of $2,915,835.47 is the current equivalent of 1630.5825601 ETH, which Estavi, who is CEOP of the blockchain company Bridge Oracle, was only happy to pay, telling Reuters he was "thankful" for the NFT.
Dorsey's first-ever tweet will remain on Twitter for all to see. However, Estavi now holds digital ownership of the tweet. Like any other asset, ownership of this unique NFT could rise in value if Estavi chooses to sell it at a later date.
Some NFTs have already been resold for many times their value, so you would expect something as remarkable as Dorsey's first tweet to ramp up in price.
Now, Dorsey obviously doesn't need the money.
Which is why you'll be pleased to know that he is committed to converting the winning bid into Bitcoin and donating it to GiveDirectly for its Africa Response.
Indeed, following the completion of the NFT auction, Dorsey immediately tweeted regarding the conversion of the Ethereum into Bitcoin and the transaction sending what amounts to more than 50 BTC to GiveDirectly's Africa Response fund.
Ending this March 21st
— jack (@jack) March 9, 2021
Will immediately convert proceeds to #Bitcoin
And send to @GiveDirectly Africa Response
The auction platform, Cent, also receives five percent of the total sale.
NFTs Are Here to Stay
Non-fungible tokens are digital assets minted on the Ethereum blockchain. Once minted, an owner can trace the line of ownership between any transactions, ensuring the digital asset is the real deal and not a copy.
Although NFTs aren't entirely new technology, recently, the NFT market has exploded, sending the prices of seemingly nondescript pieces of artwork skyrocketing, including memes, GIFs, and other pieces of internet lore.
Whatever your take on NFTs, it is clear that the technology isn't going away any time soon. However, the NFT could burst and cause a sudden drop in prices, so it's worth remaining cautious over any prospective sales.
