After it spent just over two weeks on the market, Twitter CEO Jack Dorsey has sold his first tweet as an NFT for the weirdly specific figure of $2,915,835.47. The winning bidder was Sina Estavi, who had held the high bid since offering $2.5 million on March 6th. He upped his bid to this number at the last moment (and if anyone can tell us what that figure represents, we’d love to hear your theories).
Dorsey put the tweet up for digital auction as an NFT — non-fungible token — a digital good that lives on the Ethereum blockchain, on March 5th. Bids were handled on a platform called Valuables by Cent that lets people make offers on tweets that are “autographed by their original creators.”
What’s an NFT?
NFTs allow you to buy and sell ownership of unique digital items and keep track of who owns them using the blockchain. NFT stands for “non-fungible token,” and it can technically contain anything digital, including drawings, animated GIFs, songs, or items in video games. An NFT can either be one of a kind, like a real-life painting, or one copy of many, like trading cards, but the blockchain keeps track of who has ownership of the file.
NFTs have been making headlines lately, some selling for millions of dollars, with high-profile memes like Nyan Cat and the “deal with it” sunglasses being put up for auction. There’s also a lot of discussion about the massive electricity use and environmental impacts of NFTs. If you (understandably) still have questions, you can read through our NFT FAQ.
The bids on Dorsey’s succinct first tweet “just setting up my twttr” from March 21st, 2006, quickly escalated, and Dorsey later said he would end the bidding on the tweet’s 15th anniversary. According to the time stamp on Cent, Estavi made his final, winning bid on Monday afternoon, and according to Reuters, paid using the Ether cryptocurrency in the amount of 1630.5825601 ETH. Estavi, CEO of blockchain company Bridge Oracle, told Reuters he was “thankful.”
Dorsey said previously he would convert the winning bid into bitcoin and donate it to GiveDirectly for its Africa Response, and he tweeted his receipt Monday afternoon. GiveDirectly is a charitable organization which gives money directly to people living in poverty.
Auction winners on Cent get a digital certificate of the tweet with their purchase, which is “unique because it has been signed and verified by the creator.” Dorsey receives 95 percent of the sale price, and Cent gets 5 percent, according to its FAQ.