Twitter CEO and co-founder Jack Dorsey gestures whereas interacting with college students on the Indian Institute of Know-how (IIT) in New Delhi on November 12, 2018.

Prakash Singh | AFP | Getty Photographs

Jack Dorsey seems to offer to promote the very first tweet as a non-fungible token, or NFT.

The Twitter CEO shared a link Friday afternoon to a platform referred to as “Valuables,” the place his March 21, 2006 tweet “simply organising my twttr” was up for bidding. The very best supply is from Sina Estavi, CEO of Bridge Oracle, for $2.5 million as of Saturday afternoon, in accordance with the web site.

Possession of those belongings is recorded on a blockchain — a digital ledger just like the networks that underpin bitcoin and different cryptocurrencies. Nonetheless, in contrast to most currencies, an individual cannot trade one NFT for an additional as they might with {dollars} or different belongings. Every NFT is exclusive and acts as a collector’s merchandise that may’t be duplicated, making them uncommon by design.

Crypto collectibles have exploded in reputation recently, with anybody from artists to rock bands minting their content material. A digital rendition of the Nyan Cat meme from 2011, for instance, bought for almost $600,000 in a web-based public sale final month.

Some people who find themselves shopping for NFTs imagine it may assist them show possession of a digital merchandise because of blockchain.

Dorsey has additionally been an advocate of digital currencies, displaying “#bitcoin” in his Twitter bio, so leaping into NFTs appears to be a pure extension. His digital funds firm Square additionally bought roughly 3,318 bitcoins in late February, increasing on its October 2020 purchase of 4,709.

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