NFTs are digital files that serve as digital signatures to certify who owns photos, videos and other online media.
Bids for Twitter co-founder Jack Dorsey's first post on the microblogging site has reached USD 2.5 million. Dorsey had listed his first-ever tweet on the website 'Valuables by cent' which is poised to sell it as a non-fungible token (NFT).
Non-fungible mean you can't exchange it for another thing of equal value. The NFT refers to a unit of currency on the Blockchain, the way cryptocurrency like Bitcoin is bought and sold.
NFTs are digital files that serve as digital signatures to certify who owns photos, videos and other online media.
The 2006 post "Just setting up my twttr" has been listed as a unique digital signature on the website and the highest offer that has been offered till now is USD 2,500,000.
The artist Grimes recently sold several NFT items for nearly $6 million.
An NFT of LeBron James making a historic dunk for the Lakers garnered more than $200,000.
Dorsey tweeted a link to the website listing on Friday, and the Twitter co-founder's post has since then been shared thousands of times.
Old offers for the tweet suggest that it was put for sale in December, but the listing gained more attention after Dorsey's tweet on Friday.
The buyer of Dorsey's tweet will receive a certificate that will be digitally signed and verified by the Twitter CEO. The certificate will include information such as the time of the tweet posted and its text.
According to Valuables, a tweets marketplace that was launched three months ago, buying a tweet means "What you are purchasing is a digital certificate of the tweet, unique because it has been signed and verified by the creator".
Valuables compares the buying of tweets with buying an autographed baseball card. "There is only one unique signed version of the tweet, and if the creator agrees to sell, you can own it forever."
A tweet's buyer will get an autographed digital certificate, signed using cryptography, that will include metadata of the original tweet, according to the Valuables website. The tweet will continue to be available on the Twitter website.
(With agency inputs)
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