The Basics The founder of the Blue Bird Social Network, Jack Dorsey auctioned this message, published in 2006. It has become common for some collectors to buy what is known as “NFT” (Non Fungible Token) for colossal sums, let’s say virtual objects that are registered on the blockchain.
Five 24-character words that could sell for over $ 2.5 million. Twitter leader and founder Jack Dorsey put his very first tweet up for sale on the Valuables platform this Friday, March 6th. As of March 21, 2006 (the day the social network was created) it simply says “I will create my twelfth account”.
It may seem ridiculous, but the excitement is real: this Sunday the most important auction was that of Sina Estavi, founder of Bridge Oracle, a company that works with the blockchain, a technology for storing and transmitting information, transparently and securely and operated without a central control point, in full development in recent years. The offer in question is $ 2.5 million, but he said he was willing to increase it to $ 10 million if necessary.
But why buy a tweet anyway? A tweet offered for sale like that of Jack Dorsey is a so-called NFT, i.e. a non-fungible token. So it is an intangible good that cannot be replaced like a work of art that is defined by its own property. These NFTs are registered in the blockchain and can therefore be traded and sold on the same principle as cryptocurrencies such as Bitcoin.
Also Read: How To Buy Bitcoins If You Don’t Know About It?
These NFTs have been experiencing a certain boom for several months: All kinds of digital “works” have been sold. The album of an artist who wants to share it in this new format, a website, a video sequence of a few seconds or even a tweet. All of this represents a colossal market that interests many collectors.
Unique owner but available to everyone
However, the peculiarity of this market is that you are not the full owner of what you buy: an NFT is unique, but it can be copied at will. Kind of like someone who buys an original CD album and becomes the sole owner, but anyone can still hear it.
For a better illustration, the company Dapper Labs started an exchange system in October in cooperation with the NBA Top Shot, with which all kinds of virtual products related to the American basketball league can be purchased. For example, a ten-second clip showing the spectacular action of American gamer LeBron James sold for $ 208,000 on Top Shot in late February! This dunk can be seen by anyone, but it therefore belongs to someone who believes that this intangible asset will increase in value over time …
ud83d udc51ALL HAIL THE KING ud83d udc51 @ YoDough won this legendary LeBron James moment from our Cosmic Series 1 set for $ 208,000
The top acquisition for every NBA top shot moment … until now.
Congratulations on the nice pickup! ud83d udc51 pic.twitter.com/rFLMzbwXN7
– NBA Top Shot (@nba_topshot) February 22, 2021
In short, these people willing to spend millions of dollars are philatelists, vinyl collectors and other collectibles, but in version 2.0 …