Forget about bitcoin. The future is digital assets. Crypto-collectibles and NFTs (non-fungible tokens) are the new craze and celebrities are already cashing in. As we noted last week, Elon Musk’s partner Grimes made $5.8 million in just 20 minutes selling digital art (NFT).
Now, Twitter founder Jack Dorsey joins the list of celebrities like Mark Cuban and Lebron James who are selling digital arts. Yesterday, Dorsey listed his first-ever tweet as an NFT. In just 24 hours, his NFT has already drawn a $2 million bid.
Below is Dorsey’s first tweet posted on March 21, 2006. The tweet comes with an autographed digital certificate and signed using cryptography with metadata from the original tweet.
In an announcement on his personal website, Dorsey said he’s selling his first tweet as a unique digital signature as NFT. Here is how Dorsey describes the auction, “NFTs make digital content one-of-a-kind: you will be the only person who can claim ownership of an NFT that you own. This means you will have control of the NFT, like the ability to resell or distribute it, and it will appreciate or depreciate in value just like any other asset.”
Below is Auction QnA.
What are the terms of this transaction and what does it mean to own a tweet?
The tweet itself will continue to live on Twitter. What you are purchasing is a digital certificate of the tweet, unique because it has been signed and verified by the creator.
This autographed digital certificate will only be issued once on Valuables. It is signed using cryptography, and includes metadata of the original tweet like: when the tweet was posted, what the text contents are of the tweet, the timestamp of the tweet, and the digital signature from the creator’s crypto wallet address.
Why would I pay to own a tweet?
Owning any digital content can be a financial investment, hold sentimental value, and create a relationship between collector and creator. Like an autograph on a baseball card, the NFT itself is the creator’s autograph on the content, making it scarce, unique, and valuable.
How do I buy a tweet using Valuables?
Go to v.cent.co and input the url of the tweet you want to make an offer on.
How do I sell my tweets using Valuables?
Once you have a twitter account, follow these steps:
1. Login to Valuables with your Twitter so we can verify which tweets are yours.
2. Add the metamask extension to your browser to interact with cryptocurrency.
3. Review and accept any offers for your tweets.
I got a Twitter notification about an offer on my tweet. What do I do next?
Sign in to Valuables and go to the PROFILE page from the top right menu. Here you can click ACCEPT OFFER and wait for the metamask popup to appear. Then click SIGN.
Congratulations! You’ve earned ETH by selling your tweet. It should appear in your wallet within an hour.
What can I do with tweets that I own?
You are able to resell them on Valuables or display them in your online gallery. As with any collectible, you can choose to just keep it in a private collection.
Where does the money go?
95% goes to the original tweet creator. 5% goes to running Valuables by Cent.
For secondary sales, 87.5% goes to the seller, 10% goes to the creator, and 2.5% goes to Cent.
How does the tweet’s creator receive their money?
The money is automatically credited to their crypto wallet when they agree to sell. It generally takes an hour for the transaction to clear on the ethereum network. If it’s been over a day, please reach out to us at the email address shown at the bottom of this FAQ.
How many times can someone mint the same tweet?
The tweet itself can only be minted once on Valuables. That NFT though can be bought and sold an unlimited number of times.
How do I counter someone else’s offer on a tweet?
Your counter-offer must be an increase of 10% or $1, whichever is more. Though all values will be shown in $USD, your counter-offer minimum will be calculated using the current price of Ethereum, a value that may have fluctuated since the last offer.
What if the creator doesn’t accept my offer to buy their tweet?
If your offer hasn’t been approved, you can cancel and receive your money back 24 hours after you made the offer.
What if the creator changes their mind after accepting my offer?
Transactions on the blockchain are irreversible. You are now indisputably the owner of that tweet NFT. Of course, you can always sell it back to the original creator, or you can give it back for free.
What if I change my mind after my offer is accepted?
Same as the above.
Whose tweets can I buy?
Currently, you can make offers on any tweet authored by a public twitter account.
Can I make an offer on my own tweet?
No, but we are currently developing ways for creators to mint their tweets without having to sell.
Where does the tweet NFT metadata live?
All metadata lives on the Matic blockchain.
What is ETH?
ETH stands for Ethereum, and is a cryptocurrency with real world value. You should do your own research on how cryptocurrency works, but all you need to know right now is that you can convert ETH to any physical currency (like USD) using a service like Coinbase.
If you want to interact with ETH, add metamask to create your crypto wallet.
What is an NFT?
NFTs make digital content one-of-a-kind: you will be the only person who can claim ownership of an NFT that you own. This means you will have control of the NFT, like the ability to resell or distribute it, and it will appreciate or depreciate in value just like any other asset.
Reach out to @cent on Twitter or email us at [email protected]