Twitter CEO and co-founder Jack Dorsey gestures while interacting with students at the Indian Institute of Technology (IIT) in New Delhi on November 12, 2018.
Prakash Singh | AFP | Getty Images
Jack Dorsey seems to be ready to sell the first tweet as a non-fungible token (NFT).
The ownership of these assets is recorded on the blockchain-a digital ledger similar to the network that supports Bitcoin and other cryptocurrencies. However, unlike most currencies, one cannot exchange one type of NFT for another as with dollars or other assets. Each NFT is unique and serves as an item that cannot be copied by the collector, so it is rare in design.
Encrypted collectibles have become popular recently, and anyone from artists to rock bands is paying attention to their content. For example, the digital interpretation of Nyan Cat meme in 2011 was sold for nearly $600,000 in an online auction last month.
Some people who buy NFT believe that with the help of blockchain, it can help them prove the ownership of virtual items.
Dorsey has always been a proponent of digital currency, and his Twitter resume shows “#bitcoin”, so joining NFT seems a natural extension. His digital payment company Square also purchased approximately 3,318 bitcoins in late February, expanding on the 4,709 purchased in October 2020.
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