London, UK – Jack Dorsey, co-founder of Twitter, sold his first-ever tweet as a Non-Fungible Token (NFT) for over $2.9 million on March 22, 2021. The digital asset, minted on the Ethereum blockchain, was purchased by Sina Estavi, CEO of Bridge Oracle, marking a significant moment in the nascent NFT market. The tweet, originally posted on March 21, 2006, simply read: > "just setting up my twttr."
The sale was conducted on the Valuables by Cent platform, where Estavi's winning bid amounted to 1630.5825601 Ether (ETH), equivalent to $2,915,835.47 at the time. The NFT represents a unique digital certificate of the tweet, verified and signed by Dorsey, akin to a digital autograph, with the original tweet remaining publicly accessible on Twitter. Dorsey announced that the proceeds from the sale would be converted into Bitcoin and donated to GiveDirectly's Africa Response fund, a charity supporting poverty-stricken communities.
The use of the Ethereum blockchain for this high-profile NFT sale highlighted its prominence in the digital collectibles space. Ethereum's robust smart contract capabilities made it the preferred platform for minting and trading many early NFTs, despite Dorsey's well-known advocacy for Bitcoin. Dorsey has frequently expressed a preference for Bitcoin, viewing it as the internet's native currency, and has been critical of other cryptocurrencies, including Ethereum, for what he perceives as a lack of decentralization.
The sale occurred amidst a booming period for the NFT market in early 2021, with digital art and collectibles fetching unprecedented prices. This event brought mainstream attention to NFTs, showcasing their potential as a new form of digital ownership and investment. However, the long-term value of such assets remains a subject of debate, as evidenced by a later attempt to resell the same NFT for a significantly lower amount, with a top bid of only $280 in April 2022.
Sina Estavi, the buyer, expressed his belief in the long-term significance of the purchase, comparing it to owning a piece of the Mona Lisa. This transaction underscored the speculative nature and rapid evolution of the digital asset landscape, where unique digital items, secured by blockchain technology, began to command substantial valuations.