How NFTs Work

Fifteen years after tweeting it, Jack Dorsey sold the first-ever tweet as an NFT (non-fungible token) for just over $2.9 million

Naturally, this produces more questions than answers.

Explaining the NFT process

There’s a service called Valuable where you can “mint” the tweet on the blockchain and create a one-to-one version of it.

And this is where the questions come already:

  • Doesn’t the original tweet still belong to Jack Dorsey or Twitter because it is “minted” in Twitter’s database at a certain date, 15 years ago?
    • Yes, it does and you only buy a “digital certificate.”
  • Can the new owner actually tweet it or is it just like a painting that they can show off?
    • Nope, you can just literally show it off as a painting or sell it to someone else.
  • What will be the next crazy tweet sold as NFT?
    • Elon Musk is pretty notorious for his Twitter escapades (even going so far as to commit securities fraud on the platform), so there’s this that’s being sold at auction.

Well, there you go… If you thought the NFT hype was over after that Beeple creation sold for over $69M, that only added more fuel to the fire.

TME.NET provides technology, fintech, and business news, marketing and social media guides, and info on streaming & other entertainment.

Leave a Reply

Your email address will not be published.