(Last Updated on March 9, 2021)
Jack Dorsey sends out his first “NFT” Tweet and it’s a banger!
Surprise, surprise, just when we all believed Jack would be silent or even anti-NFT as a true Bitcoin maximalist….BUT.. he has just shown the complete opposite.
Now, this doesn’t mean he’s diving into the non-fungible token and DeFi world, as this Tweet is specifically about an old tweet of his and showing he’s seeing at least some entertainment in the space. Hard to say as he doesn’t elaborate, but I highly doubt this tweet is anything more than him joking around and being amazed at people spending thousands on a digital art NFT of his own Twitter messages..
I doubt he saw that one coming when he created the Twitter app.
But him promoting V.cent.co was a major surprise for a lot of the hardcore bitcoin community. NFTs have been seen as a eerily similar to the scam filled ICO craze which resulted the majority of investors getting rug pulled and left holding a bag of worthless tokens. Will it only be a promotion and shoutout due to his tweet selling for hundreds of thousands of ETH. Or would Jack Dorsey actually start investing in and backing some future NFT projects.
Jack seems to be giving validity to the NFT digital art space where “virtual ownership on the blockchain” is the value driver.
Images can be easily stolen, duplicated, or replicated.
But only one unique owner can be validated on the blockchain.
His NFT promotion on v.cent.co is of his original Tweet
Non-fungible token art are specialized ERC-20 (Ethereum blockchain based) cryptocurrency tokens which back a unique digital form of artwork. This means you can use ETH to take “ownership” over a digital unique asset on the ERC-20 blockchain. It is a bit difficult for many individuals to grasp how this will be holding value, as digital images can be so easily replicated.
With a lot of scams and quick money schemes being built on top of NFTs, there are a lot of concerns that NFTs are the next evolution of ICOs “initial coin offerings” which hurt a lot of investors.
These type of pump and dumps have given “crypto” a bad name with proponents of the SEC like Gary Gensler being very interested in protecting naïve, new investors from digital security scams online.
Jack’s NFT Tweet is auctioning at $2,500,000 U.S. Dollars worth of ETH!!
After only a few minutes of posting, Jack’s original NFT Tweet is going for nearly a quarter million U.S. dollars worth of Ethereum. It doesn’t seem like this non-fungible token version is any different than a screenshot or copy + paste of the Twitter post, or even images posted above.
Quickly the ego bidding war has escalated from $100,000’s of thousands to millions of dollars!
Justin Sun has gotten into a bidding war with another rich corporate Crypto personality, @sinaEstavi.
Justin Sun (founder of Tron and a Jack Ma protege) vs. Sina Estavi (CEO Bridge Oracle and CryptoLand)
Who’s got the BIGGER EGO?
Because this is just an online, crypto dick measuring contest to own a digitally signed Tweet.
Would be nice to see some of this money flow into charities instead of buying digital signed tweets.. And I think a lot of people are having a hard time wrapping their head around ANY value being held within digital non-fungible token art.
So what IS there to a NFT piece of digital art then?
A unique “proof of digital ownership” on ETH’s blockchain.
What is that worth?
Apparently a LOT of money to quite a few people around the web. Quickly we are seeing some classic cryptocurrency related tweets start to garner some value and are blowing up with ETH bids.
Hal Finney’s “running bitcoin” tweet is iconic to Bitcoin culture.
Elon Musk’s Doge tweets are getting a lot of attention by perspective buyers as well.
Personally, I think it will be similar to the ICO craze where a few greats will emerge, but most will be worthless. Word of advice to any new investors, be careful and cautious when working with any of these new websites and tokens. There are a lot of scams out there and things like “NFT art” might not be the best investment for your whole stack.
Maybe keep it to gambling amounts eh?
What is V.Cent.co?
NFT Art Tweets.
Turning Twitter Tweets into non-fungible token art on the Ethereum blockchain.
Unique blockchain ownership of the Tweet image.
Historic tweets from famous and infamous individuals that have used Twitter are quickly blowing up on the site. Originally V.cent was not receiving a lot of press and most bids were very low. Now with Jack’s endorsement, we’ll see if a NFT Tweet craze erupts like NBA hot shots.
Yes, I know it is odd… but some see value in it although obscure for many.
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.
Only time will tell how NFTs play out but endorsements from major players in the tech industry will only strengthen the amount of retail investors diving into the space.
Many beginner investors into the non-fungible token space will certainly get burned, but some will come away with a unique digital art investment that gains a lot of speculative value over time.
Would you pay $200 to own a classic NFT Tweet from Peter Schiff on the blockchain?
Jack Dorsey announces all revenue from the V.Cent.Co sales will go to charity!
Great to see that Jack has announced all profits from his NFT Tweet sale will go to @GiveDirectly which is an African based charity. Give Directly is using blockchain and technology to help African businesses and individuals in need at this time of crisis post-covid.