Malaysia-based CEO splurges RM12Mil to purchase the first tweet on Twitter.
Malaysia is once again under the international spotlight after a Malaysia-based CEO splurged a whopping MYR 12million to purchase Twitter’s first tweet. The tweet was by none other than Jack Dorsey, co-founder of Twitter back in 2006.
The buyer, Sina Estavi is the CEO of the blockchain company Bridge Oracle and is currently based in Malaysia. The tweet was sold in the form of a non-fungible token (NFT) and the transaction was done via a platform known as Valuables. The official purchase was transacted using Ethereum, ~1,630 Ethereum to be more precise.
What are NFTs?
NFT is short for non-fungible token. The term ‘non-fungible’ basically means that it is unique and is one of a kind that cannot be replaced. NFTs are a part of the Ethereum blockchain ecosystem and is used to create unique digital artwork ownership.
By listing digital art as an NFT, ownership of the art can easily be traced and transferred. At present times, NFT is commonly used to sell drawings, music, videos and even tweets. Nevertheless, it can really be used to sell anything under the sun.
Still can’t grasp the concept? or why people would spend money on NFTs? Garyvee does a good job explaining it.
For those of you interested to explore more NFTs, you may visit the following marketplaces:
It is important to note that NFTs are still in their infancy stages of adoption. We advise against splurging huge amounts of money in hopes of gaining returns in the near future.
If you’d like to learn more about NFTs, you may read up the following article by The Verge which covers almost everything you’d need to know about NFT.
