Twitter co-founder and CEO Jack Dorsey is selling his first tweet in an online auction that has already reached $2.5 million. The tweet is being sold as a non-fungible token (NFT) — a crypto collectible of sorts that functions as a digital certificate of ownership.
CNBC reports: “Ownership of these assets is recorded on a blockchain — a digital ledger similar to the networks that underpin bitcoin and other cryptocurrencies. However, unlike most currencies, a person can’t exchange one NFT for another as they would with dollars or other assets. Each NFT is unique and acts as a collector’s item that can’t be duplicated, making them rare by design.”
Other recent high-profile NFTs that have sold for eye-watering sums include a LeBron James dunk ($200,000) and one based on the internet meme Nyan Cat ($590,000).
NPR has a good write-up on the NFT and why people are paying so much to buy them. Worth a read if you’re interested in learning more about this bizarre new internet craze.