$2.5M For a Tweet - Non-Fungible Token
That tweet, the first one ever sent on Twitter, is currently up for sale by Twitter CEO Jack Dorsey. The high bid at the time of writing ? $2.5 million.
If that sounds crazy to you, someone paid $6.6 million for a 10-second video at a Christie’s auction last week on 1st March 2021.
If all these sound crazy to you, probably you haven't been following the NFT craze.
A NFT, non-fungible token, is a special type of cryptographic token which represents something unique; NFTs are thus not mutually interchangeable. This is in contrast to cryptocurrencies like bitcoin, and many network or utility tokens, that are fungible in nature. NTFs are used to create verifiable digital scarcity, as well as digital ownership, and the possibility of asset interoperability across multiple platforms.
A lot of investement has also been going on in this technology. In June of 2017 CryptoPunks were released as the first NFT on the Ethereum blockchain by American studio Larva Labs, a two-person team consisting of Matt Hall and John Watkinson. In late 2017 another project called CryptoKitties was released and went viral and subsequently raised a $12.5 million investment.
Even Nike holds a patent for its blockchain-based NFT-sneakers called ‘CryptoKicks’.
Source : Wikipedia