Twitter, one of the world’s largest social media platforms, began its journey in 2006, when co-founder, Jack Dorsey pitched his idea for an SMS-style platform to, podcast company, ODEO’s owners Evan Williams and Biz Stone. Both subsequently backed Dorsey in the funding and creation of the online content sharing site.
The platform now experiences roughly 350,000 tweets per minute, 500 million tweets per day and 200 billion tweets per year, with its growth only continuing to increase. The American site allows its registered users to send out short, word-limited, online announcements to their followers. They are also able to like, comment and retweet others’ posts, while unregistered users are only able to read tweets.
The CEO, 45, first tweeted on his online content platform on the 21st of March 2006, which read ‘‘Just setting up my twitter’’. The simple but effective status update was first put up for auction online in December of 2019, with tweets being the latest online product to be monetised and auctioned off as non-fungible tokens. [NFT’s] An NFT is a unique, digital certificate that states who owns a photo, video or other form of online media. Their certificates also use the same blockchain distributed database technology as Bitcoin and other cryptocurrencies, which declares ownership of digital products.
The site’s founders compare the purchasing of a tweet as similar to the more traditional route of an autograph or a bought merchandise product. The listing gained more attention over the weekend following Dorsey’s tweet of the online auction site’s link, with the co-founder’s tweet receiving thousands of shares. Shortly following the link’s publication via Dorsey’s twitter account, the bids reached more than $88,000.
With claims suggesting that purchasing online media being the newest and best route for financial investment, the final offer reached $2.5 million, with roughly 95% of the sale’s value going to the original content creator, while the remaining 5% going to the site itself. The buyer will receive a certificate containing the online signature of Jack Dorsey, as well as the metadata of the original tweet. The winner now owns the rights to the tweet, however, the tweet will remain online for the public to see and read following the auction’s completion.