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An official from Saitama explains why Twitter CEO Jack Dorsey auctioned off NFTs

Wednesday, August 10, 2022 | August 10, 2022 WIB Last Updated 2022-08-10T06:47:37Z


It seems likely that Dorsey started it as a joke and made money by smiling. “Just starting my tweet,” is a beautiful first tweet. It’s not even correct English. But the NFT community doesn’t see it that way. He decided to change this article into a JPEG file and save it digitally. Then, as their first NFT, they put it on a blockchain and auctioned it off. The tweet got a lot of attention on its own, and a few months later, an Iranian crypto entrepreneur named Sina Estawi bought it for $2.9 million. The officer from Saitama tells what happened to make this happen. , “I think Jack Dorsey wanted to test the power of NFTs. And his timing was perfect. December 2020 was a time when the buzz around NFTs was at its peak. NFTs took a sort of Midas touch. developed, and Dorsey wanted. To gauge its power. In the end, he’s an entrepreneur interested in testing trends rather than creating them. So, I’m sure the final quote won him just as much. It must have surprised as much as the rest of us. But his move nonetheless made a huge impact on his bank balance, with him moving just a few buttons on the keyboard. It makes the returns bigger than ever.”

Estavi’s choice to spend so much money on a simple tweet seems strange. “As a businessman, Estawi had two objectives – one to get attention and get their brand out there and second, they should buy NFTs as an investment in a Twitter product that would increase demand.” said the Saitama official. “They also wanted to buy NFTs as an investment in a Twitter product that would make people want to buy it.” But when he put it up for auction a few months later, he was very upset that only 7 people bid and the highest amount was $280. But he said no, which may have been the best thing he could have done. Because NFTs are worth about $10 million on the market right now.

Is Jack Dorsey’s decision to sell his tweets as NFTs just the start of a transaction that the world has never seen before? When they start to be used in the real world, will non-fungible tokens change what money is and how it is used? The Saitama official says that Dorsey’s move has brought up a lot of important problems, and we won’t know how to solve them until more time passes.

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