Twitter (NASDAQ:TWTR) CEO Jack Dorsey has sold his first tweet for $2.9 million in the form of a Non-Fungible Token (NFT). The 2006 tweet, stating “just setting up my twttr”, was sold to Sina Estavi, CEO of the blockchain service Bridge Oracle. Estavi commented that “this is not just a tweet! I think years later people will realize the true value of this tweet, like the Mona Lisa painting.”
This quote highlights the recent frenzy that has developed around the NFT market. NFTs are unique digital tokens that certify ownership of a digital asset using blockchain technology.
In the past weeks NFTs have sold for astronomical prices, reflecting the euphoric state of the general market. However, detractors point to the NFT market as an example of a bubble.
The hype around NFTs has also spilled over to the stock market, propelling potential NFT plays higher. For example, the online art retail platform Takung Art (NASDAQ: TKAT) has risen around 900% in the last five days. Other beneficiaries include Chinese fintech company Jiayin Group (NASDAQ:JFIN) and the American entertainment company Cinedigm (NASDAQ:CIDM).
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