Dorsey sells digital version of first tweet for over $2.9m

The tweet has been bought by Bridge Oracle CEO Sina Estavi, according to Valuables by Cent

Twitter founder Jack Dorsey has sold a digital version of his first tweet for more than $2.9 million.

The tweet - “just setting up my twttr”, and was published 21 March, 2006 – has been bought by Bridge Oracle CEO Sina Estavi, according to Valuables by Cent, the digital platform where the digital auction for the tweet was held.

The tweet was made purchasable as an NFT or “non-fungible token”, which is essentially a signature on a piece of digital art that confirms its authenticity on a blockchain ledger.

The blockchain technology is also used by cryptocurrencies to track and verify the movement of transactions.

Mr Dorsey said that the money from the purchase would be converted into bitcoin and given to the nonprofit GiveDirectly’s Africa Response, which has been raising money to support African families struggling from the coronavirus pandemic. Five per cent of the purchase price, however, will go to Valuables by Cent.

Incredible - huge thanks @jack and @sinaEstavi - looking forward to getting this $ into recipients’ hands soon, GiveDirectly tweeted following Dorsey‘s announcement.

After the bid was secured, Mr Estavi wrote on Twitter: This is not just a tweet! I think years later people will realize the true value of this tweet, like the Mona Lisa painting. He added that he was “glad this money is being donated to charity”.

He also owns three other NFTs, valued at less than $130 (£94), and has sold NFTs for some of his own tweets for nearly $100 (£72).

The rise of NFT sales comes both as a way for digital artists to profit from their work, but has been subject to criticism.