The cryptocurrency community is in trouble this weekend after Twitter founder Jack Dorsey tweeted about a new application that will allow people to buy tweets using Ethereum. The application is called Valuables and it enables individuals to purchase a digital certificate of the tweet, which is signed and verified by the creator of the tweet.
Tokenized Tweets for Sale
The tokenization and non-fungible token (NFT) asset industries have grown in the past six months, with large numbers of artists, celebrities, and social giants emerging.
Since nonfungible.com recorded market history, 5,368,992 NFT sales have been made for $ 381 million in revenue. Now a project called Valuables or the Web3-compatible web portal v.cent.co is trying to make tweets valuable by tokenizing them via the Matic blockchain. However, there is a lot of controversy over whether tweets can be rated and stored in a blockchain in a meaningful way.
https://t.co/xCnWG9EqgD
– jack (@jack) March 6, 2021
On March 5, 2021, Jack Dorsey, the founder of Twitter and Square Inc., tweeted about the project with a tweet that he was selling.
At the time of publication, the Tron blockchain founder Justin Sun has bid $ 1 million for a tweet Dorsey created in 2006. Bridge Oracle CEO Hakan Estavi has outbid Justin Sun and is now offering $ 1.5 million ether for the tweet. The two have gone back and forth in a bidding war over the Dorsey tweet, which is being sold on Valuables.
At the time of publication, Bridge Oracle CEO Hakan Estavi has bid for $ 1.5 million worth of ether on Jack Dorsey’s tweet. He outbid the founder of Tron, Justin Sun’s final $ 1 million bid on the 2006 tweet.
The tweet from 15 years ago was when Dorsey wrote, “I’m setting up my twttr.” With the Valuables program, Dorsey certified his 2006 tweet and people can offer to buy the tweet’s digital certificate with Ethereum (ETH).
The concept triggers criticism of the tokenization of tweets in a blockchain
Of course, not everyone in the crypto room is impressed with the Valuables project, and many people consider the application’s real value to be worthless. In the meantime, many people have said that bitcoin maximalists were just jealous and the idea of adding value from tweets is innovative. “Welcome to Ethereum Jack,” one Ethereum proponent tweeted in response to Jack’s sale. “I’m sure you’ll get a good price for this tweet. However, the mastery and salt of the maxis are priceless, ”he added.
Despite the NFT and tokenization fans, a multitude of crypto advocates seemed disaffected with the concept of selling tweets.
“What if you buy someone’s tweet and then delete them?” Software developer Jameson Lopp tweeted. How can you check the ecosystem to make sure a tweet hasn’t been sold multiple times? I suspect your ownership claim is pretty weak. This looks like a prestige system, not an ownership system, ”added Lopp.
@tokenizedtweets 0x5455AbF783C90b7CFB3006d499fFC043a70Da19c
– nirbhik.eth @ (@NirbhikJangid) June 17, 2020
On March 5, Kraken CEO Jesse Powell wrote that buying Tweets could open Twitter to a whole host of security loopholes. “This whole thing about buying tweets brings bounties for takeovers of Twitter accounts,” said Powell. “Hope all of you are using U2F security keys and not SMS for account 2FA / recovery.” A number of people agreed with the Kraken founder’s assessment on Friday afternoon.
Meanwhile, Dorsey’s 2006 status on the Valuables platform isn’t the first time a particular tweet has been tokenized. There is already an application called Tokenized Tweets (@tokenizedtweets) that has been around since 2019.
Dorsey’s 15-year-old tweet was first tokenized using the Tokenized Tweets platform on June 17, 2020. The frequently asked questions about valuables say that tweets “can only be stamped once on valuables”. [but the] However, NFT can be bought and sold an unlimited number of times. “The question arises: which tokenized tweet from Jack Dorsey of March 21, 2006 is more valuable? However, some would say that Dorsey’s NFT coin is more valuable because he certified it with the Valuables application.
When paying for a Tweet with Valuables, 95% goes to the original Tweet creator and 5% goes to Valuables. The project is being carried out by an organization called Cent. For secondary sales, 87.5% goes to the seller, 10% to the creator and 2.5% to the company Cent.
What do you think of the tokenization of tweets and their sale for Ethereum? Let us know what you think on this matter in the comments section below.
Tags in this story
Bridge Oracle, CEO of Square, CEO of Twitter, ETH, Ethereum, Ethereum (ETH), Proponents of Ethereum, Hakan Estavi, Jack Dorsey, Jameson Lopp, Jesse Powell, Justin Sun, Kraken, NFTs, selling tweets, Square Inc. , Tokenization, tokenized tweets, tweets, valuables
Photo credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or an invitation to submit an offer to buy or sell, or a recommendation or approval of products, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.
