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News / VeVe Digital Collectibles

« on: December 12, 2022, 12:01:39 AM »

VeVeVerse is a planned metaverse project from VeVe where users will be able to showcase their VeVe collectibles, and explore and interact with each other in a virtual world. We will be able to own land one day in the VeVeVerse.
The VeVeVerse is a metaverse project that is currently in development by the VeVe team. The project was first announced in 2021 and is currently scheduled to launch in 2023.

Features
The VeVeVerse will be an interactive metaverse where users will be able to interact in a 3D digital world in both AR and VR.

Users will be able to decorate their home spaces with their VeVe collectibles as well as NFTs from other projects, explore other people’s home spaces, and explore themed worlds related to specific brand.

Some of the key features of the VeVeVerse include:

Home Spaces – An upgraded version of the current showroom, which will server as the user’s home in the VeVeVerse. Users will be able to decorate and customize their home space as much as they wish, invite other users to visit their home space, and visit the home spaces of others.

Worlds – In addition to the home spaces, there will be different themed worlds that users will be able to visit. The main one will be VeVeCity which will feature a museum of all VeVe collectibles. There will be other worlds as well tied to themes (forest worlds, water worlds, etc) as well as brand-specific worlds (Batman, Marvel, etc). Users will be able to purchase land in these worlds with OMI or through the MCP program.

Accessories – In addition to collectibles, there will be non-branded accessories such as couches and bookshelves that users will be able to use to decorate their homespaces. These will be purchaseable for MCP points. Users will also be able to create their own objects and add interactivity via a scripting language.

Avatars – Users will have avatars or digital representations of themselves which they will be able to use to navigate the VeVeVerse. Users will eventually gain the avility to customize their virtual avatars.

Interoperability – The VeVeVerse will be compatible with other metaverse and NFT projects, and users will be able to incorporate non-VeVe NFTs into their showrooms. The VeVeVerse will be compatible with 3D objects created in both Unity and Unreal Engine (the two most popular 3D formats) and will work across mobile, desktop and AR/VR devices.

Communication Features – The VeVeVerse will include a full suite of communication features such as text chat, audio chat, and videoconferencing. Users will be able to stream content in the VeVeVerse and also collaborate synchronously on virtual whiteboards.

Release Date
The VeVeVerse will begin rolling out in 4 stages, starting in 2023:

Q1 2023: VeVe Home Spaces + Accessories
Q2 2023: Worlds – VeVeCity, IP Branded Worlds
Q3 2023: Customizable Avatars
Q4 2023: Gamification
More functionality will be rolled out in the future based on user feedback.

Release Platform:
NFTTAG.org
veve.me
opensea.io

2

News / NFT Price Crash Stirs Debate on Whether Stimulus-Led Fad Is Over

« on: April 05, 2021, 03:58:58 PM »

Prices for digital collectibles like art and sports memorabilia are sliding, turning the focus back on whether the nascent market for so-called non-fungible tokens is any more than a fleeting mania.

Average prices for NFTs -- essentially tradable digital certificates that use blockchain technology to prove ownership and provenance of online assets -- have tumbled almost 70% from a peak in February to about $1,400, according to Nonfungible.com, which tracks a variety of NFT marketplaces.

A burst of interest in NFTs hit a peak last month when a digital artwork by Beeple sold for a staggering $69.3 million. For some, that sum showed NFTs were in the grip of investor excess in a world full of stimulus, and destined to fizzle. Others who study the technology argue the use of blockchain to create scarcity for digital collectibles is a lasting innovation rather than a price fad.

“It’s not meaningful to characterize a concept as a financial bubble,” said Chris Wilmer, a University of Pittsburgh academic who co-edits a blockchain research journal. “‘NFTs’ aren’t in a bubble any more than ‘cryptocurrency’ is a bubble. There will be manias and irrational exuberance, but cryptocurrency is clearly here to stay with us for the long term and NFTs probably are too.”
Blockchain-based digital asset sales were already underway in 2018, when 10 collectors paid $1 million for a digital picture of a rose. Today, tweets, baseball clips and even comical digital characters are also traded as NFTs.

Companies are looking to expand applications of the technology. While digital art is “frothy,” music and film may provide viable NFT ventures, said Kathleen Breitman, the co-founder of blockchain platform Tezos. There are even queries emerging about lending against NFTs, she said.

Researchers have also begun looking into whether NFTs have low correlations to other investments, including cryptocurrencies like Bitcoin, hinting at a potential if highly controversial role in portfolio diversification.

At the same time, NFTs are far from risk free, whether due to further price drops, so-called wash trading -- where deals that look genuine are actually done by small groups to create an illusion of high demand -- or plain fraud.

While trading volumes and average prices are far lower than recent peaks, other data show many NFTs are still sitting on substantial gains for 2021. Over the first quarter, the market value of 38 NFTs tracked by CoinMarketCap surged more than eightfold to $22.5 billion.

“The interest in building a persona -- and owning things -- in the digital world has been bubbling up for years,” said Berna Bershay, an analyst at Empire Financial Research. “With so much time spent online in the past year, the desire to own digital assets was probably dragged several years forward by the Covid-19 crisis.”

Source: Bloomberg

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News / Funko shares soar after toymaker strikes deal to enter NFT market

« on: April 03, 2021, 03:23:55 PM »

Shares of Funko surged 19% in early trading Thursday after the pop culture collectible maker said it acquired a majority stake in TokenWave, putting it into the NFT market.

TokenWave is behind the TokenHead app and website, which tracks holdings in nonfungible tokens.

Financial terms of the deal weren’t disclosed.

Funko, known for its dolls with oversized heads, said it plans to launch its own NFT offerings in June. A new one will be introduced each week, starting at $9.99, it said.

“Our strategy in this space is clear — bring the value-added NFT opportunity to our licensing partners to leverage our broad range of existing pop culture content across television, movies, sports, music, anime, video games and comic books,” CEO Brian Mariotti said in a statement.

Funko has a market cap of $959.4 million. Its stock is up more nearly 414% over the past 12 months, as of Wednesday’s market close.

Source: CNBC

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News / NFT art bubble? 2017 crypto bust could spell out the future of current boom

« on: April 02, 2021, 05:07:08 PM »

Mania for non-fungible tokens is gripping the art world, with one selling for $69m. But artists unfamiliar with the mercurial cryptocurrency markets ought to curb their enthusiasm—this has happened before
The speculative mania took hold in a niche, previously untapped sector, baffling onlookers as opportunists from afar sought to profit from a bizarre and inscrutable new market. Thousands of businesses materialised almost overnight and enormous sums of money poured into them from investors large and small as talk about “blockchain”, “democratisation” and “tokenisation” wormed its way into mainstream consciousness.

As the market exploded and major corporations began to join the flailing bandwagon, pundits began to wonder whether there was any intrinsic value—or any value at all—underlying the craze; public confidence soon waned as it became clearer that the whole thing was perhaps a bit much. The market deflated and a new generation of disappointed investors were left holding the bag.

Sound familiar? This actually took place in the summer of 2017, when thousands of completely unregulated ICOs (initial coin offerings) began to dominate the newly frothy cryptocurrency markets. Seeing Bitcoin’s precipitous rise, thousands of companies decided to hitch their fortunes to the cryptocurrency’s younger sibling, Ethereum, a self-described “world computer”, which offered the ability to fundraise by minting “tokens”—effectively shares—without regulation, scrutiny or any semblance of a viable product.

“Ethereum was basically a platform for illegal securities” AMY CASTOR, JOURNALIST

Upwards of 80% of the sales wound up being glorified pump-and-dump schemes, with millions made and very little built, and the whole thing eventually fell foul of the US Securities and Exchange Commission. This year, these opportunists have moved onto unregulated pastures new: the world of high art.

It is difficult to overstate just how similar the mania around NFTs (non-fungible tokens) is to the boom of 2017. Over the past few months, many of the same cryptocurrency devotees who failed to realise their dreams of democratising/tokenising/decentralising finance have pivoted entirely to digital art, fuelling another boom that has seen Christie’s auction a digital collage for $69m, a tweet by Elon Musk garnering a $1.1m bid, and toilet paper brand Charmin peddle NFT-monogrammed loo roll. As before, the underlying value of the craze is dubious: “buying” an NFT does not generally confer actual ownership, but rather produces a certificate and a link to a URL of an image that can still nevertheless be viewed by anyone online.

While much of the action taking place in the NFT world has been chalked up in marketing materials as, uncannily, a “democratisation of the art world”, a major portion of the frantic buying is actually fuelled by boosters from the cryptocurrency world, some of whom have used the NFT boom as an opportunity to resurrect their flagging, 2017-era businesses. Take, for instance, the $69m sale by Christie’s of Everydays: The First 5,000 Days by the digital artist Beeple (aka Mike Winkelmann). Of 33 active bidders, 91% were new to Christie’s, and 64 % were either Millennials or Generation Z—buyers who were primarily the newly minted crypto rich, beneficiaries of spikes in digital assets. It also emerged that the pseudonymous buyer, Metakovan, was Vignesh Sundaresan, a long-time cryptocurrency entrepreneur who owns the NFT index fund Metapurse (of which Beeple himself has a 2% stake) and, yes, raised $47.5m in an ICO in 2017. That company’s token, the Lendroid Support Token, now effectively has no value.

Beeple's Everydays: The First 5,000 Days (2021), a non-fungible token minted on 16 February Image: courtesy of Christie's
Beyond Sundaresan, there is a host of other former ICO impresarios trying their luck with NFTs. One-time ticketing service Blockparty, whose own token is circling the drain, rebranded as an NFT music platform. Others to go all in on NFTs include the blockchain companies Theta and Enjin. And it is not only former Ethereum players: the second highest bidder at the Christie’s Beeple auction was the Chinese entrepreneur Justin Sun, the founder of the widely ridiculed Ethereum rival TRON, while Everipedia, a Wikipedia clone on the Eos blockchain network, has rebranded as “Photoshop for NFTs”.

That is to say nothing of the large Silicon Valley corporations sustaining the craze. The colossal venture firm Andreessen Horowitz, which was involved in the 2017 bubble, has heavily invested in the NFT world, most recently putting $23m into the online marketplace OpenSea. Money has also poured in from the Winklevoss twins, Bitcoin fanatics who invested in the enormously influential NFT marketplace Nifty Gateway.

Metakovan’s resumé
Amy Castor, the journalist who uncovered the true identity of Metakovan, described the collector’s resumé as a hodge-podge of all the various crypto-related speculative trends of the past few years, making him representative of an industry that adapts quickly to any new craze that looks profitable. “Ethereum was basically originally a platform for these illegal securities,” Castor says. “The problem was, regulators came down on them, a lot of these people faced fines and charges and the market came apart.”

Ethereum followers then moved into decentralised finance (DeFi), a little understood movement that offered complex, high-risk financial instruments to retail investors. “DeFi was a sort of way to get that going again, but it was really confusing to most people outside of crypto,” Castor says.

NFTs, almost by accident, have become a boom precisely “because people outside of crypto really relate to it”, Castor says. “They can understand the concept of NFTs, which is, ‘Hey, all you artists out there have been having so much trouble making money with your digital artwork, because it’s hard to track these things, but with NFTs you can finally make money’. So people not interested in crypto became interested, and artists saw these things going for millions of dollars and thought, ‘Sure I can get in on this and make money too!’.”

It is not clear whether the NFT movement will bring any future tangible benefits for digital artists, some of whom have produced NFT works of art which are brilliantly weird and creative, and perhaps the whole thing should not be written off entirely. The problem, however, is that to profit from NFTs artists have to first invest in Ethereum (or, in some cases, other cryptocurrencies), a network which has its own cryptocurrency, ether. Buying into the network causes the price to appreciate, benefiting the largest holders. “That’s why NFTs are a real boom for the crypto bros,” Castor says. “They’ve found a new way to bring fiat currency [that is, dollars, pounds and euros] into Ethereum.”

A cynic might argue that these former ICO entrepreneurs are not merely pivoting but have actually stumbled across a new fundraising mechanism, one which happens to fill a conveniently unregulated niche: a way to raise money quickly and efficiently that, unlike ICOs, does not run afoul of US securities laws. The problem in 2017 was that many of these companies were explicitly or implicitly promising returns on investments into their businesses, which made their tokens look a lot like illegal securities. But an NFT does not come with that problem—with the barest amount of effort you can mint a work of art that subsequently sells for thousands. And if it doesn’t resell? Well, nothing can be done, because nobody expected to profit anyway. And, indeed, probably won’t.

Source: The art newspaper

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News / Some NFT Sales Could Be Illegal

« on: March 31, 2021, 11:19:45 AM »

investors should be careful not to create unregistered securities when buying and selling fractional shares in an NFT.

The hype around NFTs, or non-fungible tokens, refuses to die down, and regulators are taking notice.

SEC commissioner Hester Peirce, affectionately known as "Crypto Mom" within the cryptocurrency industry, warned investors yesterday that some NFTs could be considered unregistered securities under certain circumstances.

“The whole concept of an NFT is it’s supposed to be non-fungible, so it’s supposed to be unlike anything else,” Peirce said during a Security Token Summit webinar on Thursday. “Which means that it’s, I think, in general, less likely to be a security, but people are being very creative in the types of NFTs they’re putting out there. It’s a wonder what some people will pay for. And so I think, given that creativity, as with anything else, you should be asking questions.”
NFTs are cryptographically secured digital assets—essentially just a token attached to an image or video file. They’ve been selling for ridiculous amounts of money (the digital artist Beeple sold a single NFT for $69 million at Christie’s), and have been used to promote music, digital art, tweets, and journalism.

They’ve also posed problems for investors. There are potential copyright issues, as well as ethical concerns around the Ethereum network’s energy consumption; some have suggested that crypto art might make a good vehicle for money laundering (sort of like physical art).
Peirce explained that certain kinds of fundraising efforts tied to NFTs might “raise the same kinds of questions that ICOs have raised.”

“If you’re doing something where you are saying, ‘I’m going to sell you this thing and I’m going to put a lot of effort into building something so that this thing that you’re buying has a lot of value," those kinds of sales will attract more regulatory scrutiny.
ICOs, or “initial coin offerings,” have been a thorn in the SEC's side for years; they give early investors in crypto startups the chance to buy into a company’s cryptocurrency, with the promise of return down the line. The issue is that the SEC has taken the position that just about every token ever sold through an ICO is unregistered security, and the Commission has come down hard against these token issuers in lawsuit after lawsuit.

Peirce also suggested fractionalized NFTs (i.e. selling partial interest in a single, expensive NFT) could run the risk of being unregistered securities.

Peirce’s comments add yet another new wrinkle to the NFT gold rush. “You’ve always got to ask those questions,” she said. “As we’ve seen, the definition of a security can be pretty broad.”
So far the current NFT markets are the only legal markets you can trust when buying or selling NFTs: OpenSea.io , Nfttag.org , Rarible.com , SuperRare.co , AtomicMarket.io , Enjin.io , BakerySwap.org, KnownOrigin.io and Myth.Market

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News / Top NFT Marketplaces for Creators to Sell Non-Fungible Tokens

« on: March 29, 2021, 04:16:28 PM »

NFTs are non-fungible tokens. They are unique items that you can't replace with something else. For example, a one-of-a-kind trading card is an NFT – you can't just replace it with any other card. If you trade your card for some other card, you have something different. These differ from fungible items, which are often the same as each other. If you trade one bitcoin for another, you end up in the same position as where you started, for instance. On the other hand, if you swap a near-worthless mass-produced late 80s baseball card for a 1909 American Tobacco Company T206 Honus Wagner card (valued at over $1 million), you've done very well for yourself.

Nowadays, most NFTs tend to be digital. This makes it particularly easy for creators to give their supporters something rare and unique. Some NFTs, for example, are digital artworks, and people are now collecting these digital artworks, just like collectors have collected physical paintings for years. And some of these NFTs have gone for extraordinary prices. One NFT artwork by a digital artist called Beeple sold for $69 million at Christie's.

A more down-to-earth version of a modern digital NFT is CryptoKitties. They are an Ethereum blockchain game where users can buy, sell and breed digital "cats." Every "cat" is unique (just like your real-life pet).

In some ways, NFTs are similar to Bitcoins and other cryptocurrencies, except, of course, they are non-fungible and non-divisible. The first NFTs were part of the Ethereum blockchain, which stores extra electronic information to distinguish their uniqueness. Other blockchains now also facilitate NTFs. Because of the differing blockchain technology behind particular NFTs, not all NFT marketplaces buy and sell all types of NFT. Creators will often select an NFT marketplace based on whether that marketplace supports a specific NFC token standard. Ethereum has released two standards now: ERC-721 and ERC-1155. Competitor, Binance, has since released standards BEP-721 and BEP-1155. The two "1155" standards differ from the original "721" standards because they allow multiple NFTs to be bunched and transacted together.

Most NFT platforms require buyers to have a digital wallet and use cryptocurrencies to pay for their purchases.
Top NFT Marketplaces for Creators to Sell NFT:
1. OpenSea.io
2. Rarible.com
3. SuperRare.co
4. NFTTAG.org
5. AtomicMarket.io
6. Myth.Market
7. BakerySwap.org
8. KnownOrigin.io
9. Enjin.io
10. Portion.io

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News / Ripple CTO David Schwartz Lists Two 'Interesting Things' NFTs May 'Solve'

« on: March 27, 2021, 11:01:36 PM »

Chief Technology Officer (CTO) at US-based major blockchain company Ripple, David Schwartz, suggested that they're looking into what problems non-fungible tokens (NFTs) could actually solve - and he thought of two "interesting things."

"We've been looking into [...] what are the real problems that NFTs solve," said the CTO in a Thinking Crypto interview, "and I've looked into two interesting things."

1. Collection
The first interesting thing, Schwartz said, is the "drive that people have to collect things." Per him, people may not understand the connection they have to an NFT, or how do they own it, but it's that connection that matters. "What matters to me is that I love LeBron James or Steph Curry or whoever, and I have a special relationship to him that nobody else has," he said.

2. Digital rights
Schwartz argued that everybody today has "bundles of digital rights," such as songs, books, and movies bought on various services. However, the user experience on those platforms is "absolutely awful," as everything bought can be lost if the service goes out of business or the user switches platforms, for example - which is detrimental for both the creators and users. "Maybe finding the right solution to that now is trillions of dollars potentially, so are NFTs a step in that direction?", commented the CTO.


Meanwhile, in late February, the founder of Ripple-backed development studio XRPL Labs, Wietse Wind, called on XRP Ledger developers to share their thoughts on a proposal for implementing support for NFTs on the XRP Ledger that requires no changes to the Ledger. Schwartz praised the proposal in the interview, but said that this is still not "embracing of NFTs."

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News / Tech investors pump millions into NFT start-ups as digital collectibles boom

« on: March 26, 2021, 04:22:39 PM »

Venture capitalists are writing big checks for start-ups in the booming NFT space.

NFTs, or non-fungible tokens, have exploded in popularity this year in tandem with a rise in the values of cryptocurrencies like bitcoin and ether. They’re a type of digital asset designed to track ownership of a unique virtual item — such as a piece of art or sports trading cards — using blockchain technology.

Last year, the total value of NFT transactions quadrupled to $250 million, according to data from Nonfungible.com, while in the past month alone overall NFT sales volumes exceeded $220 million.
The trend hasn’t gone unnoticed by investors, who have poured $90 million into NFT and digital collectibles companies so far in 2021, according to data shared with CNBC by Pitchbook. That’s almost triple the $35 million that NFT start-ups raised last year.

The largest deal was for Sorare, a blockchain-based fantasy football game, which raised about $50 million in February from VC heavyweights like Benchmark and Accel, as well as soccer star Rio Ferdinand.

“It’s one of the most exciting developments we’ve seen in crypto for years,” Andrei Brasoveanu, a general partner at Accel, told CNBC. “It’s one of those developments that has mass market appeal and could potentially impact a world outside the crypto niche.”
The second biggest investment this year was in OpenSea, an NFT marketplace, which bagged $23 million in a round led by Andreessen Horowitz last week. In Europe, an NFT project called nfttag led by BEZH is expected to open the biggest European NFT marketplace with priority for selling European arts both as a digital NFT and a physically NFT tagged art.

The space may be set to attract millions more in venture capital funding, with reports that blockchain firm Dapper Labs is seeking a $250 million cash injection at a valuation of $2 billion. The company has gotten a big boost from demand for its NBA Top Shot digital collectibles platform created in partnership with the U.S. basketball league.
Roham Gharegozlou, CEO and founder of Dapper Labs, called the report “baseless rumor” when approached by CNBC for comment. Hedge fund firm Coatue, which was reported to be leading the round, declined to comment.

It’s easy to see why some start-up investors have been tempted by the NFT space. The market is growing rapidly, with some digital collectibles being sold for millions of dollars. That’s happened alongside a rally in cryptocurrencies like bitcoin and ether, the latter of which is often used to trade NFTs.

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News / New York Times writer selling column on the blockchain

« on: March 25, 2021, 09:42:26 AM »

New York Times tech writer Kevin Roose announced Wednesday that he's selling his latest column on the blockchain.

“Normally, I’m not allowed to make sales pitches in my columns,” Roose wrote in his Times column published at noon Wednesday. “But this time is an exception, because what’s for sale is the column itself.”

Roose’s column is being sold in an online auction as an NFT, or nonfungible token.

“This is my first experiment — a column about NFTs that is, itself, being turned into an NFT and put up for auction,” he wrote.

NFTs are connected to unique pieces of software code that ensure an unalterable record of their provenance is stored on the blockchain, the distributed ledger technology that forms the basis for cryptocurrencies like Bitcoin.

Whoever purchases an NFT can point to the technology as proof that they are the owner of the original item referred to in the NFT code.

On March 22, the very first tweet posted on Twitter by its CEO Jack Dorsey was auctioned off as an NFT for $2,915,835.47, two weeks after it was listed for sale. A digital artist known as Beeple has sold artwork via NFT, for millions of dollars.

Separately, The New York Times recently formed a new committee to review the outside work of its journalists to ensure those efforts don’t conflict with or distract from their jobs.

“The committee will primarily review outside projects that have the potential to be competitive with our journalism and business, could conflict with or distract from your work or The Times, involve payment or could be covered in any other way by the policies defined by the Ethical Journalism Handbook,” the Times said in a recent memo to staff obtained by The Hill.

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News / World's first digital NFT house sells for $500,000

« on: March 24, 2021, 11:53:53 PM »

Having spent so much time at home over the last year, many people are craving a change in their surroundings.
But if a coat of paint or some creative renovations fail to do the trick, there is now a more extreme alternative: The digital house.
Mars House, the world's first digital NFT (non-fungible token) home, has recently sold for more than $500,000.
NFTs have made headlines recently, allowing digital art and other musings such as drawings or music to be sold online.
An NFT is a unique digital token which effectively verifies authenticity and ownership. It is encrypted with the artist's signature on the blockchain, a digital ledger used in cryptocurrencies such as bitcoin.
The new owner paid digital artist Krista Kim 288 Ether -- a cryptocurrency that is equivalent to $514,557.79 -- for the virtual property.
In exchange, the buyer will receive 3D files to upload to his or her "Metaverse."
Metaverse is a virtual extension of our world, Kim told CNN Tuesday, where plots of virtual land are purchased and traded, and digital homes and business are built.
There is a market for digital assets such as fashion and accessories and users can live and interact in a Metaverse through their digital avatar.
Kim said the concept behind the house was "inspired by being locked down during the pandemic."
Kim, who describes herself as a "Techism artist," told CNN: "Mars House represents the next generation of NFTs. It is a sign of things to come, as we enter an AR (augmented reality) interfaced future, with the launch of Apple AR glasses and AR contact lenses.
"Art, NFTs, cryptocurrencies... these sweeping changes and ideas of how we will live with digital assets is becoming a reality and will create a global paradigm shift.
"Also, after being confined due to Covid-19, we need more innovative ideas on how our interior environments can heal us, as mental health has become a primary concern for all."
The house is intended "to omit a zen, healing atmosphere," Kim said in a post on Instagram earlier this month.
The artist said that she partnered with musician Jeff Schroeder of The Smashing Pumpkins to create a calming musical accompaniment.

11

News / Jack Dorsey's tweet

« on: March 22, 2021, 10:56:44 PM »

Jack Dorsey’s First-Ever Tweet Sells as NFT for $2.9 Million
In a development that will be confusing to both generations future and current (WTF) Twitter CEO Jack Dorsey sold the first tweet he ever sent out into the world as an NFT. For the following message from March 2006, along with his signature, he got 2,915,835.47:

The tweet was auctioned off from a platform called Valuables, which offers up tweets “autographed by their original creators.” It was purchased by Sina Estavi using the cryptocurrency Ether. Estavi’s Twitter profile says he’s in Malaysia, and that he’s the CEO for Bridge Oracle, a blockchain company. He also offered up a justification for his purchase (I mean, it’s his money) by stating his belief that people will eventually come around to appreciate the tweet’s significance:

As for how this went down, on March 6, Dorsey put out a link to the website showing you where you could bid on the NFT. On March 9 he stated his intent to donate the winning bid to charity, specifically to people in Africa impacted by COVID-19. And it was also decided that the bidding would end on March 21 (Sunday) as it marked the 15th anniversary of the social media platform.

On Monday afternoon Dorsey tweeted out the receipt for his GiveDirectly donation:

Sent to @GiveDirectly Africa fund 🌍Thank you, @sinaEstavi.
— jack (@jack) March 22, 2021

As for the split, Dorsey got 95 percent of the proceeds, while the company that owns valuables (Cent) got five percent.

According to Reuters, Cent CEO Cameron Hejazi said that the platform he heads up allows buyers to appreciate a tweet in a way that can’t be done through existing options (like, comment, RT, etc.)

“These assets might go up in value, they might go down in value, but what will stay is the ledger and the history of ‘I purchased this from you at this moment in time’ and that’s going to be in both the buyer, the seller and the public spectators’ memory,” he said. He also claimed that these things are “inherently valuable.”

Buy into that if you want.
www.nfttag.org