The cryptocurrency community is in a frenzy this weekend after Twitter founder Jack Dorsey tweeted about a new application that allows people to buy tweets with ethereum. The application is called Valuable Articles 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
Tokenization and non-fungible token (NFT) asset industry has increased over the past six months, and a large number of artists, celebrities and social bodies have jumped.
There have been 5,368,992 NFT sales to date, equivalent to $ 381 million, since nonfungible.com began agreeing on market history. Now a project called Valuables or the Web3-compatible web portal v.cent.co is trying to make tweets valuable by tokening them via the Matic blockchain. But there is a lot of controversy about whether tweets can be valued in a meaningful way and stored in a meaningful way.
https://t.co/xCnWG9EqgD
– jack (@jack) 6 March 2021
On March 5, 2021, Jack Dorsey, the founder of Twitter and Square Inc., tweeted about the project with a tweet he was selling.
At the time of publication, Tron blockchain founder Justin Sun had offered $ 1 million dollars for a tweet Dorsey created in 2006. Bridge Oracle CEO Hakan Estavi has surpassed Justin Sun and is now offering $ 1.5 million in ether. for the tweet. The two go back and forth in a bid war for the Dorsey tweet sold on Valuables.
The tweet from 15 years ago was when Dorsey wrote “Just set up my twttr.” With the Valuables program, Dorsey has certified his tweet since 2006 and can offer people to purchase the digital certificate of the tweet with ethereum (ETH).
Concept Sparks Criticism of Tweets on a Blockchain
Natural, not everyone in the crypto-space was impressed with the Valuables project and many people think that the real value of the application is worthless. Meanwhile, many people have said that Bitcoin maximalists were just jealous and the valuable tokenization of tweets idea is innovative. “Welcome to Ethereum, Jack,” one Ethereum supporter tweeted in response to Jack’s sale. ‘You will surely get a good price for this tweet. However, the handling and salt of the maximum is invaluable, ”he added.
Despite NFT and token fans, a myriad of crypto supporters seemed disillusioned by the concept of selling tweets.
“What happens if you buy someone’s tweet and then delete it?” software developer Jameson Lopp tweeted. How can you also research the ecosystem to ensure that a tweet is not sold multiple times? The point is, I suspect your ownership is significantly weak. It looks like a prestige system, not an ownership system, ‘Lopp added.
@tokenizedtweets 0x5455AbF783C90b7CFB3006d499fFC043a70Da19c
– nirbhik.eth ⟠🦉🕯️ (@NirbhikJangid) 17 June 2020
On March 5, Kraken CEO Jesse Powell wrote that the purchase of tweets could open up Twitter for many security issues. “This whole buying of tweets thing is putting bounties on Twitter account takeovers,” Powell insisted. “I hope you all use U2F security keys and not SMS for 2FA / recovery account.” A number of people agreed with the assessment of the Kraken founder Friday afternoon.
Meanwhile, Dorsey’s 2006 status on the Valuables platform is not the first time that specific tweet has been signed. There is already an existing program called Tokenized Tweets (@tokenizedtweets), which has been in existence since 2019.
Dorsey’s 15-year-old tweet was first signed using the Tokenized Tweets platform on June 17, 2020. The FAQ for valuable articles states that tweets “can only be hit once on Valuables, [but the] However, NFT can be bought and sold an unlimited number of times. ‘This begs the question: which Jack Dorsey tweeted on 21 March 2006 is more valuable? However, some would say that Dorsey’s NFT coin is more valuable because he certified it using the Valuables application.
As for the payment when buying a tweet with valuable items, 95% goes to the original tweet creator and 5% continues to run the valuable values. The project is managed by an organization called Cent and for secondary sales 87.5% goes to the seller, 10% goes to the creator and 2.5% to the company Cent.
What do you think of tokenizing tweets and selling them for ethereum? Let us know what you think of this topic in the comments below.
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