Saitama official’s take on why Twitter CEO Jack Dorsey auctioned off NFTs

It’s very likely started as a joke that left Dorsey smiling as he walked to the bank. His very first tweet, “just starting my twttr”, is anything but art. It’s not even good English. But that’s not how the NFT world sees it. He decided to turn this message into a jpeg and turn it into a digital file. He then stored it on a blockchain to auction it off as his very first NFT. Buzz generated, and a few months later, the tweet found its way into Iranian crypto entrepreneur Sina Estavi, who bought it for $2.9 million. Saitama Official explains what must have happened to lead to this. He says: “I think Jack Dorsey wanted to test the power of NFT. And his timing was perfect. December 2020 was a time when the buzz around NFT was at its peak. NFTs had developed a sort of Midas touch, and Dorsey wanted to measure his power. At the end of the day, he’s an entrepreneur who’s more interested in testing trends than creating them. So I’m sure the final offering must have surprised him as much as the rest of us.” But his move still had a huge impact on his bank balance, as he only moved a few buttons on the keyboard, making the returns even bigger than they already are.

Strange as it may seem, what’s stranger is Estavi’s decision to bid so high for a humble tweet. According to Saitama Official, “Estavi had two goals with this as a businessman – one to get noticed and put his mark out there and second, he should have believed that buying the NFT was like investing in a Twitter product. which would increase in demand and price over time.However, when he put it up for auction a few months after buying it, he was very disappointed, with only 7 people bidding and the highest being $280 But he backed out, and it was perhaps the best decision he’s made since the NFT’s current value is around $10 million.”

Is Jack Dorsey’s decision to auction off his tweet as an NFT the start of deals the world has never engaged in before? As non-fungible tokens begin to gain real prominence in the world, does it redefine what money means and how it is used. For Saitama Official, these are some of the burning questions that Dorsey’s move has raised, and only time will help us find answers to them.

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