The founder of Twitter, Jack Dorsey, tweeted a new app that allows people to buy tweets using Ethereum, and the cryptocurrency community fell into chaos this weekend. The app is called Valuables, and it allows individuals to purchase a digital certificate for a tweet, which is signed and verified by the creator of the tweet.
Tokenized tweets for sale
In the past six months, the tokenization and non-fungible token (NFT) asset industry has flourished, and many artists, celebrities and social celebrities have also joined the trend.
Since nonfungible.com began to count the market history, so far, NFT has 5,368,992 sales, equivalent to 381 million US dollars in sales. Now, a project called Valuables or the Web3-compatible web portal v.cent.co is trying to make it valuable by tokenizing it through the Matic blockchain. But there is a lot of controversy about whether tweets can be valued in a meaningful way and stored on the blockchain.
On March 5, 2021, Jack Dorsey, the founder of Twitter and Square Inc., tweeted a tweet stating that he was selling the tweet.
At the time of publication, Justin Sun, the founder of the Tron blockchain, bid $1 million for a tweet created by Dorsey in 2006. The CEO of Bridge Oracle, Hakan Estavi, has bid more than Justin Sun and now offers $1.5 million in ether. As a tweet. The two have been in a bidding battle for Dorsey tweets sold on Valuables.
The tweet 15 years ago was Dorsey write “Just set up my twttr.” Through the “Valuables” program, Dorsey has authenticated his tweets since 2006, and people can offer Ethereum (ETH) to buy digital certificates for that tweet.
Concept sparks criticism of blockchain tokenized tweets
of course, Not everyone The Valuables project has left a deep impression on people in the encryption field, and many people think that the actual value of the application is not worth mentioning. At the same time, many people say that Bitcoin maximalists are just jealous, and the Valuables tokenization idea of tweets is innovative. A supporter of Ethereum “Welcome to Ethereum, Jack” Tweet Respond to Jack’s sale. “Of course, you will get a good price for this tweet. However, Maxis’s coping and salt: priceless,” he added.
Despite the supporters of NFT and tokenization, countless cryptocurrency supporters seem to be disappointed with the concept of selling tweets.
“What happens if you buy someone’s tweets and then delete them?” Jameson Lopp, software developer Tweet. In addition, how do you audit the ecosystem to ensure that a tweet is not sold multiple times? It is worth mentioning that I suspect that your ownership requirements are not strong. This looks like a reputation system, not an ownership system. “Loop added.
On March 5, the CEO of Kraken Jesse Powell wrote that buying tweets could expose Twitter to many security vulnerabilities. Powell said: “The entire tweet is making money on the Twitter account.” adhere to. “I hope everyone uses the U2F security key instead of using SMS for 2FA/recovery of accounts.” agree On Friday afternoon, we accepted the assessment of the founder of Kraken.
At the same time, Dorsey’s 2006 position on the Valuables platform is not the first time that a specific tweet has been tokenized. There is already an existing application called Tokenized Tweets (@tokenizedtweets), has been in existence since 2019.
Dorsey’s 15-year-old tweet is the first Tokenization Use the Tokenized Tweets platform on June 17, 2020. “Valuables FAQ” said, “On Valuables can only cast one tweet, [but the] NFT can be bought and sold unlimited times. “This begs the question: Which Jack Dorsey, March 21, 2006, tokenized tweet is more valuable? Some people would say, but Dorsey’s NFT mint is more valuable. Because he used the Valuables app to authenticate it.
In terms of payment when using Valuables to purchase tweets, 95% of the original tweet creator is used for payment, while 5% of the continuous running Valuables is used for payment. The project is operated by an organization called Cent for secondary sales, of which 87.5% is owned by the seller, 10% is owned by the creator, and 2.5% is owned by Cent.
What do you think about the tokenization of tweets and the sale of them to Ethereum? Let us know your thoughts on this topic in the comments section below.
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