With auction of a tweet, internet economy enters its tulip phase

From the BBC’s “Jack Dorsey: Bids reach $2.5m for Twitter co-founder’s first post” posted Saturday:

“Just setting up my twttr,” the post, sent from Mr Dorsey’s account in March 2006, reads.

It will be sold as a non-fungible token (NFT) – a unique digital certificate that states who owns a photo, video or other form of online media.

But the post will remain publicly available on Twitter even after it has been auctioned off.

The buyer will receive a certificate, digitally signed and verified by Mr Dorsey, as well as the metadata of the original tweet. The data will include information such as the time the tweet was posted and its text contents.

Most of this information, however, is already publicly available.

My take: Got a bad feeling about this.

8 Comments

  1. Michel Contant said:
    So 2.5M to own nothing. Gee people don’t know what to do with money ‍♂️

    5
    March 6, 2021
  2. David Emery said:
    BFFFTTTTTTT! I had a “bad feeling” about Twitter’s core concept when it was first announced. NOTHING that has happened since then has changed my view that the core idea is just bovine effluent.

    4
    March 6, 2021
  3. Fred Stein said:
    Agree.

    Fiat currency plus cryptocurrency increases over the last few years have been enormous with little impact on prices for consumable things (vs. consumable virtual goods like streaming content).

    If oil prices continue to rise, inflation and interests rates go up too. That worry impacts AAPL now. Apple is still fine.

    5
    March 6, 2021
  4. Gregg Thurman said:
    More money than brains.

    A fool and his money are soon parted.

    Etc etc etc

    4
    March 6, 2021
  5. Romeo A Esparrago Jr said:
    The emperor has no clothes.

    8
    March 6, 2021
  6. John Konopka said:
    I’m glad I’m too old to care about stuff like this.

    2
    March 6, 2021
  7. Walley Francis said:
    This makes no sense at all. Who is behind it? It reminds me of the Pharma Bro’s Wu Tang Clan purchase.

    2
    March 6, 2021
  8. bas flik said:
    buying a painting from van Gogh during his life also made no sense at that time. only later people valued his work. why i do not know but it happened.

    maybe the tweet will be worth billions in 100 years time.

    1
    March 7, 2021

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