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Twitter is now making NFTs

Photo of: Joseph Stone
by Joseph Stone

It’s now a recurring theme to hear an artist play the game of NFT or digital artworks. In recent days, the surprise came from the social networking giant, Twitter.

On June 30, 2021, Twitter announced to its community the launch of a collection of NFT. The collection is called “The 140 Collection”. The announcement was made directly on the homepage of the official Twitter account. As the name suggests, the collection consists of only 140 NFT. Why 140? The Twitter users will have guessed it, this number corresponds to the maximum number of characters that can be used in a tweet.

Jack Dorsey, the founder of Twitter, announced earlier this year the sale of his first tweet. With a huge success: the token was sold for 2.9 million dollars! Incomprehensible to most outside observers. Why on earth spend millions on a tweet? Why on earth spend $450 million to buy da Vinci’s “Salvator Mundi” when copies can be found everywhere, answer NFT defenders.

For the moment, the official Twitter account has unveiled 7 examples of NFT from its collection. The sale of these NFT is done on the platform Rarible.com. The 7 NFT presented by Twitter are on sale. The bids for the moment are between 15 ETH and 46 ETH.

We thought the NFT market was dead in June. Many thought that the bubble had finally burst. However, far from being at a standstill, the market is doing very well! The fact that Twitter offers its collection of NFTs is not misleading.

Before Twitter, a few days earlier, Beeple had announced the launch of its own NFT sales platform called WeNew. Beeple made a name for itself in the NFT business by selling a piece of digital art for the price of $69 million! Its new platform should offer NFTs related to sports, history, music, etc.

Another recent news about NFTs concerns the rapper, Jay-Z. Indeed, recently, Jay-Z launched his first album “Reasonable Doubt” dated June 25, 1996, as an NFT! For the occasion of the 25th anniversary of this album, Jay-Z has partnered with the artist Derrick Adams for the production of an original cover. The sale of this album is taking place on the platform Sotherby. The latest bids are currently at $138,600!

In the second quarter, the NFT market reached a new record with a sales volume (on-chain and off-chain) equivalent to 2.5 billion dollars against only 13.7 million dollars in the second half of 2020!