Twitter CEO Jack Dorsey sold an NFT of his first tweet for more than $2.9 million. Wait, what? He sold a tweet? Yes, but the 15-year-old post was sold as an NFT (non-fungible token): a digital certificate of authenticity that confirms this particular digital file is the one the buyer paid for. (Yep. That’s what it confirms.) Other than that, an NFT is a digital file you can just cut and paste. So… are NFTs a parlor trick or a paradigm shift? Is there value in NFTs, or is this another crypto scam?
I think there’s a real business here. Not for tweets, but for authenticated digital files. The ability to monitor transactions, add automatic follow-on royalties and commissions… put together all the features of NFTs and, after all the stunting is over, there’s a there, there.
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Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it. I am not a financial advisor. Nothing in this article should be considered financial advice. If you are considering any type of investment you should conduct your own research and, if necessary, seek the advice of a licensed financial advisor.