Friday, January 15, 2021

Elon Musk’s “DOGE” Tweet now worth $7,777 In Crypto Tokens

Valuables, a decentralized social networking platform, has been busy tokenizing and putting popular tweets up for auction. As of the time writing, the most valuable tweet on the social networking platform is the one from the Tesla and SpaceX CEO, Elon Musk, the richest man in the world.

Elon Musk’s Tweet Now Worth More Than $7,000

Users can now bid on any tweet shared by a public figure on Twitter. If the seller accepts the bid, the tweet is thereby minted into an NFT. This NFT is digitally signed and verified, similar to a collectible baseball card.

Read Also: What Elon Musk Says About Sighting of a Bitcoin ATM at Tesla Gigafactory in Nevada

The tokens also include the tweet’s metadata, such as when the tweet was posted, the contents of the tweet, the timestamp of the tweet, and the digital signature from the crypto wallet address of the creator.

Users can also make counter-offers in 10% increments of the highest bid or $1, whichever is higher.

Sellers need to sign-in on the Valuables website via their Twitter account to review and accept any bids made on their tweets. The seller receives 95% of the proceeds in ETH, whereas the remaining 5% goes to the platforms team as fees.

All sales are irreversible. Once a tweet has been minted, it can no longer be minted again. However, tweets can be sold and resold infinitely. At present, users cannot sell their NFT, but the team is working on this feature.

Currently, Elon Musk’s “Dodge” tweet has the highest bid of $7,777.77,  whereas David Rudnick’s tweet sold for $1,920, the highest sale to occur on the platform thus far.

Read Also: Elon Musk Casually Drops Bitcoin Bomb on Twitter after Tanking Tesla Stock with One Sentence

NFTs are increasingly gaining traction. Beeple’s “Everydays” NFT collection fetched a staggering $3.5 million in December 2020.

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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