Did you know a humble tweet recently sold for $2.9 million?
This is the world of NFTs, the art craze currently attracting serious money, big brand investment, and making headlines. If you are not part of it, you need to know how and why people are making money from turning their tweets into crypto collectibles.
This is done on the brand new marketplace known as Valuables. Read on for our must-know valuables review.
What Is an NFT?
NFT stands for non-fungible token. Non-fungible is something that can not be replicated, and an NFT provides a unique piece of code that represents an item on a shared public exchange. As it can not be duplicated, it provides proof of ownership for original digital items.
An NFT marketplace is an exchange where these items are sold. They operate in much the same way as eBay or Amazon, allowing you to purchase or bid on NFT items. These can range from pieces of art to music and even virtual real estate.
Valuables is one of these NFT platforms in which you can buy and create NFTs using tweets. Selling crypto art can be done from content on the Twitter platform. You can turn any tweet that you have created, into an NFT and sell it.
The First Tweet
Valuables recently rocketed into the headlines with the sale of a tweet by Twitter founder Jack Dorsey. The billionaire CEO of the company used valuables to sell the first tweet ever made as an NFT.
Reading “Just setting up my twttr” and dated to the 21st of March in 2006, the tweet had racked up 164,000 likes and 130,000 comments. By the time bidding ended on the item, it reached over $2.9 million.
The item had sparked a bidding war between two technology giants, Justin Sun and Sina Estavi. The winning bid went to Estavi, who had also recently purchased a $1.1 million dollar tweet by Elon Musk on the site.
Dorsey announced that all proceeds from the sale would go to the charity GiveDirectly. The charity will use it to create Covid-19 response teams on the African continent.
Twitter, meanwhile, announced that the tweet will remain on its platform for everyone to see. The NFT, a signed and verified creation, would stay with the owner.
For a crypto art marketplace, Valuables is surprisingly simple. In fact, the interface is extremely paired down compared to sites such as Opensea and Rarible. The first thing you notice when you visit the site is its total lack of branding.
The single-page layout lists tweets in a blog-style format. You can arrange them by recently added or by the highest offer. One tab lets you switch between offers and sales.
You can paste tweet a URL using the search function at the top, or search for someone’s Twitter in the sidebar. Other than this, all you have is the browse option and set up function. You can set it up by linking your Twitter account or your crypto wallet.
How Does Selling Work?
The process starts by logging into a Twitter account. You then log in to Valuables so the platform can see which tweets are yours to sell. You will need to add the Metamask extension to your browser to interact with your cryptocurrency.
Once someone makes an offer on a tweet, it goes to the person’s Twitter inbox. The person then logs into Valuables and decides if they want to accept the offer for their tweet. The value in Ethereum is then added to your wallet within an hour.
Why Buy Tweets?
Many people buy tweets for the same reason they buy antiques and collector’s items. They may buy them as an investment, or because they have an emotional connection to them. As Valuables links to the creator, buying the NFT acts as a stamp of authenticity.
The tweet itself stays on Twitter. You are purchasing a digital certificate of the tweet, signed by its creator. Essentially, this is the equivalent of a signed comic book or baseball card.
The digital signing includes the metadata of the original tweet. This is its time of creation, text contents, and a signature from the creator’s wallet address. Each tweet can only be minted once, adding scarcity and value to the tweet itself.
Once you own the tweet, it acts as any other digital collectible. You can keep it in your wallet and private gallery, or choose to sell it on.
Valuables take a 5% cut of the sale value. The other 95% goes to the creator of the tweet.
These can later be sold on in the second-hand marketplace. In this instance, 87.5% will go to the seller, 10% to the creator, and the rest to Valuables.
Despite the headlines for the huge sums of money its tweets have raised, Valuables is still a relatively new crypto art marketplace. Many of its NFTs are quite low in price, around the $10 mark. This proves that minting tweet-based NFTs is not as lucrative or as easy as many people may at first think.
As it also does not allow the creative freedom of other platforms, such as Opensea and Rarible, it remains to be seen if it will thrive by being niche or fade into obscurity. If one of the larger NFT marketplaces opened a similar service, it would be hard to see how Valuables would compete.
However, it is currently the only website doing what it does. This makes it a great asset and one that could create some excellent, unique NFT art.
Get Started Today
Now you have a valuables review and known how to begin, why not try it out? All you need is a Twitter account and a crypto wallet, and you could be earning money from your social media account.
For all your questions and queries on the world of cryptocurrency and NFTs, Bitcolumnist should be your first stop. Click here to see all our reviews on everything crypto from the best wallets to the latest NFT art!