There have already been $270,000 worth of offers on a new marketplace that allows people to buying and selling tweets. This is how Ethereum goes.
Using the Valuables platform, developed by Cent, people are now buying and selling their tweets as NFTs (“NFTweets”) in return for Ethereum (ETH).
Tweets are shared because they can elicit strong feelings. Authenticity is frequently sacrificed in the ongoing struggle for people’s attention and screen time by content makers. By providing users with the resources to produce content that may support a living, Cent is attempting to alter how people use Twitter by utilising NFTs.
According to Cent CEO Cameron Hejazi, with the launch of Valuables, “we really wanted to give people another way to express how much they appreciated something, or how much something has resonated with them.” He continued, “We’ve been witnessing all types of digital art getting tokenized, so we thought why don’t we extend this to social platforms?”
The long-term objective is to provide people with the opportunity to support themselves by selling the online material they produce. The majority of us spend a lot of time on social media, but very few of us have made money from it. Hejazi aims to alter that. Hejazi stated, “This is only the first step in a larger mission for us to provide creative income for everybody who is working digitally.
The tweet-selling industry is currently expanding quickly.
How huge is the market for Ethereum tweets?
By the end of 2020, there had been over $75,000 in offers to purchase tweets, and more than 400 “NFTweets” had been sold. However, those numbers are rising.
Over $270,000 in bids to acquire tweets had been made as of yesterday, an increase of 64% since Christmas 2020. The fact that customers are returning to purchase NFTweets more than once is largely responsible for this surge.
Hejazi claims that nearly 80% of consumers, or four out of every five individuals, are repeat shoppers.
The tweet-selling industry is expanding and luring some well-known figures. Hejazi claims that Dallas Mavericks owner and well-known investor Mark Cuban earned roughly $1,000 from the sale of this tweet.
The tweet includes a link to his site and reads, “The Store of Value Generation is Kicking Your Ass and You Don’t Even Know it Yet!”
He entered the app, set up his Metamask, and accepted what Hejazi estimated to be a $1,000 offer. Hejazi continued, “Here we have a really well known figure dealing with people who are his biggest supporters.”
The director of communications at Coin Center, Neeraj Agrawal, has also examined Valuables. He tweeted about how many NFTs seem to be overvalued and then sold the message as an NFT for $20.
Agrawal admitted to Decrypt that certain tweets might prove to be quite important.
I can see that if you value digital artwork, then owning a tweet would also be significant since there are occasionally these “famous” tweets that are simply iconic and go down in history, he added.
But how precisely does Twitter trading work on Cent?
Twitter for Ethereum trading
Using Cent’s Valuables platform, users can purchase or trade tweets for Ethereum.
The first thing a tweet’s originator does when they decide they want to sell it is mint it on the Ethereum network. This will keep it on its immutable record for all time. They produce a unique, autographed copy of the tweet that is available for purchase from anyone.
You must have your own Twitter account before you can sell a tweet. You then log into Valuables using your Twitter account so that Cent can confirm which tweets are actually yours. You can examine and accept any offers made for tweets using Valuables straight after installing Metamask on your browser.
All you need to do to buy a tweet is go to the Valuables platform and enter the url of the tweet you want to buy. You can still make an offer even if it hasn’t been minted yet.
When a tweet is sold, 95% of the money from that sale will go to the tweet’s creator, and 5% will go to Cent. Naturally, since blockchain transactions are final, the purchase of a tweet in NFT form is unquestionably the new owner of that tweet.
This results in an intriguing new issue brought on by blockchain technology.
Twitter’s future and selling tweets
Selling tweets is a booming industry, but every social media innovation runs the danger of bringing with it some of the platform’s enduring problems.
What transpires then if someone purchases a tweet that Twitter then deletes? What happens if the original tweeter is suspended after making money off of their work?
Hejazi stated that part of signing a tweet and selling it entails consenting to its placement on the blockchain, where it becomes permanent.
According to Twitter’s policies, the creator of a tweet is the owner of the copyright for that content, thus in a sense, they are allowed to do anything they want with it, regardless of whether or not it is later taken down from Twitter. What third parties do with content that has been deleted from Twitter is what counts.
Third parties are required to take down deleted tweets from their platforms, but Hejazi stated that if the original author has already uploaded the tweet to a public unchangeable blockchain, there is really nothing that can be done.
This issue might give Twitter some new troubles. However, in the end, they are powerless to change the situation.