tech

This M'sia-Based CEO Spent RM11.9 Million To Own The 1st Tweet In The World

Non-fungible tokens (NFT) are a type of digital asset stored and sold on the blockchain.

Cover image via PropertyGuru Malaysia , @sinaEstavi (Twitter) , @jack (Twitter)

Subscribe to our Telegram channel for our latest stories and breaking news.

Malaysia is back in the global spotlight today, 23 March, after a businessman based here spent a ridiculous amount of money to buy something that most would think is valueless.

What did he buy? He bought the first tweet in the world for RM11.9 million.

Sina Estavi is the man of the day

Little is known about him, but he is widely reported to be the chief operating officer (CEO) of blockchain company Bridge Oracle that is headquartered at Puncak Prima Condominium in Sri Hartamas, Kuala Lumpur.

According to Bloomberg, Estavi bought Twitter co-founder Jack Dorsey's first tweet for USD2.9 million (approximately RM11.9 million).

Dorsey had on 5 March announced that he was selling his first tweet — which is also the first tweet in the world — as a non-fungible token (NFT). He promised to donate proceeds he received from the sale to people impacted by COVID-19 in Africa.

Sina Estavi's profile picture on Twitter.

Image via @sinaEstavi (Twitter)

If you did not already know, an NFT is a unique digital asset that is stored on a digital ledger, also known as the blockchain.

An NFT can be a .jpg file, or a .gif, .doc, .ai, .psd, .pdf, and .mov file. The original maker of the digital asset can sell their work as an NFT on the blockchain and make money once someone buys it with cryptocurrency.

In Estavi and Dorsey's case, the Malaysia-based CEO bought the ownership of the first tweet in the world, while Dorsey lost ownership of his first tweet.

It might sound strange because the tweet is still publicly shown on Twitter with Dorsey's handle stamped on it, but on the blockchain, everyone in the world can verify that the tweet belongs to Estavi.

"just setting up my twttr" is the tweet Estavi spent top dollar on after outbidding everyone on auction website Valuables

Commenting about his purchase after the trade, Estavi said, "This is not just a tweet!"

"I think years later people will realise the true value of this tweet, like the Mona Lisa painting."

The tweet was bought with cryptocurrency Ether at 1,630.58 ETH.

Dorsey received 95% of the proceeds of the primary sale, while Cent — the operator of the auction website — received 5%, reported Reuters.

Dorsey then converted the proceeds from Ether to Bitcoin, and donated 50.875 Bitcoins to non-governmental organisation GiveDirectly as promised.

"I'm glad this money is being donated to charity," Estavi tweeted at 3am today, adding, "Let's #Bridge to freedom"

According to CoinGecko, the price of Bridge Oracle did not see any significant changes after its CEO's splurge.

Image via bridge.link

Incepted in 2019, Bridge Oracle is a blockchain startup in Malaysia, which was built on the Tron network, a cryptocurrency platform created by Justin Sun, reported Bloomberg.

Sun is the Chinese token advocate who spent USD4.6 million (approximately RM18.9 million) to share a meal with Warren Buffett, who auctions off a dinner opportunity with himself every year since 2000.

During the auction for Dorsey's tweet, Sun also participated in the bidding war with Estavi, reported coindesk.

Thinking of investing in cryptocurrency? Here is a step by step guide to get you started:

Here are other times cryptocurrency made headlines in Malaysia: