Table of Contents
What has happened?
- Twitter CEO Jack Dorsey is selling the first-ever tweet on the platform, which was posted from Dorsey’s account in March 2006.
- Dorsey has now listed this first tweet as a unique digital signature on a website called “Valuables by cent” meant for selling tweets as a non-fungible token (NFT),
- An asset whose value is subject to value fluctuations.
- An NFT is a one-of-kind digital token and the person who buys it is the sole owner of it, which means the purchaser can resell or distribute it.
What does it mean to own a tweet?
- As per the website ‘Valuables by cent’, what a person pays for in order to “own a tweet” is a digital certificate of the tweet,
- Which is unique because it is signed and verified by the tweet’s creator.
- This certificate is issued once by the website and is signed using cryptography.
- People can make offers on any tweet that has been posted from a public Twitter account.
So the tweet will be removed from that twitter handle?
- The tweet itself will continue to live on Twitter.
- What you are purchasing is a digital certificate of the tweet, unique because it has been signed and verified by the creator.
But why anyone will pay for owning a tweet?
- “Owning any digital content can be a financial investment, hold sentimental value, and create a relationship between collector and creator.
- Like an autograph on a baseball card, the NFT itself is the creator’s autograph on the content, making it scarce, unique, and valuable,”
- The FAQs on the website said.
- Once an individual has purchased a tweet, they can resell the tweet on the website or display them in their online gallery.
- Buyers can also choose to keep the tweet in their private collection.
But how the website earns?
- According to Valuables by cent, 95% of the money for purchasing the tweet goes to the creator of the tweet and five% goes to the website.
- For secondary sells, 87.5% goes to the seller, 10% goes to the creator and 5% to the website.
- Further, the money is credited to the seller’s crypto wallet.
- As per media reports, on Friday, Dorsey’s tweet received offers as high as $88,000.
Q) Which of the following statements regarding Non Scheduled banks is correct?
- They are subject to Cash reserve requirement
- They are not entitled to borrow from the RBI for normal banking purposes
- 1 only
- 2 only
- Both 1 & 2
- None of the above