Justin Sun Bids $1M for Twitter’s Jack Dorsey NFT Tweet

justin sun
justin sun

Non-fungible tokens (NFTs) seem to have taken the world by storm. The emerging market in the decentralized finance (DeFi) worth a reported $130 billion from a transactions volume perspective has seen heads turning towards its space.

Justin Sun Wants Dorsey’s First Tweet Badly

Crypto’s flashiest spender Justin Sun has made headlines again after bidding $1 million for Jack Dorsey’s first tweet in March 2006. The post, regarded as the first published tweet by Dorsey, went live on Valuables NFT online marketplace.

NFTs have become something of a household name in recent times. So many items have been tokenized—from physical goods to art works. The online store which has been profiteering most from crypto lover’s frenzy to own personalized and scarce copies of digital valuables has been the National Basketball Association (NBA)’s Top Shot website.

NBA’s Top Shot is an online digital collectibles marketplace built on Dapper Labs’ Flow blockchain. It lets basketball fans buy digital copies or “packs” that feature in-game moments. Top Shot recently sold a LeBron James slam-dunk highlight for a mouth-watering $200,000 and is said to have already made $230 million sales in January alone.

NFTs have been described by Dallas Mavericks owner Mark Cuban as a retro for trading cards and the fact that ownership is immutably locked in the blockchain network, many digital asset lovers are breaking the bank to acquire them.

The tweet posted by Dorsey himself reads “just setting up my twttr” was uploaded on Valuables auction page in March. 5. Tron’s CEO Justin Sun subsequently replied later on in the day saying he has staked $500,000 to own a digital copy of the tweet.

He doubled his bid a few hours later but Sina Estavi is clearly in the lead. Estavi, CEO of CryptoLand and Bridge Oracle, has reportedly made a $2.5 million bid for Dorsey’s first-ever tweet.

TRON Is Not Loved In Silicon Valley

Justin Sun’s Tron coin ranks 24th on the global cryptocurrency chart. Over the years, it has been accused by critics who described it as a scam. Given the fact that Tron boss Sun has not entirely been reserved about his newfound crypto fortune, critics alleged that its whitepaper is full of plagiarisms and lift-offs from other crypto projects.

A subsequent investigation was launched by Flipside Crypto to ascertain the truth. The researcher published the report on its website confirming that the Tron network was very healthy and active.

The document also pointed out a key attribute that separates TRX cryptocurrency from others and that is it is evenly distributed. TRX whales and regular hodlers had a 50-50 equal share of the crypto-asset.

The report concluded that TRON had a stronger business model than 90% of the blockchain projects they have so far examined and believe it is a legitimate business.

Although Sun is not the highest bidder for the Dorsey tweet, he always loves to be in the public’s eye. Sun made a donation to Barstool Sports’ initiative in late December 2020. The program set up to help struggling American businesses during the pandemic-induced lockdowns had other prominent donors like Anthony Pompliano.

Sun tweeted his contribution to the cause saying that he has made a $50,000 BTC donation like Pompliano. Even though the donation is commendable, many critics have pointed out that this is just one of his latest stunts to gain media attention for his TRX cryptocurrency.

Remember, all trading carries risk. Past performance is no guarantee of future results.

Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system.