NFT of Jack Dorsey’s 1st Tweet, Originally Bought for $2.9 Mn, is Now Worth Less than $4

In March 2021, the-then Twitter CEO and billionaire Jack Dorsey announced to sell his very first tweet of March 6, 2006 in the form of NFT (non-fungible token), and it was eventually sold for $2.9 million to crypto entrepreneur and Iranian investor Sina Estavi.

Now after 2 years, the value perception of the same NFT has significantly reduced with the best offer currently standing at just $3.77, according to the latest data from OpenSea.

According to media reports, Estavi has been trying to resell the NFT since last year however his efforts have seen no success as he had listed the digital asset for $48 million. Estavi promised to donate half of his proceeds to charity at the time.

Dorsey's first tweet was sold to Estavi in an auction on an online platform called Valuables, which is owned by the US-based company Cent.

According to the experts, one of the reasons Estavi's NFT didn't garner high bids is because the tweet itself is still on Twitter

Sina Estavi is a cryptocurrency investor based in the Middle East and the CEO of blockchain company Bridge Oracle. Before Bridge Oracle, Estavi created a crypto exchange platform called CryptoLand that garnered funding from several early investors. Estavi was arrested in Iran last year, charged with "disrupting the economic system" and forced to close CryptoLand, according to media reports.

NFT market is slowing down since last two odd years, the sales totaled about $25 billion globally in 2021, a huge drop from the 2020 figure of $95 billion, according to sales tracker DappRadar.

Last year, the NFT market saw approximately $24.7 billion in trading volume across different platforms. Although this is significant, it fell short of the $67.8 billion generated by traditional art sales during the same year.

The past week recorded $148.55 million in NFT sales, marking a 4.33% drop from the previous week's figures.

Twitter Co-Founder's Payment Firm To Invest In Solar-Powered Bitcoin Mining Firm Blockstream Mining

Image ~ Facebook.com/Blockstream

Twitter's CEO Jack Dorsey-led payment company Square Inc is collaborating with blockchain technology provider Blockstream Mining ('Blockstream') to build a solar-powered bitcoin mining facility. Square will invest $5 million to build an open-source, solar-powered Bitcoin mining facility at one of Blockstream Mining's sites in the United States. 

Together, the companies plan to provide public transparency by sharing the project economics and knowledge Blockstream gained from building a Bitcoin mine powered by renewable energy. Blockstream hope to demonstrate how bitcoin mining in conjunction with renewable energy can help drive the clean energy transition.

The bitcoin mining facility will be a proof-of-concept for a 100% renewable energy Bitcoin mine at scale, with the economics of the build-out -- including operational costs and ROI -- made open to the public.

Blockstream is already working with energy firm Aker, and now Square, to pursue alternative and renewable energy Bitcoin mining.

Non-US individual investors can also get involved in Bitcoin mining through Blockstream's BMN, which provides access to hashpower generated from over 80% zero-emissions energy sources, including hydro, solar, wind, and nuclear.

About Square Inc.

Square is a digital payments company based in San Francisco, California. The company was founded in 2009 by Jack Dorsey and Jim McKelvey and launched its first platform in 2010. The company enables its sellers start, run and grow their businesses. It combines software with hardware to enable sellers to turn mobile devices and computing devices into payments and point-of-sale (PoS) solutions.

In 2020, Square's market capitalization was valued at over US $100 billion.

Twitter CEO Selling His Very First Tweet from 2006 in the Form NFT (Cryptocurrency), Bid Reaches $600K

On Saturday, Twitter CEO and billionaire Jack Dorsey announced to sell his very first tweet of March 6, 2006 in the form of NFT (non-fungible token), which is a unique form of cryptocurrency, and the bid had already reached $6,00,000 (nearly Rs 4 crore) by Twiiter use named @sinaEstavi. 

Dorsey tweeted with a bidding link to NFT (non-fungible token) through a platform called Valuables. Dorsey's 2006 tweet read: "just setting up my twttr".

A non-fungible token (NFT) is a special type of cryptographic token which represents something unique; non-fungible tokens are thus not mutually interchangeable. This is in contrast to cryptocurrencies like bitcoin, and many network or utility tokens that are fungible in nature.

According to Valuables, "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."

NFTs allow people to buy and sell ownership of unique digital items and keep track of who owns them using the blockchain.

The artist Grimes recently sold several NFT items for nearly $6 million.

An NFT of LeBron James making a historic dunk for the Lakers garnered more than $200,000.

“The band Kings of Leon is releasing its new album in the form of an NFT. The auction house Christie’s, bids on an NFT by the artist Beeple are already reaching into the millions,” reports NPR.

Square, Inc. Announces Plans to Acquire Majority Ownership Stake in Tidal

Photo (from left to right): Shawn “JAY-Z” Carter, Jack Dorsey. Photo credit (from left to right): Raven Varona, Hermione Hodgson.

Business Wire India

Square, Inc. (NYSE: SQ) announced today that it has entered into a definitive agreement to acquire a majority ownership stake in TIDAL, the global music and entertainment platform that brings fans and artists together through unique music, content, and experiences. Square expects to pay a mix of cash and stock of $297 million for a significant majority ownership stake, and existing artist shareholders will be the remaining stakeholders. TIDAL will operate independently within Square, alongside the Seller and Cash App ecosystems.

The acquisition extends Square’s purpose of economic empowerment to a new vertical: musicians. Artists are entrepreneurs with a dream and deserve access to systems, tools, and financial freedom to reach those dreams at every stage in their career. Square has helped millions of businesses start, run, and grow by providing them with tools needed for success. With Cash App, Square has made financial services more relatable and accessible to millions of customers, many of whom have been historically overlooked and underserved. Square sees an opportunity to leverage those learnings to help musicians find new ways to support their work and make better decisions through TIDAL.

“It comes down to one simple idea: finding new ways for artists to support their work,” said Jack Dorsey, cofounder and CEO of Square. “New ideas are found at intersections, and we believe there’s a compelling one between music and the economy. I knew TIDAL was something special as soon as I experienced it, and it will continue to be the best home for music, musicians, and culture.”

"I said from the beginning that TIDAL was about more than just streaming music, and six years later, it has remained a platform that supports artists at every point in their careers,” said Shawn “JAY-Z” Carter. “Artists deserve better tools to assist them in their creative journey. Jack and I have had many discussions about TIDAL’s endless possibilities that have made me even more inspired about its future. This shared vision makes me even more excited to join the Square board. This partnership will be a game-changer for many. I look forward to all this new chapter has to offer!”

TIDAL is the only music service built by artists, for artists—which is now more important than ever as consumers look for authentic digital connections with their favorite artists. TIDAL offers the premier listening experience, with superior sound quality and an extensive catalog of more than 70 million songs and 250,000 high-quality videos. TIDAL puts the fan experience at the center of every decision, providing artists direct access to their audience and allowing fans deeper connections to their favorite artists through original, exclusive, and curated content and events. TIDAL has a global presence with listeners in more than 56 countries and relationships with more than 100 labels and distributors.

“TIDAL sets a high standard for supporting artists, capturing music culture, and delivering the best audio quality to fans,” said Jesse Dorogusker, a Square executive who will serve as interim lead of TIDAL upon the closing of the transaction. “Square has also set a high standard for building elegant, accessible, and fair tools for sellers and individuals to economically empower them. Together, TIDAL and Square will be music-obsessed and artist-focused while we explore new artist tools, listener experiences, and access to financial systems that help artists be successful.”

TIDAL board member and shareholder Shawn “JAY-Z” Carter is expected to join Square’s Board of Directors subject to the closing of the transaction. A distinguished and acclaimed artist, businessman, and philanthropist, Carter founded preeminent entertainment company Roc Nation and sports agency Roc Nation Sports, launched and owns the successful “Made In America” festival, and executive-produced award-winning documentaries, among other achievements. Over the years, Carter has remained relentlessly committed to giving back to underserved communities, including through his work with the Shawn Carter Foundation and The REFORM Alliance.

In addition to JAY-Z, all of TIDAL’s artist shareholders will continue to be co-owners of TIDAL after the deal closes.

Based on current information, Square does not expect TIDAL’s financial results to have a material impact on Square’s consolidated revenue or gross profit in 2021. The completion of this transaction is subject to customary closing conditions including regulatory approvals. The parties expect to close the transaction in the second quarter of 2021. Square was primarily advised by Gibson, Dunn & Crutcher LLP as legal advisors and TIDAL was advised by Reed Smith LLP and Cummings & Lockwood LLC as legal advisors.

 

About Square, Inc.

Square, Inc. (NYSE: SQ) builds tools to empower businesses and individuals to participate in the economy. Sellers use Square to reach buyers online and in person, manage their business, and access financing. And individuals use Cash App to spend, send, store, and invest money. Square has offices in the United States, Canada, Japan, Australia, Ireland, Spain, and the UK.

About TIDAL

TIDAL is an artist-led global music and entertainment platform that brings artists and fans closer together through unique original content and exclusive events.

Available in 56 countries, the streaming service has more than 70 million songs and 250,000 high-quality videos in its catalog along with original video series, podcasts, thousands of expertly curated playlists and artist discovery via TIDAL Rising. With the commitment of its owners to create a more sustainable model for the music industry, TIDAL is available in premium and HiFi tiers—which includes Master Quality Authenticated (MQA) recordings as well as Sony’s 360 Reality Audio recordings.
 

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, statements regarding the proposed acquisition of TIDAL by Square (the “Company”) and the timing to close the acquisition; the future performance of the Company and TIDAL; the perceived benefits of the acquisition; expectations around the financial impact of the acquisition on the Company’s financials; and the Company’s expectations regarding scale, economics, and the demand for or benefits from its current and future products, product features, and services. Such statements are subject to a number of known and unknown risks, uncertainties, assumptions, and other factors that may cause the Company’s actual results, performance, or achievements to differ materially from results expressed or implied in this press release, and reported results should not be considered as an indication of future performance. Investors are cautioned not to place undue reliance on these statements. 

Risks that contribute to the uncertain nature of the forward-looking statements include, among others, the possibility that the transaction will not close or that the closing may be delayed; the ability to secure required regulatory approvals or otherwise satisfy other closing conditions in a timely manner, or at all; the proposed transaction may not advance the parties’ business strategies; the ability of the company to retain the artists and customers of TIDAL; the ability to realize the expected benefits from the transaction in the expected time period, or at all; disruptions from the transaction on ongoing operations; potentially incurring significant transaction costs; the Company’s ability to execute a new business vertical and integrate TIDAL’s products; and unknown, underestimated, or undisclosed commitments or liabilities, as well as other risks listed or described from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the Company’s most recently filed Annual Report on Form 10-K which is on file with the SEC and available on the investor relations page of the Company’s website. All forward-looking statements are based on information and estimates available to the Company at the time of this press release and are not guarantees of future performance. Except as required by law, the Company assumes no obligation to update any of the statements in this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210304005346/en/

Rajasthan HC Quashes FIR Against Twitter CEO Jack Dorsey

The Rajasthan High Court on Tuesday quashed the FIR filed against Twitter CEO Jack Dorsey and disposed of the plea for his arrest for allegedly hurting the sentiment of the Brahmin community by posting an “offensive photograph” on social media.

“The court did not find the offence made out against Dorsey and a journalist and said allowing investigation in the matter by police was absolutely uncalled for," said the petitioner's counsel Nishant Bora.

Allowing the miscellaneous petitions by Dorsey and a journalist, Justice Sandeep Mehta said, “I am of the opinion that allowing investigation in the matter to be continued is absolutely uncalled for.”

The court also observed that the FIR did not disclose “necessary ingredients” of any cognizable offence to warrant its registration and investigation.

Raj Kumar Sharma had filed an FIR with the police through the court in November 2018, alleging that a picture posted by Dorsey with some journalists holding a poster bearing the slogan “Smash Brahminical Patriarchy” had hurt the sentiments of the community.

Referring to the phrase ascribed as offensive, the court said these words could not be construed as having any direct link with the religious sentiment of any section of society.

“The words in the poster best convey the feelings of the concerned person regarding being strongly opposed to the Brahminical patriarchal system and desirous of denouncing the same,”the court said.

Dorsey and the journalist, Anna M M Vetticad, had moved court with a Criminal Miscellaneous petition praying quashing of the FIR. In December last year, the court did not quash the FIR but stayed the arrest. PTI CORR