Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Twitter’s NFTs are available on the Rarible marketplace and a company spokesperson said that luck winners can further sell them ahead. The recent NFT giveaway was an attempt from Twitter to get its users to participate in the NFT revolution.
In an interesting move, tech giant Twitter Inc (NYSE: TWTR) announced its entry into the rapidly evolving NFT world. The company made the announcement in a series of tweets while giving away 140 non-fungible tokens for free.
The tech giant tweeted “140 free NFTs for 140 of you, besties,” subtly hinting at the 140 character limit. All these 140 tokens shall be hosted on the NFT marketplace Rarible. With the help of Rarible, Twitter minted a total of 20 NFTs (ERC-721 tokens on the Ethereum blockchain) representing different pieces of digital art while sporting titles like “Vitamin T”, “Furry Twitter”, and “Reply Guy”.
140 free NFTs for 140 of you, besties pic.twitter.com/0Pm0tNhIRg
— Twitter (@Twitter) June 30, 2021
To win these NFTs, users just need to retweet the above tweet coming from the official handle of the tech giant. Users can also retweet about the giveaway and the company will DM them the directions to claims the NFTs. However, the lucky winners of the NFT don’t actually own the art or any rights to it. The terms of service (TOS) explain:
“The Artwork and Brand are neither stored nor embedded in the NFT, but are accessible through the NFT. Although the NFT itself is owned by the recipient of the NFT, the Artwork and Brand associated with the NFT is licensed and not transferred or sold to such recipient.”
Twitter Not Quite Completely in the NFT Game
With the recent NFT giveaway, it looks like Twitter is just playing around while dabbling with the industry. However, it has no specific plans, as of now, to launch NFTs of its own and actively participate in the market. Speaking to the Mashable publication, a Twitter spokesperson confirmed the same.
The spokesperson added that the motivation behind this NFT drop was to highlight the existing discussion of NFTs. Besides, it was also to encourage Twitter users to take an entry into the NFT market. However, the spokesperson added that the recipients can sell these NFTs on the Rarible marketplace if they want.
The interesting thing is that some of the NFTs have been dubbed “royalty system”. Meaning, every future sale will transfer part of its to the creator as part of royalty. Besides, Twitter has also confirmed that it will not be taking any cuts as part of the sale.
This was an interesting initiative from the tech giant, however, not so surprising. Twitter CEO Jack Dorsey has been recently participating in the NFT market. More than a month back, Dorsey sold his first tweet as an NFT for a staggering $2.9 million.
NFTs created a major rage earlier this year with transactions taking place in billions of dollars. Crypto exchange Binance recently inaugurated its NFT marketplace. As big market players enter into the game, the NFT market will get further legitimacy and credibility.