This Week’s Top Bitcoin and Crypto News: NFT of Jack Dorsey’s Tweet Flops at Auction

Welcome to Nonfungible Tidbits, a weekly roundup of reports in crypto, NFTs and their associated realms.

Our lead story this week exhibits that NFTs do not at all times promote for outlandish costs. We’ll go over the tried public sale of an NFT of a tweet from former Twitter CEO Jack Dorsey that bought for $2.9 million a few yr in the past — and clocked in at a excessive bid of $280 this week. 

We’ll additionally cowl Amazon CEO Andy Jassy’s feedback on the e-commerce large’s future plans for cryptocurrency and NFTs, Wikipedia voting to finish all crypto donations, and the Dallas Cowboys’ new blockchain sponsorship deal. 

Keep tuned for extra subsequent week.

Jack Dorsey’s ‘$2.9M’ NFT tweet receives prime bid of $280 at public sale

Former Twitter CEO Jack Dorsey turned his first tweet into an NFT final yr and bought it at public sale for $2.9 million, which Dorsey then transformed into bitcoin and donated to charity. Entrepreneur Sina Estav, the proprietor of the NFT, put it up for public sale final week, and tweeted that he anticipated a $50M successful bid (he additionally pledged to donate half to charity). However the NFT tanked, incomes a prime bid of solely $280 on the OpenSea NFT market. 

Estav declined the bid. Sellers on OpenSea do not must conform to the successful bid in a timed public sale if the bid is underneath one ether. Estav is accepting new bids on the NFT, and the present provide as of this writing is rather less than $14,000. 

The specs of NFTs linked to tweets are tough. “NFTs are to digital property what deeds are to a home: It is not the asset itself, it is a receipt that proves possession,” writes CNET Senior Author Daniel Van Growth “That will make sense for an NFT created by an artist and bought to a punter, but it surely makes far much less sense for a tweet. If Dorsey deletes the tweet, or if Twitter pulls it, the NFT can be for an asset that not exists.”

Learn CNET’s full story on the public sale for Jack Dorsey’s NFT tweet right here.

Amazon will not settle for crypto funds quickly however may promote NFTs, CEO says

Throughout a Thursday interview with CNBC, Amazon CEO Andy Jassy mentioned the corporate is not planning to simply accept cryptocurrency as cost anytime quickly Nevertheless, Jassy, who talked about he does not personal bitcoin himself, mentioned promoting NFTs on Amazon might be a chance. Whereas a timeline for purchasing or promoting NFTs wasn’t given, Jassey mentioned, “I believe it is potential down the street on the platform.”

Learn CNET’s full story on Andy Jassy’s feedback regarding Amazon and cryptocurrency right here.

Wikipedia neighborhood votes to finish all cryptocurrency donations

On Tuesday, The Wikimedia neighborhood, a gaggle that moderates Wikipedia, voted to finish all cryptocurrency donations to the platform, citing moral considerations of accepting the donations and the environmental harm attributable to cryptocurrency mining. The proposal to finish the donations famous the Wikimedia Basis’s dedication to sustainability. 

For reference, Digiconomist’s Bitcoin Vitality Consumption Index estimates that the carbon footprint of the bitcoin community is corresponding to that of the whole Czech Republic. Ethereum’s carbon footprint is estimated to be corresponding to that of the nation of Morocco, in accordance with Digiconomist’s index. Bitcoin and ethereum are the 2 largest cryptocurrencies by market cap, and NFTs are generally created on the ethereum community. 

Learn CNET’s full story on Wikipedia ending cryptocurrency donations right here.

Dallas Cowboys accomplice with Blockchain.com for sponsorship deal

On Wednesday the Dallas Cowboys introduced a sponsorship cope with Blockchain.com, making the cryptocurrency agency an “unique digital asset accomplice” to the NFL group. The NFL pointers on crypto sponsorships are considerably complicated. Final month the NFL informed CNBC that “blockchain sponsorships” can be allowed, topic to NFL approval. Cryptocurrency promotions, nonetheless, stay banned. How a lot Blockchain.com is paying for the sponsorship wasn’t disclosed.

Cryptocurrency sponsorships in professional sports activities have seen a steep uptick over the past yr. In June 2021, cryptocurrency change FTX paid an undisclosed quantity to change into “the official crypto change model of MLB.” In November 2021, Crypto.com purchased the naming rights for the stadium of the Lakers, which was renamed from the Staples Middle to the Crypto.com Area. Influential professional athletes like Tampa Bay Buccaneers quarterback Tom Brady and LA Angels pitcher Shohei Ohtani have additionally signed on as FTX model ambassadors. 

Thanks for studying. We’ll be again with loads extra subsequent week. Within the meantime, take a look at this story from Scott Stein about how Meta is constructing an financial system to monetize its metaverse.