The tweet, which said “just setting up my twttr,” was first published on March 21, 2006 and was auctioned off by Mr Dorsey for charity.
The Malaysia-based buyer Sina Estavi compared the purchase to buying a Mona Lisa painting.
The tweet was bought using the ether cryptocurrency, a rival to bitcoin.
Mr Dorsey said he would convert the proceeds to bitcoin and then donate them to the Give Directly’s Africa Response fund.
“This is not just a tweet!” Mr Estavi posted on Twitter. “I think years later people will realize the true value of this tweet, like the Mona Lisa painting.”
Mr Dorsey’s brief tweet was sold via an auction on an online platform called Valuables, which is owned by the US-based company Cent.
Under the platform’s rules, Mr Dorsey receives 95% of the proceeds of the primary sale, while Cent receives 5%.
But the post will remain publicly available on Twitter even after it has been auctioned off. Within minutes of the auction bids reached more than $88,000.
As the buyer, Mr Estavi will receive a certificate, digitally signed and verified by Mr Dorsey, as well as the metadata of the original tweet. The data will include information such as the time the tweet was posted and its text contents.
WHAT’S AN NFT?
NFTs allow you to buy and sell ownership of unique digital items and keep track of who owns them using the blockchain. NFT stands for “non-fungible token,” and it can technically contain anything digital, including drawings, animated GIFs, songs, or items in video games. An NFT can either be one-of-a-kind, like a real-life painting, or one copy of many, like trading cards, but the blockchain keeps track of who has ownership of the file.
NFTs have been making headlines lately, some selling for millions of dollars, with high-profile memes like Nyan Cat and the “deal with it” sunglasses being put up for auction. There’s also a lot of discussion about the massive electricity use and environmental impacts of NFTs. If you (understandably) still have questions, you can read through our NFT FAQ.