Do you want to add the first-ever tweet to your collection of rare items? Well, now you've got the chance to do just that.

Twitter CEO Jack Dorsey recently announced that his account's first post is up for sale.

Dorsey is selling the tweet as an NFT, with the current bid well over $2 million at the time of writing.

But why is he selling his tweet, who would buy it, and what is an NFT? You'll discover the answer to all three questions in this article.

What Are NFTs?

An NFT, also known as a non-fungible token, is a form of cryptocurrency.

Non-fungible means that you cannot exchange an item at equivalency or, in plan terms, for the same value. With Bitcoin and other cryptocurrencies, you can trade one for another that has the same value. But this isn't the case with NFTs.

Rather, NFTs are considered one-of-a-kind and irreplaceable—some have compared them to a legendary baseball trading card in a digital form.

Fungible tokens can also be broken down into smaller tokens—which is the reason why you can buy 0.3 Bitcoins, for example. But NFTs cannot.

NFTs are mainly distributed when buying digital art, acting as a digital asset that verifies ownership. They are mostly created on the Ethereum blockchain system.

So the person who buys Dorsey's tweet will receive an NFT verifying their ownership, as well as the ability to sell the digital asset in future.

Why Is Jack Dorsey Selling His Tweet?

Dorsey is auctioning his first tweet through Valuables, a platform that allows people to buy and sell their tweets on the platform.

Here's the post he's selling:

Others have joined Dorsey in selling their content. Entrepreneur Elon Musk and rapper Soulja Boy are two individuals who have also put some of their posts up for sale on Valuables.

When a buyer is announced, they will receive a certificate signed by the Twitter CEO and metadata for the post. The tweet shall remain visible on the platform after its sale.

Related: How to Use Twitter Without Creating An Account

Dorsey has a few reasons for wanting to sell his tweet. First, he is a well-known advocate of cryptocurrencies.

Secondly, he has pledged the funds to charity. On March 9, Dorsey announced that proceeds from the auction would be converted to Bitcoin and donated to Give Directly Africa Response.

The auction ends on March 21.

Why Are People Bidding Real Money for Jack Dorsey's Tweet?

icon for twitter on homepage

People bidding for Dorsey's original tweet might simply want to own a piece of history. Since that post was sent, Twitter has grown into one of the world's biggest social media platforms with over 300 million monthly users.

Related: Essential Twitter Tips for Beginners

This could hold sentimental value for some. As Valuables mentioned on the website's frequently asked questions page:

"Like an autograph on a baseball card, the NFT itself is the creator's autograph on the content, making it scarce, unique, and valuable."

But beyond emotions, buying the Twitter CEO's tweet might serve as a potential future investment opportunity.

As Valuables has also said:

"NFTs make digital content one-of-a-kind. You are the only person who can claim ownership of an NFT you own. This means you have control of the NFT, like the ability to resell or distribute it, and it will appreciate or depreciate in value just like any other asset."

The platform says that the tweet would likely attract interest if it went on auction again in future.

"Considering the importance of the post and the amount already bid, the chances are there would be a lot of interest if the tweet was put up for sale again."

Would You Buy Dorsey's Tweet?

Dorsey's tweet has gained a lot of buying interest and will undoubtedly inspire others to try and sell their content online.

Although spending millions of dollars on a post seems peculiar at first glance, the eventual winner could have made a wise investment if they're able to resell it for a profit.