Categories: Analysis

Twitter publishes 140 NFTs on the Rarible platform

The social network Twitter recently announced the release of 140 NFTs on June 30th, with 7 different designs on Rarible – a popular NFT trading platform.

Twitter enters the NFT game

NFTs, or unique tokens, are blockchain-based tokens that can represent anything from real audio to video files. In this case of Twitter, all NFTs are short GIFs related to Twitter in various ways, including playful animations and interactive characters with some branding-related images of that social network.

An NFT called Furry Twitter features a furry holographic version of Twitter’s mascot. Another person is called the Reply Guy and represents a character who always gives the same answer. First Born is the NFT again, introducing the first tweet from Twitter CEO Jack Dorsey.

140 free NFTs for 140 of you, besties pic.twitter.com/0Pm0tNhIRg

– Twitter (@Twitter) June 30, 2021

This NFT number, as confirmed by Twitter, is randomly assigned to users who leave comments on the announcement post above. At the time of writing, this post has received 27,900 likes and 17,900 comments.

While these NFTs aren’t for sale, Rarible also shows some starting prices from 0.12 wETH (a packaged version of Ethereum for the same price) from $ 255 to 1 wETH, which is the equivalent of $ 2,130.

Pursuant to Twitter’s terms as set forth under California law, NFT owners are permitted to display this artwork for personal, non-commercial use. Beyond that, however, Twitter retains the rights and title to the above works.

Twitter is the next name to fill a long list of brands, celebrities, and companies that create and auction NFTs. Last week, musician and entrepreneur Jay-Z held his first NFT sale on Sotheby’s auction platform – and replaced his Twitter profile picture with a CryptoPunk NFT.

Earlier this week, Twitter and Square CEO Jack Dorsey said that music streaming service Tidal (which was acquired by Square earlier this year) is also interested in the possibility of using NFT as a way to secure rights for artists.

CoinCu TV has released a video that has everything you need to know about NFT, check it out right here.

NFT Boom Helps Rarible Benefits

Trading activity on the Rarible auction platform has increased significantly since the beginning of this year with the NFT boom. In fact, the platform recently announced that it had raised $ 14.2 million in a Series A funding round, part of which it plans to use to start an auction on the Flow blockchain platform.

However, the platform also has problems with sales. In November 2020, The Block reported on allegations by some Rarible users that verified artists with large fan bases on the platform were involved in wash trading – artificially inflated activities to increase their buying and selling promotions for profit.

Even so, the platform remains one of the most popular in the NFT market.

#NFT Movements are constant and liberating, with an overall MC of 17,472,632,131 on June 4th, 2021! ????@Theta_Network is currently in the lead but other gems like @enjin @Chiliz @decentraland @bakery_swap or @flow_blockchain sneak in quickly. pic.twitter.com/PWZzk7zCar

– Kyros Ventures (@KyrosVentures) June 10, 2021