Twitter Releases 7 Sets of NFTs on Rarible
American microblogging and social networking platform, Twitter, has revealed that it will release 140 NFTs on the popular NFT marketplace, Rarible. The 140 NFTs will be in seven sets, with each set containing 20 designs.
Non-fungible tokens (NFTs) are data units stored on a blockchain that confirms the digital asset’s uniqueness and makes it non-interchangeable. These data units can be videos, audio, images, or rare collectibles. The NFTs Twitter would be releasing are short Twitter-related GiFs.
Some of them are animations related to the platform’s brand. Three of the most popular NFTs from the sets include Furry Twitter, Reply Guy, and First Born. Furry NFT depicts the three-dimensional version of the platform’s logo. The Reply Guy NFT represents a respondent who always gives similar responses, while First Born NFT represents the Twitter founder’s first tweet.
Anyone who replies to the tweet announcing the giveaway is a possible recipient of the NFTs. As of this writing, Twitter has already given out some of the NFTs.
Twitter’s Terms for Its NFT Giveaway
While the NFTs would clearly be given away and not sold, Rarible is displaying some bids on them. The bids range from $260 to $2,150. Each recipient of these Twitter NFTs need to bear in mind that Twitter still has the rights and title to them even though they can utilize the NFT for personal and non-commercial purposes. These are Twitters terms, and they align with California’s state law on rights and ownership.
Hence, each NFT recipient can’t use their NFT for any product or service not related to Twitter or for any purpose that sullies the brand’s image. Anyone who violates these terms will be subject to a fine of $100. Twitter is now a part of the increasing number of companies, celebrities, and brands minting and auctioning off tokens. Last week, ace musician and music billionaire, jay-z launched his NFT at Sotheby’s (an NFT auction firm). He also displayed a Cryptopunk NFT on his Twitter profile.
During the week, Jack Dorsey also revealed that tidal (a music streaming service) would like to explore NFTs to reward his artists. You would recall that Dorsey-owned Square purchased tidal earlier in the year.
Rarible’s Trading Activity Shoots Up
The popularity of the NFT market has soared this year. Consequently, NFT marketplaces (including Rarible) have experienced a surge in trading activity. Rarible is riding on this wave, and it recently announced that it was able to raise about $14.5 million in a Series A funding round. The NFT marketplace plans to use some of these funds to launch a crypto-related mart using the flow blockchain.
But Rarible’s vision may not go as planned because of a chequered sales history on the platform. Last year November, some Rarible users accused some popular artists on the platform of being involved in “wash trading.”
Wash trading is the artificial inflation of buying/selling activities to increase gains. Nevertheless, the platform remains one of the top NFT marketplaces in the NFT world.
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