RTTNews | Mar 22, 2021 05:44PM EDT

17:44 Monday, March 22, 2021 (RTTNews.com) - Twitter Inc.'s (TWTR) CEO Jack Dorsey has sold his first-ever tweet as a nonfungible token, or NFT, for $2.9 million.

"Just setting up my twttr," the tweet, from March 2006, reads.

The winning bidder was Sina Estavi, who had held the highest bid since offering $2.5 million on March 6th. He raised his final bid to $2,915,835.47 at the last moment.

Dorsey had put up his first-ever tweet on sale as NFT in an auction for charity on March 5th.

NFT is a crypto token, which is non-fungible, meaning that it can neither be transferred like money nor replaced with something else. This token is gaining popularity among artists and content creators as this can protect their pieces of art like painting, songs, videos, tweets, etc.

When a person buys an NFT of a collectibles and rare items of art and music, he receives a token containing the same only and does not get ownership rights. NFTs are currently the hottest product in the digital asset space, with celebrities launching NFTs for their art and music collections as another revenue stream for their work.

Earlier, luxury electric car maker Tesla's CEO Elon Musk also announced his plans to sell a song about NFTs as an NFT itself.

Earlier in March, Kings of Leon made history by becoming the first band to release their album "When You See Yourself" as an NFT.

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