Twitter is giving out 140 Ethereum-based NFTs that can be seen on Rarible

Social media platform Twitter is giving out 140 NFTs today, featuring seven different designs. The NFTs can be seen on popular NFT marketplace Rarible. 

NFTs, or non-fungible tokens, are blockchain-based tokens that represent anything from audio to video files. In this case, the NFTs are all short GIFs related to Twitter in various ways, including playful animations and characters interacting with some aspect of the platform’s brand.

One NFT called Furry Twitter shows a furry three-dimensional version of Twitter’s logo. Another is called Reply Guy, representing someone who always comes up with the same reply. First Born features Twitter CEO Jack Dorsey’s first ever tweet.

Vitamin T features a number of personalized vitamins. Image: Twitter.

Twitter is handing out the NFTs directly to people who reply to its main tweet announcing the giveaway. It has already handed out a few of them.

Even though the NFTs are not for sale, Rarible appears to show some bids ranging from 0.12 wETH (a wrapped version of ether that has the same price), worth $255 up to 1 wETH ($2,130).

According to Twitter’s terms, which are governed by California state law, the owner of the NFT is allowed to display the artwork for their own personal, non-commercial purposes. But beyond that, Twitter retains the right and title to the artwork.

NFT owners cannot use the tokens in connection with any product or service that is not a part of Twitter, or in any way that will tarnish its brand. If NFT owners violate the terms set forth by the social media platform, they will be required to pay a fee of $100.

Twitter joins an ever-growing list of brands, celebrities and companies that are minting tokens and auctioning them off. Last week, musician and entrepreneur Jay-Z set up his first NFT sale at auction house Sotheby’s — and put a CryptoPunk NFT as his Twitter profile picture.

Earlier this week, Twitter and Square CEO Jack Dorsey said music streaming service Tidal (which Square acquired earlier this year) is also interested in exploring NFTs as a way to compensate artists.

Rarible enjoys the NFT boom

Rarible experienced a significant increase in trading activity in tandem with the NFT boom that took place earlier this year. In fact, the platform recently announced it had raised $14.2 million in funding in a Series A, part of which it plans to use to launch a marketplace on the Flow blockchain. 

However, the platform has also encountered its fair share of issues with sales. In November 2020, The Block reported on claims from some Rarible users that verified artists with large followings on the platform were engaging in wash trading — artificially inflating their buying and selling activity to make profit.

Despite this, the platform remains one of the most popular marketplaces in the NFT space.

Update: The NFTs are not for sale but are being handed out directly on Twitter.

Image courtesy of Rarible and Twitter

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.