• Thu. Feb 29th, 2024

Jack Dorsey To Donate Proceeds Of Tweet Sale To Charity

Phillip Seefeldt

ByPhillip Seefeldt

Mar 10, 2021
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The sale of different NFTs has captured the hearts of most people in the space as they are hoping to capitalize on the trend to make profits. One of such people who have joined the NFT bandwagon is the CEO of Twitter, Jack Dorsey, who announced that he was putting his first tweet on sale. With the news of the first-ever jack Dorsey tweet going for sale, many influential personalities began the bid, with Justin Sun, the CEO of Tron, making a $1 million bid. With bids still ongoing, Jack Dorsey has announced that the tweet sale proceeds would be delivered to his charity organization that he has set up across Africa. In his latest tweet, Dorsey mentioned that his charity organization, GiveDirectly, would be the proceeds’ sole beneficiary.

The tweet has seen a massive bid of $2.5 million so far

Dorsey pointed out that his first tweet, “just setting up my twttr,” would go through a tweet to NFT procedure. With the tweet on sale, the highest bid so far that has been received for the tweet has been $2.5 million. NFTs, often known as non Fungible Tokens, are digital assets that represent almost anything on the web.

Anything can be converted to NFT, ranging from art to music, with more artists in the music and art scene capitalizing on making massive profits. Despite the success that it has recorded, analysts have pointed out the need to buy the NFTs of things you would get for free from different websites on the internet.

But NFT proponents believe that ownership is what the people are clamoring for; that is why they are paying for the NFTs. It is the same way as the normal auction that artists do to their painting which would eventually be sold to the highest bidder.

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Bidding period to end by March 21

In his tweet, Jack Dorsey mentioned that bidding for the tweet will end on March 21, after which he would have to pick the highest bidder. He further proceeded to say that the proceeds from the sale of the tweet would then be converted into Bitcoin and transferred directly into the charity organization’s confines, GiveDirectly.

One of the reasons why the price of the NFT of Jack Dorsey has skyrocketed immensely has been due to crypto proponents’ participation across the sector. With Justin Tron leading the first million bid, other entities have come in to up his bid, igniting a bidding war for the rare piece.

The GiveDirectly charity organization works directly with several African countries, including Kenya, Malawi, Rwanda, and the likes. And with the bidding ending on March 21, we might experience a rush in the number of bids in the coming days.

Phillip Seefeldt

Phillip Seefeldt

Phillip Seefeldt is a skilled and perceptive news writer known for his comprehensive analysis and engaging writing style. With a commitment to accuracy and a deep understanding of current affairs, his articles provide readers with insightful perspectives and thought-provoking insights.

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