Jack Dorsey to Raise $2.5 Million Selling His First Tweet as NFT, Will Donate All to Charity

| Updated
by Bhushan Akolkar · 3 min read
Jack Dorsey to Raise $2.5 Million Selling His First Tweet as NFT, Will Donate All to Charity
Photo: cellanr / Flickr

So far, Dorsey’s first tweet has received the highest bid of $2.5 million as an NFT sold on the Valuables platform. Upon the conclusion of the bid period, Dorsey plans to donate all the proceeds to Give Directly’s Africa Response fund.

Last week, Twitter CEO Jack Dorsey created a storm in the NFT market by selling his first tweet as a non-fungible token. Twitter CEO Jack Dorsey tweeted last week sharing a link to the platform dubbed “Valuables”. The platform has put Dorsey’s first tweet “just setting up my twttr” on March 21, 2006, up for bidding.

So far, the CEO of Bridge Oracles – Sina Estavi – has put the highest bid for $2.5 million as per the official website. The auction will finally conclude on March 21. Dorsey said he will immediately convert the funds received in the NFT sale into Bitcoin and further donate it as part of charity to Give Directly’s Africa Response fund.

Recently, there’s been a massive surge in the popularity of NFTs as digital collectibles. These non-fungible tokens (NFTs) are unique cryptographic tokens working on a blockchain network. However, unlike other cryptocurrencies, no two NFTs are similar in nature. Thus, they are mutually interchangeable and can’t be exchanged one for the other.

Since NFTs can’t be duplicated they have popularly emerged as digital collectibles. On the other hand, Dorsey has been a vocal proponent of Bitcoin and other cryptocurrencies. Last month, Dorsey joined hands with music mogul Jay-Z for setting up an endowment fund Bitcoin Trust in Africa and India.

On the other hand, his digital payment firm Square Inc has been making aggressive purchases of Bitcoin in the last few months. Expanding its 2020 purchase, Square Inc announced an additional $170 million worth of BTC purchase last month.

Dorsey Joined the NFT Spree

Just like the decentralized finance (DeFi) market, NFTs are seeing explosive growth in recent times. Last month February 2021, the NFT market registered a whopping $342 million in trading volume. In addition to it, billionaire investors and top personalities have recently warmed up to NFTs, in recent times. Let’s take a look at some of the big developments.

  • Drawing inspiration from the popular gamer and artist KimDotCom, American media personality Paris Hilton released her first non-fungible token (NFT). Hilton added that “NFT is the future and she is ‘fascinated’ to take part’.
  • Billionaire investor Mark Cuban and owner of NBA team Dallas Mavericks is quite optimistic about developments in the NFT market. He added: “as more entrants come into the [NFT] market, it will become more efficient and the pricing will settle down”.
  • Reddit co-founder Alexis Ohanian has an interesting proposition. He cites a massive opportunity in the NFT market for women sports collectible.
  • The National Basketball Association (NBA) has joined hands with Dapper Labs and is willing to create its own version of digital collectibles.
  • Citing a huge demand and opportunity in the NFT market, digital asset custodian Hex Trust has announced crypto custodial solutions for NFTs.

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