Twitter CEO Jack Dorsey to donate proceeds of minted 'first tweet' sale to charity
March 9, 2021, 2:10PM EST
1 min read
Twitter CEO Jack Dorsey will give all the proceeds from his minted tweet auction to charity, he announced on Tuesday.
His announcement follows the revelation that the first-ever published tweet was turned into a non-fungible token (NFT) and put up for sale on a service hosted by crypto startup Cent. Cent is a service built on the Ethereum blockchain that allows users to mint, sell and bid on non-fungible tokens (NFTs) of tweets.
The highest bid for the NFT is currently at $2.5 million, placed by @sinaEstavi.
The auction will end on March 21, after which Dorsey said he will immediately convert the proceeds to Bitcoin. He said he plans to donate the proceeds to GiveDirectly, a non-profit organization that sends cash directly to families living in extreme poverty.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
In this episode of The Scoop, StarkWare Co-Founders Uri Kolodny and Eli Ben-Sasson walk through StarkWare's recent fundraise and discuss how their firm is bringing affordable blockchain transactions to the masses.