Jack Dorsey to donate proceeds from NFT sale to charity
News

Jack Dorsey to donate proceeds from NFT sale to charity

Saudu Clement
Saudu Clement

Twitter CEO Jack Dorsey has revealed that all the proceeds from his NFT sale will be given to charity. He made the disclosure on Twitter on Tuesday.

On March 6, Dorsey offered to sell the first-ever published tweet as a non-fungible token (NFT), putting it up for sale on crypto startup Cent. Cent is an Ethereum-based service that allows its users to mint, sell, and bid on NFTs of tweets.

Interestingly, amid the raging craze for NFTs, Dorsey’s offer has been met with widespread acceptance. As of press time, the highest bid for the NFT was $2.5 million, placed by @sinaEstavi.

The auction is open until March 21. Dorsey said that he will immediately convert the proceeds to Bitcoin once the auction closes. Furthermore, he plans to donate the proceeds to GiveDirectly, a not-for-profit organization working with families living in extreme poverty in East Africa.

Although the NFT industry appears to be the new goldmine, similar to the ICO craze of late 2017, not everybody is impressed by the recent activities. Earlier last week, Litecoin’s founder Charlie Lee said that most NFTs are not as valuable as most people assume.