Dorsey to Convert NFT Tweet Auction Proceeds to Bitcoin

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In Brief
  • All funds from auction will be converted to bitcoin.

  • 100% of proceeds will go to charity.

  • Current bid at $2.5 million.

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Twitter CEO and co-founder Jack Dorsey will convert the proceeds from the NFT auction of his first-ever tweet from 2006 to bitcoin. He has pledged to donate all of it to charity.

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This news adds to the price of Bitcoin rebounding in the market. So far, the news of his tweet auction has set the current price at just over $2.5 million.

While the auction ends on March 21, he plans on donating bitcoins to Give Directly. Give Directly is a “nonprofit that lets donors send money directly to the world’s poorest.”

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Dorsey put up his famous first tweet as an NFT (“non-fungible token”) on the Valuable NFT auction site on March 5. A bidding war swiftly ensued. There was no official announcement when the auction would end or that proceeds would be going to charity. The current highest bid was made Saturday evening.

The winner is entitled to a “digital certificate of the tweet,” per an FAQ on the Valuables website. Dorsey’s announcement that the proceeds would go to charity is just the cherry on top of the NFT surge.

It’s all about NFTs

An NFT is a verifiable digital asset securely backed by blockchain technology. NFTs are not exchangeable like currencies. Each one is unique and can’t be replicated. Traditional currencies are fungible, meaning they are interchangeable and can be divided into smaller fractions.

It seems that all eyes are on NFTs lately, with a keen eye on Doge. Ever since Mark Cuban made his Mav’s store announcement, shills have been pumping their favorites around the clock. Dogecoin (DOGE) has surged about 19% in the last 48 hours. With both Tesla CEO Elon Musk and Cuban backing it, the road ahead is wide open for opportunity.

Another fast gainer, Chiliz (CHZ) is trading over 100% higher at $0.271. Last week alone it enjoyed a surge of around 363.8%. Chiliz hit the billion-dollar crypto club with the massive surge at a market cap of $1.49 billion at press time.

The NFT boom has also seen a lot of action from Canadian musician Grimes, actress Lindsay Lohan, Taco Bell, even the obscure artist Banksy.

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Anirudh works in the financial markets along with being a cryptocurrency and blockchain enthusiast. He has a Master’s degree in Finance. Apart from work, he is a music connoisseur and likes to play the drums.

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