Twitter CEO Jack Dorsey briefed his audience on how he plans to spend the proceeds of his first tweet posted at auction on the NFT online Valuables marketplace.
Square's owner said the funds raised from his non-fungible token (NFT) tweet would be donated to an Africa-based non-profit organization.
The proceeds go to African families in difficulty
GiveDirectly's initiative called Africa Response Campaign will be the full beneficiary, according to Dorsey.
NFTs have become one of the favorite coins for cryptocurrency lovers. Operating on the Ethereum blockchain, non-fungible tokens give the holder full digital ownership of the item. In this way, the digital asset is registered in the blockchain and is immutable.
Many cryptocurrency lovers are moving into the digital collectibles space opened up by NFTs and see it as a way to tokenize anything: artwork, intellectual property, digital footage of memorable moments, even images of prominent figures in society.
So far, the industry has been quite profitable, attracting thousands of digital asset enthusiasts and beyond. According to data published online, this crypto space for digital collectibles has a market capitalization of $ 130 billion.
The Dorsey Genesis tweet posted by the tech icon saw many admirers put it up for auction. The tweet launched in March 2006, when Twitter was developed, reads: “just setting up my twttr”.
NFT fans have made many offers, with the highest currently at $ 2,5 million from Bridge Oracle CEO Sina Estavi.
Justin Sun of the TRX cryptocurrency made a $ 2 million counter offer for the tweet, but the auction is still open. Dorsey says the auction will end on March 21, and whatever the tweet is able to cash in, it will be spent helping families in need in war-torn African nations.
Jack loves Africa
Dorsey's decision to donate this money to an African NGO was not taken straight away. It is not the first time, in fact, that the CEO of Twitter has tried to positively “influence” the continent.
In October 2020, when the most populous nation in Africa, Nigeria, was besieged by civil unrest, Dorsey supported the population.
He has reportedly asked for Bitcoin donations (here the quotation in real time) to the cause and used his platform to let the world know what was happening in the African nation.
Tweeting from his verified profile @jack, Dorsey asked the Nigerian government to address the problems of oppression and victimization of the police force. He also made his platform available to Nigerian people to tweet the #EndSars movement.
GiveDirectly is an NGO that focuses on providing cash wages to poor African families, to help them through difficult times. The initiative, which has earned $ 120 million out of $ 125 million allocated, has centers in Kenya, Rwanda, Liberia and Malawi.