The first tweet ever is being auctioned off by Jack Dorsey, the CEO of Twitter, with the money going to Give Directly’s Africa Response.
On March 5, Dorsey tweeted a link to the NFT. The leading offer for the NFT as of March 9 was $2,500,000, and it came from Sina Estavi, a crypto CEO.
Details of the Dorsey NFT Auction
On March 21, the sale will come to an end.
Valuables by Cent, a forum for buying and selling tweets with a digital signature from the tweet’s owner, is hosting the auction.
Bids on the website are shown in US dollars, but they will be measured in Ethereum, the most commonly used cryptocurrency for NFT transactions.
Ending this March 21st
Will immediately convert proceeds to #Bitcoin
And send to @GiveDirectly Africa Response
— jack (@jack) March 9, 2021
Dorsey would then exchange the Ethereum for Bitcoin and donate to Give Directly.
Give Directly is a non-profit organization that encourages supporters to donate funds directly to people in need all around the world.
The organization is now collecting funds for COVID-19 aid in Africa and the United States.
NFTs, or non-fungible coins, are gaining popularity as Bitcoin’s market cap rises. NFTs are distinguished by their distinctive signature and digital ownership stored in blockchain, according to a March article by Insider.
Like the Nyan Cat meme, which sold for nearly $600,000 in February, Dorsey’s NFT enables the winning bidder to own a piece of internet history.
What is Give Directly?
GiveDirectly is a charitable organization based in East Africa that provides unconditional cash transfers to families living in severe poverty via cell phone. GiveDirectly mainly sends money to Kenyans, Ugandans, and Rwandans.
GiveDirectly began as a giving circle established by MIT and Harvard students Paul Niehaus, Michael Faye, Rohit Wanchoo, and Jeremy Shapiro, focused on their philanthropy thesis.
They changed their name to GiveDirectly in 2012 to formalize their service. Google awarded GiveDirectly a $2.4 million Global Impact Award in December 2012.
In June 2014, GiveDirectly’s creators revealed plans to launch Segovia, a for-profit technology organization aiming at the productivity of cash payment distributions in developing countries.
GiveDirectly launched a $30 million plan in April 2016 to “look to permanently end severe poverty through scores of villages and thousands of residents in Kenya by promising them a continuing income large enough to fulfill their essential needs” and paving the way for adoption in other regions if it succeeds.
The program began in November 2017 and will last for 12 years.
Following Hurricane Harvey in 2017, GiveDirectly used their model for the first time in the United States, distributing cash-loaded debit cards to citizens of Rose City, Texas.