Jack Dorsey’s First Tweet Fetched $2.9 Million In NFT Sale—And He Donated Proceeds To Charity

Forbes

Topline

 Twitter CEO Jack Dorsey Monday sold his first-ever tweet as a non-fungible token for $2.9 million, which he donated to charity, the latest big-name NFT sale in the craze shaking up the investing and art worlds.

Jack Dorsey attends the cocktail party hosted by Chrome Hearts X Jordan Barrett at La Maison Du … [+] Caviar on June 22, 2019 in Paris, France.

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Photo by Victor Boyko/Getty Images for Chrome Hearts

Key Facts

Dorsey’s first-ever tweet from 2006, which reads “just setting up my twttr,” was sold via an auction on the platform Valuables, which allows users to sell autographed versions of their tweets as an NFT.

Dorsey said he donated $2,915,835.47 from the sale to GiveDirectly, an organization sending cash to poor families in Africa impacted by Covid-19.

The winning offer came from Sina Estavi, the CEO of blockchain company Bridge Oracle, who bid 1630.5825601 in the cryptocurrency Ethereum on March 6, the day after Dorsey first announced the NFT auction.

Crucial Quote

 “This is not just a tweet! I think years later people will realize the true value of this tweet, like the Mona Lisa painting,” Estavi said after his purchase.

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Key Background

NFTs have exploded in popularity over the last few months, with everyone from Elon Musk to Mark Cuban getting in on the crypto frenzy. An NFT can be any type of one-of-a-kind digital asset, such as a piece of art or a video clip, where ownership of that asset is represented on a blockchain. The buyer of an NFT basically gets a crypto-backed digital receipt proving the NFT is authentic and that they own it. 

Surprising Fact

The most expensive NFT ever sold is a piece of digital art by the artist known as Beeple, which sold for $69.3 million earlier this month.

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Author: Rachel Sandler, Forbes Staff


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