Twitter CEO Jack Dorsey has announced a closing date for the sale of the first-ever tweet, “just setting up my twitter,” as a Non-Fungible Token (NFT) for the highest bidding.
Jack will convert the proceeds, which will be made in Ethereum’s native currency, ETH, to Bitcoin, and then donate it to a charity organization, Give Directly’s Africa Response Fund.
According to him, all biddings would end on March 21, 2021, and as of March 3, 2021, the highest bid was from Sina Estavi, CEO of Bridge Oracle, who offered to buy the tweet for $2.5 million.
Ending this March 21st
Will immediately convert proceeds to #Bitcoin
And send to @GiveDirectly Africa Response
— jack (@jack) March 9, 2021
The closest bidder is Tron Foundation CEO, Justin Sun whose $2 million offer, Estavi, topped after a bidding war.
As per the listing on Valuable, any “counter-offer must be a minimum increase of $1 or 10%, whichever is more.”
The bid amount is also locked in, meaning that the bidders cannot cancel their offer. Instead, the payment will be remitted to Jack’s Ethereum wallet and the token transferred to the highest bidder as soon as the auction ends.
The March 21, 2006 tweet is being sold as an NFT, meaning the recipient cannot directly exchange it for another token once purchased. However, they can sell it to another buyer who is willing to pay a higher price.
Jack Dorsey’s announcement of converting the proceeds to bitcoin comes when awareness of cryptocurrencies and NFTs is increasing rapidly worldwide.
The Twitter CEO is especially known to be a strong advocate and supporter of bitcoin. He recently partnered with Michael Carter (a.k.a Lil Wayne) and Shawn Carter (a.k.a Jay-Z) in donating $23.7 million worth of bitcoin to fund Bitcoin development.
Jack’s other company, Square, has invested roughly $225 million directly into Bitcoin as part of its treasury reserve strategy.