NFTs have been the biggest craze of 2021, with several big brands, celebrities, and thought leaders jumping on the bandwagon. Twitter was one of those big brands with Jack Dorsey selling the first ever tweet on Twitter for a whopping $2.9 million, donating the proceeds to charity.
Well, Twitter-related NFTs are up for grabs again and are expected, yet again, to drive significant funding for charity. Here’s what’s going on:
140 Twitter NFT Collectibles Will Be Sold Soon
Recently, news broke that Sotheby’s, one of the world’s most well-respected auction houses, will be selling NFTs yet again. Sotheby’s has been no stranger to this new trend in art and has sold several digital assets for millions of dollars. In fact, some say that non-fungible tokens breathed new light into the auction house.
Nonetheless, on Monday, Sotheby’s will be auctioning off a new collection.
The collection, known as “Gifted: The 140 Collection,” centers around seven unique tokens that were developed and minted by Twitter earlier this year. So, what exactly are the collectibles?
Each NFT is a dramatization of crucial stages in Twitter’s development. Some of these stages include the execution of the social media giant’s logo and the implementation of the 140 character limit on tweets.
A couple of the NFTs in the collection feature various versions of the Twitter logo, one of which is a furry version. Others in the collection are more abstract, with one showing blue Twitter capsules being poured into a pill bottle.
The Philanthropic Kicker
Most big NFT collections featuring big brands or even launched by them, have been used to raise money for charity. This collection is no different. In particular, proceeds from the sale will benefit the non-profit organization, Sostento.
Sostento was launched as an organization that works to support public health workers that spend their days on the frontlines in the midst of the spread of dangerous viruses and diseases. The cause has gained steam since the outbreak of COVID-19 that led to shutdowns around the globe. However, one class of worker always seemed to show up, and put themselves in danger every time they did, healthcare workers.
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In order to assist healthcare workers, Sostento listens to the needs of these workers and develops digital tools that make their jobs easier. Even the charity’s name is an ode to the compelling work its team does.
According to the nonprofit’s website, Sostento is an Italian word that means to uplift, sustain, and nourish, reflecting the company’s mission to support organizations that serve on the front lines in order to save lives.
In a statement, Joe Agoada, CEO at Sostento, had the following to offer:
“Over the past 18 months, since the onset of the COVID-19 pandemic, it has become increasingly urgent that the demand for support from frontline healthcare workers was far outpacing the traditional means of providing it. The genesis of this sale is from our exploration of NFTs as a way to bridge the gap, and it is incredibly exciting to work side-by-side with Sotheby’s in bringing together the NFT community in the spirit of giving for our healthcare heroes, and it’s all happening on the biggest stage possible.”
Sotheby’s & NFTs
As mentioned above, is one of the largest, most well-respected auction houses in the world, and its move into the Web3 community has been a big win for it, driving massive amounts of revenue for the company.
As a result of its success selling these digital pieces of art, the auction house built a virtual decentraland gallery that showcases NFTs explicitly. It has also started accepting crypto payments using Bitcoin or Ethereum as a payment for all kinds of art. Of course, that move grew the auction house’s audience as more tech savvy collectors became more interested.
NFTS Are Changing the World & the Masses Don’t Even Know It Yet
I’ve read countless articles online about the fact that big brands are launching NFTs and the proceeds from the sales of the collections were going to charity. The thing is, the amount of money being raised for charity in this way is staggering and has real potential to change the world as we know it. Keep in mind, Jack Dorsey sold just one token for just shy of $3 million. Think of what that could do for GiveDirectly, the charity that benefited from the auction. GiveDirectly was developed to give cash directly to people that live in poverty, cutting out the middleman, excess costs of giving, and more. However, that’s not the only way NFTs are changing the world. Some I’ve seen that I can think of off the top of my head include:
- Fighting Hunger. I’ve seen multiple NFTs sold by big brands and influencers in an effort to raise money to help feed hungry people around the world.
- Bringing the Water. While water is readily available here in the United States, it isn’t around the world. Clean drinking water is prized by many civilizations. That’s why several charities make it their mission to bring clean water infrastructure to third-world countries, and NFTs have resulted in massive donations to some of these organizations.
- Education & Social Equality. There have also been several NFT sales that assisted organizations focused on improving educational opportunities to all and creating social equality across the United States.
The Bottom Line
The bottom line is that while the Sotheby’s auction of 140 Twitter-related collectibles is exciting, it outlines a larger story. Non-fungible tokens are literally being used to fuel non-profit organizations and change the world, and few people even know it yet. Imagine what this technology will do in the future.