A non-fungible token (NFT) of former Twitter CEO Jack Dorsey’s first tweet, originally bought for $2.9 million, reportedly failed to hold value, recent highest bid for the NFT only reaching $6,800. This represents a decline in value of approximately 99.8% based on the original purchase price.
the Guardian reports that an NFT of former Twitter CEO Jack Dorsey’s first tweet was sold in March 2021 for $2.9 million, bought by crypto entrepreneur Sina Estavi. The purchase made headlines at the time, with many shocked at the purchase price, but Estavi seemed convinced the NFT would rise in value.
Recently, Estavi put the tweet up for sale on the OpenSea NFT marketplace, asking for $48 million. On Thursday, the highest bid for the NFT was 2.2 ether, or around $6,800. Estavi spoke to Reuters about the situation, saying, “My sell offer was high and not everyone could afford it… It’s important for me who wants to buy it, I won’t sell this NFT to anyone because I don’t think everyone deserves this NFT. .”
Estavi is still confident in the value of the NFT, however, saying, “This NFT isn’t just a tweet, it’s the Mona Lisa of the digital world.”
Estavi was arrested last May while traveling in Iran and was released in February. Iranian state media said at the time that he was accused of “disrupting the country’s economic system”. Estavi, who now lives in Malaysia, said the arrest was due to the growth of his crypto exchange, Bridge Oracle.
When Estavi announced the sale of the Dorsey NFT tweet on April 6, he pledged to donate 50% of the sale to charity, with the rest going to support Bridge Oracle.
Learn more about the Guardian here.