He paid $2.9 million for the NFT of Jack Dorsey’s first tweet in March 2021. Now he has tried to resell it, with disastrous results. Sina Estavi is an entrepreneur of Iranian origin specialized in the crypto world and known for buying the first tweet. An acquisition that he has now tried to resell for a larger amount but the market seems to have changed radically.
Last Thursday he announced on his personal Twitter account that he was going to sell the NFT and promised that half of the profits would be donated to charity. Earnings that, according to his forecasts, would be at least 25 million dollars.
No one wants to pay that much for Jack Dorsey’s NFT
Despite the fact that Estavi paid 2.9 million dollars, he placed the NFT in OpenSea for around 48.8 million dollars . About 16 times what it cost him. A week later, when the bidding ended, the highest bid he had ever received was about $280. A ridiculous amount compared to what was requested.
I decided to sell this NFT ( the world's first ever tweet ) and donate 50% of the proceeds ( $25 million or more ) to the charity @GiveDirectly
🖇 https://t.co/cnv5rtAEBQ pic.twitter.com/yiaZjJt1p0
— Estavi (@sinaEstavi) April 6, 2022
In total, the NFT received about seven offers, between 0.0019 ETH and 0.09 ETH. That is, offers between 6 dollars and 277 dollars . Nothing to do with the estimate. Even accepting the maximum offer would have meant losing more than 99% of your investment.
Given what happened, Estavi explains to CoinDesk that at these prices he will not sell it: “the term I set has ended. If I get a good offer, I could accept it, but I may never sell it.”
The non-sale of this NFT has significant financial consequences for Estavi, who in the last year has seen his two companies, Bridge Oracle and CryptoLand, fall apart due to his arrest. At the beginning of this 2022, Estavi has been released from prison and is now moving to regain the trust of investors and obtain profits that can relaunch his projects.
After the unsuccessful bid was made known, the NFT from the first tweet has been put up for auction again and this time it is getting more traction , who knows if because of the media echo. Currently the maximum offer of this new bid is for 2 ETH, about 6,200 dollars . A considerably higher amount, but still far from the huge investment involved in the purchase.
Rachel Maga is a technology journalist currently working at Globe Live Media agency. She has been in the Technology Journalism field for over 5 years now. Her life’s biggest milestone is the inside tour of Tesla Industries, which was gifted to her by the legend Elon Musk himself.