The world was wonderstruck when last year the first ever tweet on twitter by its founder Jack Dorsey grabbed a value of $2.9 million. The tweet was converted into an NFT, a digital asset and was bought by crypto investor Sina Estavi for a whopping amount of $2.9 million.
Sina Estavi now decided to resell his asset and listed it for sale with a price quote of $48 million last week. But as no one could have ever imagined, the NFT of Jack Dorsey’s first tweet could not see a bid price more than just under $280, says a report by Coindesk.
The first buyer of this NFT, entrepreneur Sina Estavi purchased it in March 2021 and announced on Twitter that he planned to sell this. He also pledged to pay 50% of the proceeds to charity. The auction closed on Wednesday, with only seven offers which offered a price negligible in comparison to what was asked for. The bids ranged from 0.09 ETH ($277 at current prices) to 0.0019 ETH (almost $6). Estavi has now a choice to consider the bid or reject it within a time frame of 2 days.
An NFT is a form of an art which can be presented digitally and recorded on a blockchain and assessed in terms of cryptocurrency. The world now considers it as a value holding investment in collectibles.
Estavi was put behind the bars in Iran last year after his crypto ventures Bridge Oracle and CryptoLand fell to pieces.
Though Jack Dorsey himself might have believed that the NFT would attract a good value, however the drastic decline in the value of Dorsey’s first-ever tweet NFT may be related to Estavi’s past. His arrest last year and two failed ventures may be the reason that the investors are not ready to associate with him.
