The NFT for Jack Dorsey’s first tweet ever is worth only $6800 now

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The NFT for Jack Dorsey’s first tweet ever is worth only $6800 now
Representative imagePixabay
  • Dorsey’s NFT was sold for $2.9 million last year.
  • It has been just over a year since the NFT was first sold.
  • Jack Dorsey’s NFT helped lend credence to the market, with Dorsey’s name being attached to it.
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Twitter cofounder Jack Dorsey sold the first tweet ever as a non-fungible token ( NFT) last year amid much fanfare. The tweet, which fetched $2.9 million, has had a grim future though.

Yesterday, Sina Estavi, the Iranian crypto entrepreneur who bought the tweet last year, put it up for an auction. Estavi expected that the tweet would appreciate in value to $25 million and was going to donate half the sale amount to charity. The tweet, however, got only seven bids from buyers, with the highest being of $280 (0.09 ETH). There was even a bid for $6.

Dorsey himself may have expected a pretty high value as well, as he commented on Estavi’s own tweet announcing the auction, urging the entrepreneur to donate 99% of the proceeds to charity. At the time of writing, OpenSea showed the highest bid at 2.2 ETH, which amounts to around $6000.

As per OpenSea’s rules, Estavi can choose to accept the price and sell his NFT. However, he told Coindesk that he “might never sell it”. Estavi has two days to accept the tweet before the bid expires.

Dorsey’s NFT sale last year had made the headlines, being amongst the most expensive NFT sales in history. While it is overshadowed by sales of artworks by digital artist Beeple etc, the sale of the first tweet ever brought a lot of users to the NFT market. One could even argue that it gave the NFT market the credence that it has today.

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To be sure, the drop in the sale value may also be related to Estavi’s own background. The Malaysia-based entrepreneur has had two failed ventures in the past year, especially after he was arrested by Iranian authorities in May last year, for allegedly disrupting the country’s economy.

It’s possible that the crypto community simply didn’t want to associate with him, given that his crypto exchange, CryptoLand, tanked with customers unable to access their money, as did the BRG token attached to the Bridge Oracle project that he ran.

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