Jack Dorsey's first tweet NFT resells for only $280
The non-fungible token of the tweet was originally sold for around $2.9 million
By Shashank Bhardwaj
The NFT (non-fungible token) of Twitter CEO Jack Dorsey's first tweet, which was sold for $2.9 million to Sina Estavi last year, has failed to attract the same interest in a recent resale. While the opening bid suggested that the NFT tweet would be in high demand, the maximum bid was $280, a distant cry from the original price.
Sina Estavi, an Iranian-born crypto entrepreneur, had bought the NFT for $2.9 million in March 2021. On Thursday, April 7, he took to Twitter to announce that he intended to sell the NFT and donate the proceeds to charity. “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,” he said.
The auction, however, ended on Wednesday, April 13, with only seven bids, ranging from 0.0019 Ether to 0.09 Ether which roughly translates to $6 to $280. In response to the underperformance of the NFT, Estavi told CoinDesk, “The deadline I set was over, but if I get a good offer, I might accept it, I might never sell it.”
Sina Estavi is the founder and CEO of Bridge Oracle (BRG) and the former owner of Cryptoland, one of Iran's major cryptocurrency exchange platforms. Iranian police are said to have arrested him last year for economic corruption. While both his businesses failed after his imprisonment, Estavi is attempting to reintroduce BRG tokens on the Binance Smart Chain now that he is out of prison. The BRG tokens were originally on the Tron blockchain.
Investors in BRG are no less than eager to swap their old coins for new ones. Estavi, who announced the token swap on the same day he re-listed Dorsey's tweet NFT for sale, however, said that the procedure is being done manually and might take up to two months.
Although interest in the NFT tweet has surged in the days since the unsuccessful resale, with bids now over $25,000, it is still a long way from the initial asking price.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash