Thursday, May 19, 2022

Man who paid $2.9m for Jack Dorsey’s first tweet NFT is set to lose $2.9m, Almost

When Jack Dorsey sent his first tweet back in 2006, he could have never imagined the kind of value it would one day hold. This week, that tweet was sold at auction for a staggering $2.9 million. But for the man who bought it, that investment is about to go sour. According to reports, the new owner is set to lose almost $3 million on the deal. Ouch!

Man who paid $2.9m for Jack Dorsey’s first tweet NFT is set to lose $2.9m, Almost
Man who paid $2.9m for Jack Dorsey’s first tweet NFT is set to lose $2.9m, Almost

‘This is the Mona Lisa of the digital world’, according to crypto entrepreneur Sina Estavi. He bought the NFT in March 2021. 

Crypto entrepreneur Sina Estavi made headlines in March 2021 when he shelled out $2.9m for an NFT of Jack Dorsey’s first tweet. However, his efforts to resell it have run aground, as the top bid was just $6,800 as of Thursday. 

The initial purchase at that time was among the most expensive sales of a non-fungible token, or NFT for short. This came amid a flurry of interest in the niche crypto assets. Estavi listed the tweet for resale on the popular NFT marketplace OpenSea this past week, he initially listed it for $48m. 

That price tag was then removed after offers in the first week hovered around in the low hundreds of dollars. As of Thursday, the 14th, the highest bid was 2.2 of the cryptocurrency ether, which is equivalent to nearly $6,800. 

“My offer to sell was high moreover not everyone could afford it,” Estavi shared with Reuters via Twitter direct message, while also adding that he was no longer sure if he would sell the NFT. 

“It is important to me who wants to buy it, I will not sell the NFT to anyone, as I do not think everyone deserves the NFT,” Estavi added. 

NFTs are a form of crypto-asset that can record the ownership of a digital file, for example, an image, video, or even text. There is no way to guarantee an NFT’s value on top of that the market is rife with scams, fraud, counterfeits as well as market manipulation. 

However, Estavi was confident in the value of his purchase. “This NFT is not simply a tweet, this is the Mona Lisa of the digital world,” according to his statements. 

Estavi, who resides in Malaysia, said that he had been arrested last May during a trip to Iran, he was freed in February. Iranian state media had reported in May 2021 that Estavi was accused of “disrupting the country’s economic system”. 

According to Estavi, he had been arrested due to the growth of his crypto exchange, Bridge Oracle. However, Reuters was sadly unable to independently verify the details. 

“I need the support of the cryptocurrency community,” Estiva said. 

While announcing the NFT sale in a tweet on 6 April, Estavi had pledged to give 50% of the proceeds, which as per his expectations to be at least $25m to charity. 

Estiva said that the rest would be going to support Bridge Oracle. 

If you want to know more about NFTs, what it is, how it works, and how to make one and make money, click here.  

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