NFT of Jack Dorsey's First Tweet Cost $2.9 Million, Now Auctioning for $2,000

NFT of Jack Dorsey’s First Tweet Cost $2.9 Million, Now Auctioning for $2,000

23 July 2023

in Meta News

Reading Time: 4 mins read

The current owner of Jack Dorsey’s first Tweet, in NFT form, has put this highly prized digital artefact up for sale again. However, it isn’t as highly prized as it used to be… Iranian-born crypto entrepreneur Sina Estavi bought Twitter founder Jack Dorsey’s first-ever tweet as an NFT for $2.9 million in 2021. Currently, the top bid for the NFT is 1 ETH, or equivalent to $1,895.

Asking $48 Million

Mr Estavi seems to have dangled this famous NFT in front of OpenSea auction watchers several times since he bought it. About a year after he splashed out nearly $3 million on Dorsey’s five-word Tweet, he expected to be able to pass it forward to the next owner for $48 million.

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A Year Later, Offered $6,800

The Spring 2022 auction held by the crypto entrepreneur attracted only a derisory sum. This time, the best bid on what was described as “the Mona Lisa of the digital world,” was 2.2 ETH, which was $6,800 at the time. That’s an incredible amount of depreciation.

A Year Later, Offered $277

Attempts to sell this well-known NFT hit the headlines again a year later (April 2023). This time, the best offer on the OpenSea marketplace was even worse. CoinDesk reported that Estavi’s NFT only got bid up to 0.09 ETH ($277 at the contemporary exchange rate).

Today, a Best Offer of Under $4?

Earlier today, sites like CNBC reported that Estavi was again hawking his Jack Dorsey “just setting up my twttr” Tweet. Headlines were quite incredulous regarding the $2.9 million asset’s fall to $4. Checking OpenSea at the time of writing revealed that a much better bid has been put in. Currently there is an offer of 1 ETH, or equivalent to $1,895. This sum is 99.93% less than what was paid for the NFT back in 2021, but much better than the headlining $4.

Twitter NFT deflation

(Image credit: Future)

We note that even if Mr Estavi gets a much higher bid, he might not sell. “It’s important to me who wants to buy it, I will not sell this NFT to anyone because I do not think everyone deserves this NFT,” the crypto entrepreneur asserted last year.

Will Interest in NFTs Return?

Many of us have made imprudent investments during our life. For example, some will have been caught short by the hysteria over cryptocurrency. But, while the likes of Bitcoin and Ethereum are quite a long way off their historic highs, they retain a respectable amount of value. The same can’t be said for even the best-known NFTs.

People will sympathize with Mr. Estavi regarding his NFT’s 99.93% valuation collapse. After all, he has pledged to give 50% of any successful bid to charity. However, gamers will probably remember the dread felt when the gaming industry began to flirt with NFTs. Luckily it turned out that implementing NFTs in games wasn’t worth the effort, with entertainment software giant Ubisoft reportedly only managing to harvest $396.43 during the first two weeks after establishing its Digits NFTs platform.

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