Bought for $2.9 mln, NFT of Jack Dorsey tweet finds few takers

Crypto entrepreneur Sina Estavi made headlines in March 2021 when he paid $2.9 million for an NFT of Twitter boss Jack Dorsey’s first tweet. However his efforts to re-sell it have run aground, with a prime bid of simply $6,800 as of Thursday.

The preliminary buy was on the time among the many most costly gross sales of a non-fungible token, or NFT, and got here amid a flurry of curiosity within the area of interest crypto property which have since generated billions of {dollars} in gross sales. 

Estavi put the tweet up for resale on the favored NFT market OpenSea final week, initially asking for $48 million.

That price ticket was eliminated after affords within the first week had been within the low a whole bunch of {dollars}. As of Thursday, the very best bid was 2.2 of the cryptocurrency ether – equal to round $6,800.

“My supply to promote was excessive and never everybody might afford it,” Estavi, who was not too long ago free of jail in Iran, informed Reuters through Twitter direct message, including that he was not positive if he would promote the NFT.

“It is vital to me who desires to purchase it, I can’t promote this NFT to anybody as a result of I don’t suppose everybody deserves this NFT,” Estavi stated.

NFTs are a type of crypto asset which may file the possession of a digital file similar to a picture, video or textual content. 

There is no such thing as a assure of an NFT’s worth and the market is rife with scams, fraud, counterfeits and market manipulation. 

However Estavi was assured within the worth of his buy.

“This NFT is not only a tweet, that is the Mona Lisa of the digital world,” he stated.

“VICTIM OF CRYPTO”

Estavi, who lives in Malaysia, stated he had been arrested final Might throughout a visit to Iran and held in solitary confinement till he was freed in February. Iranian state media reported in Might 2021 that he was accused of “disrupting the nation’s financial system”.

Estavi stated he had been arrested due to the expansion of his crypto change, Bridge Oracle, and described himself as a “sufferer of crypto”.

Reuters was unable to independently confirm these particulars.

“I would like the assist of the cryptocurrency group,” Estavi informed Reuters.

Whereas asserting the NFT sale in a tweet on April 6, he pledged to present 50% of the proceeds – which he anticipated to be a minimum of $25 million – to charity.

He stated the remainder would go to assist Bridge Oracle.