$2.9M NFT Tweet Investor Tries To Flip It For A Big Payday, Feels The Burn For Just $10K
Just over a year ago, a non-fungible token (NFT) of Twitter co-founder and former CEO Jack Dorsey's very first tweet sold for a staggering $2.9 million. It went to Sina Estavi, a crypto investor who proudly lists on his profile he is the "owner of the first ever tweet," and who recently had intentions of selling it for $50 million. Much to his presumed dismay, however, the auction ended with a paltry high bid—0.09 ETH, which is currently worth under $274.
That's the bad news for Estavi. The slightly less bad news is that additional offers have come pouring in since the auction ended, though still nowhere near what he paid for the NFT in March 2021. At the time of this writing, the highest offer on OpenSea where the NFT is listed sits at 3.3 ETH, which is worth $10,048.43.
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
— Estavi (@sinaEstavi) April 6, 2022
🖇 https://t.co/cnv5rtAEBQ pic.twitter.com/yiaZjJt1p0
"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 Give Directly," Estavi said when the auction first went live.
Therein lies the more unfortunate part of this story—with the bids being so low compared to what Estavi expected to receive, that kind hefty donation is now out of reach, it seems. Unless by chance someone comes in with a massive offer, but that seems unlikely.
"The deadline I set was over, but if I get a good offer, I might accept it, I might never sell it," Estavi told CoinDesk in a WhatsApp chat.
This ranks as another disappointing endeavor for Estavi, who recently spent nine months in an Iranian prison for "disrupting the economic system, by order of the Special Court for Economic Crimes." While locked up, his blockchain business Bridge Oracle and cryptocurrency exchange CryptoLand both appear to have shuttered.
Like any kind of speculative business, the risks and rewards of buying and selling NFTs are something to be aware of, somewhat similar to trading on the stock market. Though if you ask Itch.io, the game store will tell you NFTs are a money stealing scam that will destroy the planet.
