NFT of Jack Dorsey’s 1st Tweet, Originally Bought for $2.9 Mn, is Now Worth Less than $4

In March 2021, the-then Twitter CEO and billionaire Jack Dorsey announced to sell his very first tweet of March 6, 2006 in the form of NFT (non-fungible token), and it was eventually sold for $2.9 million to crypto entrepreneur and Iranian investor Sina Estavi.

Now after 2 years, the value perception of the same NFT has significantly reduced with the best offer currently standing at just $3.77, according to the latest data from OpenSea.

According to media reports, Estavi has been trying to resell the NFT since last year however his efforts have seen no success as he had listed the digital asset for $48 million. Estavi promised to donate half of his proceeds to charity at the time.

Dorsey's first tweet was sold to Estavi in an auction on an online platform called Valuables, which is owned by the US-based company Cent.

According to the experts, one of the reasons Estavi's NFT didn't garner high bids is because the tweet itself is still on Twitter

Sina Estavi is a cryptocurrency investor based in the Middle East and the CEO of blockchain company Bridge Oracle. Before Bridge Oracle, Estavi created a crypto exchange platform called CryptoLand that garnered funding from several early investors. Estavi was arrested in Iran last year, charged with "disrupting the economic system" and forced to close CryptoLand, according to media reports.

NFT market is slowing down since last two odd years, the sales totaled about $25 billion globally in 2021, a huge drop from the 2020 figure of $95 billion, according to sales tracker DappRadar.

Last year, the NFT market saw approximately $24.7 billion in trading volume across different platforms. Although this is significant, it fell short of the $67.8 billion generated by traditional art sales during the same year.

The past week recorded $148.55 million in NFT sales, marking a 4.33% drop from the previous week's figures.


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