Owner of 'first Jack Dorsey tweet' NFT tries to sell it for $48 million, receives $6,200...

midian182

Posts: 7,907   +82
Staff member
Facepalm: Imagine paying $2.9 million for one of the best-known NFTs—a representation of Jack Dorsey's first-ever tweet—and finding people aren't offering $48 million to buy it, as you expected. Instead, you're faced with an offer of $6,231. For Sina Estavi, this unfortunate scenario is a reality.

Indian-born Estavi bought the non-fungible token of Dorsey's tweet, the first one to be sent via the service back in 2006, with a winning bid of $2,915,835.47 in March last year.

CoinDesk writes that Estavi announced his intention to sell the NFT last week, pledging to give 50% of the sale, which he believed would exceed $25 million, to charity. It was put up for auction on OpenSea for $48 million, ready for the multi-million-dollar bids to come rolling in.

Except they didn't. The auction closed on Wednesday with just seven bids ranging from 0.0019 ETH (almost $6) to 0.09 ETH, or around $277.

"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.

A few more offers have come in since the auction closed, but the highest is currently $6,231.80, several digits short of what Estavi paid for the NFT.

Estavi has just spent nine months in an Iranian prison for "disrupting the economic system," during which time his crypto ventures Bridge Oracle and CryptoLand crashed, leaving customers unable to access their funds. He's trying to put things right with investors, but many say they have their doubts.

Kotaku notes that NFT sales on OpenSea are down 50% in 2022, from around $5 billion in January to $2.5 billion in March. It's especially interesting to see a non-fungible token many expected to sell for a high price fail to attract any significant offers.

Elsewhere in the NFT space, Ubisoft recently ended support for Ghost Recon Breakpoint, which was set to be the flagship game for its Quartz NFT platform. There was also the shuttering of NFT game F1 Delta Time, the $615 million heist on Axie Infinity, and yet another massive NFT scam. But Sega still seems set to embrace them in its Super Game initiative.

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Nobina

Posts: 3,782   +4,210
The NFT is worth nothing yet he paid $2M for it with the intention of flipping it. It is dumb but it's not a crazy idea that an even bigger nutjob will come and buy it for more.

People finally coming to their senses. Can't wait to see Bitcoin crash to single digit.
Doubt that's gonna happen anytime soon, if ever, because everyone is in on it.
 

Dimitriid

Posts: 2,212   +4,254
The NFT is worth nothing yet he paid $2M for it with the intention of flipping it.
I love the irony because to me 100% of all people buying and promoting NFTs are well aware it's a pump & dump and the only thing they don't realize is that they are the dump and that there's not enough other people that are both cartoonishly evil and selfish as well as almost incomprehensibly naiive and tech illiterate to support any more pump that what we've seen in early 2021: they all get scammed primarily by exploiting their desire to scam other people.
 

emmzo

Posts: 613   +768
I understand the fascination for NFTs. You can turn any crap into NFT and make money out of ... let's call them gullible investors. It's like some type of fraud, but legal. Fraud? Too harsh? Let's see: you own physical air. Reference to what you own stays forever on a Blockchain, but it can be duplicated, stolen, yes, it happened. What you actually own is a piece of information on a server, that can be deleted. More than 80% of NFTs are fake from the get-go.
 
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Theinsanegamer

Posts: 3,365   +5,592
The NFT is worth nothing yet he paid $2M for it with the intention of flipping it. It is dumb but it's not a crazy idea that an even bigger nutjob will come and buy it for more.

It's called the "greater fool" scam. China's housing system runs on a very similar idea, with disasterous consequences. Without a greater fool to spend more money on your asset, your asset is completely worthless as it has no real world value.

Doubt that's gonna happen anytime soon, if ever, because everyone is in on it.
NFTs and DAOs were invented to try to give crypto some legitimacy. As those markets crash, more people will realize that crypto, like all digital currencies, it utterly worthless without something tangible to connect it to.
 

kiwigraeme

Posts: 1,048   +776
I'm not so sure - maybe he got his moneys worth - sitting in a cosy Iranian jail - thinking of all the money he will make - that's 9 months of fuzzies right there and he still has it to enjoy .
I bought a nice juicy granny smith apple today - ate it - and it's gone - just like that .
That's 50 cents I will never get back - This NFT could be worth Billions in the future - Not my forte - I've never tweeted .
Sad his 2 business ventures helping others on the righteous path to richness failed ,

Now I use to give away Stars to friends - sometimes the same one - not like they will be both orbiting at the same time - But I'm just a boomer - I understand my pet rock - I understand my deed to a bit of the moons surface - I just don't get NFTs
 

Neatfeatguy

Posts: 840   +1,452
Not one person gives a shitabout the first Twitter tweet. It's wasn't some miracle breakthrough in technology that completely changed the world.

It was a message sent on a platform. For crying out loud, AOL has had people doing it for years in their chat rooms before Twitter showed up.

This guy is a m0ron (really? You can't type "m o r o n" without the profanity filter blocking it? hahahaha!)for dishing out any money for the "first tweet" and he shows how he's even dumber by thinking others out there will pay over what he did for it.

NFTs aren't even crypto. You don't mine them, they really have no value aside from what someone puts into them and if no one else expect you puts value into a NFT, then it isn't worth a dang thing. At least with crypto you have the world that's currently backing them, even if half the people don't like them, the other half make it valuable.