Sina Estavi, a “crypto entrepreneur,” purchased a digital token symbolizing Twitter founder Jack Dorsey’s first tweet last year. He paid $2.9 million for it, and last month he attempted to recoup his “investment” by auctioning it off in the hopes of making $48 million. It didn’t work.
Estavi put the NFT up for sale on April 9, aiming to garner roughly $50 million for it and then donate “at least $25 million” of the proceeds to charity, according to CoinDesk. That’s a lot of money for something we can all watch, screencap, download, and/or enjoy for the price of a few seconds of our time below:
just setting up my twttr
— jack⚡️ (@jack) March 21, 2006
The NFT was auctioned off, and the highest offer came in at $277, from a small group of buyers. A further offer of $3600 was received, but it is still a long way from $2.9 million, much alone $48 million. “The deadline I set was passed,” Estavi told CoinDesk, “but if I get a decent offer, I might accept it, and I might never sell it.”
The sale’s timing is obviously intriguing. Estavi was recently released from a nine-month prison sentence in Iran, where he had been held on grounds of “disrupting the economic system.” His bitcoin efforts failed during that time, and his attempts to pacify individuals who were harmed by the collapse were regarded with skepticism.
Estavi’s auction took place at a time when NFT sales on Opensea, the industry’s largest marketplace, were down about 50% in 2022, from nearly $5 billion in January to $2.5 billion in March. This decline has prompted “blue chip” NFT owners to look for “alternative uses” for their tokens, which is an intriguing development because it suggests that there was ever a use.
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