Jack Dorsey’s First Tweet NFT: From $2.9M to a $11.5K Bid – What Happened?

Remember when NFTs were all the rage? Last year, crypto entrepreneur Sina Estavi made headlines by purchasing Twitter founder Jack Dorsey’s first-ever tweet as an NFT for a staggering $2.9 million. Fast forward to 2022, and Estavi’s hopes of flipping the NFT for $50 million or more have been dashed. The highest bid? A mere $11,500 (3.8 ETH). What happened?

A Deal That Wasn’t on the Track

Let’s rewind. Jack Dorsey auctioned off his first tweet, “just setting up my twttr,” for charity. Sina Estavi, CEO of blockchain company Bridge Oracle, won the auction with a bid of 1630.6 ETH, approximately $2.9 million at the time.

Estavi, comparing the tweet to the Mona Lisa, relisted the NFT earlier this year, proposing to donate half of the proceeds (estimated at $25 million or more) to the charity GiveDirectly.

However, when Dorsey suggested donating 99% of the proceeds, Estavi stated he preferred to use the funds for his blockchain projects. This decision sparked controversy, especially considering accusations of fraud against Estavi and Bridge Oracle.

Despite Estavi’s claims of a potential $10 million valuation, the highest bid on Opensea peaked at a paltry 3.8 ETH, just over $11,500. While the auction deadline has passed, Estavi remains open to offers. He mentioned in a BBC interview that someone like Elon Musk would be a worthy owner of the NFT.

Estavi is Under Duress

Adding to the saga, Estavi was detained in Iran last year on charges of “disrupting the economic system.” His projects, Bridge Oracle and CryptoLand, also faced investor scrutiny. Investors were left waiting for Estavi to convert their old tokens to new ones on the Binance Smart Chain (BSC) after both projects faltered. Previously, the Bridge Oracle Token (BRG) operated on the Tron Network.

https://x.com/sinaEstavi/status/1394213269334728705

Estavi requested phone numbers and TRX tokens from original BRG holders to validate their holdings and facilitate the transfer of assets to the BSC chain.

However, this move fueled further skepticism among investors, who feared another scheme requesting funds without a functional bridge between the two blockchains.

Key Takeaways:

• NFT Market Volatility: This situation highlights the unpredictable nature of the NFT market. What’s hot today might not be tomorrow.
• Due Diligence is Crucial: Thoroughly research any NFT project and its creators before investing.
• Celebrity Association Doesn’t Guarantee Value: Even NFTs associated with prominent figures like Jack Dorsey can experience significant value fluctuations.

The story of Jack Dorsey’s first tweet NFT serves as a cautionary tale within the NFT space. It underscores the importance of understanding market dynamics, conducting thorough research, and recognizing that hype doesn’t always translate to lasting value. Will Estavi find a buyer? Only time will tell. But for now, the NFT of Dorsey’s first tweet serves as a symbol of the volatile and often unpredictable world of digital assets.