As Dorseys Tweet Exemplifies NFT Market is Still Maturing

4/14/2022

Media and Marketing

0 min read

NFT Market is Still Finding its Footing as Demonstrated by the Resale of Jack Dorsey’s First Tweet

Sixteen years ago, Twitter Founder wrote his first Tweet. Today the “autographed” NFT has received a high bid of $277.

Just over a year ago, Twitter founder Jack Dorsey auctioned off an NFT of his very first tweet. The winning bidder’s name is Sina Estavi, he had founded the now defunct CryptoLand Exchange. Estavi had held his high bid of exactly $2.5 million for 16 days without being outbid. At the last minute he upped his winning bid to $2,915,835.47. There is some speculation that the non-competitive pop in price may be because of a cryptocurrency to dollars exchange translation. What’s $415,000 among tech company founders?

Dorsey had put the tweet up for digital auction as a non-fungible token on the Ethereum blockchain on March 5, 2021. Bids were handled on a platform called Valuables by Cent that lets people make offers on tweets that are “autographed by their original creators.”

Thirteen months after his purchase Estavi announced that he was ready to sell the Dorsey NFT and would accept offers until April 13^th. He listed the digital collectible on the OpenSea market for $48.8 million. This is more than 16 times what he paid for it last year. As of Wednesday, the highest bid on Jack Dorsey’s original tweet in NFT form was $277. This would be a 99.991% loss on the unique token.

Sina Estavi, the purchaser of the Jack Dorsey NFT Tweet
is seen today as having “Liked” Elon Musks tweet about his offer to purchase
Twitter.

Sina Estavi purchased the NFT in March of 2021. Following Estavi’s May 2021 arrest in Iran on charges of “disrupting the economic system,” the CryptoLand Exchange he founded collapsed. Now out of prison, the Iran-born crypto entrepreneur is working on new projects using the blockchain.

Estavi’s less than exciting auction highlights the ups and downs of early investors. His sale at auction comes at a time when NFT sales tracked on Opensea—the single largest marketplace in the space, are down around 50% since the beginning of the year. They have gone from $5 billion in January down to $2.5 billion in March.