Jack Dorsey’s first tweet NFT is only worth $ 280

A huge drop in value from the world’s first tweet

The first tweet from Twitter founder Jack Dorsey it was sold for $ 2.9 million in March 2021 in the form of a non-fungible token (NFT) to an Iranian entrepreneur operating in the cryptocurrency community, Sina Estavi. This first tweet was symbolic in the sense that it comes from the founder of Twitter, and is the first tweet in the history of the social network.

At the time, while some thought the price was already ridiculous, Sina Estavi said its purchase price was a bargain:

Years after […] people will understand the true value of this tweet, like the Mona Lisa painting.

Last Thursday, Sina Estavi announced on Twitter that she wants to sell the NFT, claiming it would donate 50% to charities working to fight poverty around the world. He set the starting price for the auction at $ 48 million.more than 16 times its initial purchase.

Unfortunately for him, after a week of offers, he only counted seven offers in total ranging from 0.09 ETH on Wednesday ($ 280 at the current cryptocurrency price) to 0.0019 ETH (almost $ 6). The deal of time therefore seems to have turned into a nightmare.

He would have since received, according to the NFT OpenSea market on which he auctioned his work, other bids, including one for $ 6,800 (i.e. 2.2 ETH). But this still seems negligible compared to the 2.9 million initially disbursed and the targeted 48 million dollars.

Estavi told Coindesk that he was not obligated to sell the NFT :

The deadline I had set had expired, but if I received a good offer I could accept it, I might never sell it.

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A striking example of the volatility of NFTs

The non-fungible token market became highly democratized in 2021, with sales they have achieved $ 17.7 billion last year, up from just $ 82 million in 2020, according to a report by market tracker Nonfungible. Many celebrities have publicly claimed that they have purchased NFT, which sparked enthusiasm in the public.

Despite this exponential growth in 2021, the NFT market is by no means in the same growth perspective this yearas if there were signs of shortness of breath. In early March, daily sales were down 83% from late January, again according to market tracker Nonfungible.

The decline in value of Sina Estavi’s NFT is a good example of this roller coaster in the NFT market and serves as a reminder of how the value of these works can be volatile. It is therefore necessary to be aware of the risks involved when you want to acquire this type of virtual work.

👉 On the same topic – NFT: how to identify and avoid the most common scams?

Source: Coindesk – Illustration: TED conference via Flickr (CC BY-NC-ND 2.0)

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About the author: Timote Bernini

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Passionate about the world of investments, cryptocurrencies have attracted my attention for some years. Having a great interest in the fields of new technologies and Web 3, that’s why I naturally wanted to write articles about Cryptoast, in order to contribute to the democratization of this universe in society.
All articles by Timothé Bernines.

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