Following the boom of NFTs in the market, an Iranian crypto investor bought the world’s first tweet, made by Twitter founder and former CEO Jack Dorsey back in 2006, as an NFT for $2.9 million last year. However, it seems like the NFT has lost much of its value over the past year. Although the investor listed it on an NFT market for $48 million, the NFT received a top bid of just $280! Check out the details below.
$2.9 Million First Tweet NFT Receives Highest Bid of $280!
Iran-born crypto investor Sina Estavi, back in March 2021, bought the NFT of Jack Dorsey’s first tweet, which is also the world’s first-ever post on the now-popular microblogging platform Twitter, for a sum of $2.9 million. Dorsey put up the tweet as an NFT back in December 2020 when the NFT market was thriving.
Although initial bids for the NFT ranged in the thousand dollar bracket, when the NFT market saw a boom in early 2021, Estavi swept in and paid the whopping amount of $2.9 million for the NFT-tweet. In a statement to Forbes, Estavi said that he paid such a hefty amount for the NFT, considering its uniqueness and its relation to such a big company as Twitter.
Earlier this month, Estavi took to Twitter to announce his wish to sell the $2.9 million first-tweet NFT for an extravagant price of 14,969 ETH or around $48 million. He listed the NFT on OpenSea and pledged to donate 50% of the price, which he expected to cross the $25 million mark, to charity. You can check out the tweet attached right below.
However, embarrassingly enough, the top bid for the $48 million NFT only reached around $280. Wondering what happened to the value of the NFT in one year? While Estavi says “no one knows” why the bids came in so low, Mitch Lacsamana, the Head of Marketing for an NFT trading group, says that the said NFT-tweet does not have any purpose or utility other than having a historic significance.
“What is the utility of that NFT? Does Jack Dorsey take you out to dinner in Silicon Valley? What is the real value proposition here? I think time has probably told us, and it’s probably nothing,” Lacsamana said in a statement. “The market isn’t ready to jump into literally anything that a celebrity or someone of high stature might release,” the NFT collector told Forbes. “I think last year was a really good time for that, but a lot of people have grown weary of cash-grab tactics,” he further added.
As of writing this article, the highest bid for Estavi’s NFT-tweet stands at 4.76 ETH, which is slightly above $14,000. The said NFT is a part of the “Tweets” collection on OpenSea and has been minted on the Polygon blockchain. So, if you are interested in making an offer for it, check it out on OpenSea. Also, let us know your thoughts on the massive depreciation of the value of the NFT in the comments below.