Bought for $2.9 million, NFT of Jack Dorsey tweet finds few takers

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LONDON (Reuters) – Crypto entrepreneur Sina Estavi made headlines in March 2021 when he paid $2.9 million for an NFT of Twitter boss Jack Dorsey’s first tweet. But his efforts to re-sell it have run aground, with a high bid of simply $6,800 as of Thursday.

The preliminary buy was on the time among the many costliest gross sales of a non-fungible token, or NFT, and got here amid a flurry of curiosity within the area of interest crypto property which have since generated billions of {dollars} in gross sales.

Estavi put the tweet up for resale on the favored NFT market OpenSea final week, initially asking for $48 million.

That price ticket was eliminated after affords within the first week had been within the low tons of of {dollars}. As of Thursday, the very best bid was 2.2 of the cryptocurrency ether – equal to round $6,800.

“My provide to promote was excessive and never everybody may afford it,” Estavi, who was just lately free of jail in Iran, informed Reuters by way of Twitter direct message, including that he was not certain if he would promote the NFT.

“It’s essential to me who needs to purchase it, I cannot promote this NFT to anybody as a result of I don’t assume everybody deserves this NFT,” Estavi stated.

NFTs are a kind of crypto asset which might document the possession of a digital file reminiscent of a picture, video or textual content.

There isn’t any assure of an NFT’s worth and the market is rife with scams, fraud, counterfeits and market manipulation.

But Estavi was assured within the worth of his buy.

“This NFT is not only a tweet, that is the Mona Lisa of the digital world,” he stated.

“VICTIM OF CRYPTO”

Estavi, who lives in Malaysia, stated he had been arrested final May throughout a visit to Iran and held in solitary confinement till he was freed in February. Iranian state media reported in May 2021 that he was accused of “disrupting the nation’s financial system”.

Estavi stated he had been arrested as a result of of the expansion of his crypto trade, Bridge Oracle, and described himself as a “sufferer of crypto”.

Reuters was unable to independently confirm these particulars.

“I would like the help of the cryptocurrency neighborhood,” Estavi informed Reuters.

While saying the NFT sale in a tweet on April 6, he pledged to present 50% of the proceeds – which he anticipated to be at the least $25 million – to charity.

He stated the remainder would go to help Bridge Oracle.

(Reporting by Elizabeth Howcroft; Editing by Catherine Evans)



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