A Malaysian cryptocurrency entrepreneur has paid $2.9 million for a nonfungible certificate of authenticity of Twitter co-founder Jack Dorsey’s first tweet. The NFT was expected to sell for $28 million in an auction, but a top bid of $280 was received. According to Bridge Oracle CEO Sina Estavi, a portion of the proceeds from the sale will go to charity.
Sina Estavi Bought NFT
The former Twitter CEO has sold his first tweet as a nonfungible token for $2.9 million. He hoped the first tweet would eventually fetch more than $25 million. The tweet has since gone down in value, falling to around $14,000 in the auction. But the CEO still hopes to sell it again one day. While he isn’t a tech billionaire, he is the CEO of blockchain startup Bridge Oracle.
While the price seems too low to be accurate, it makes sense to consider the hype. Estiva put the token back up for auction at $48 million on April 6. Given the price of the tweet, it makes sense to expect Estavi to get his money back. But will he? The only way to find out is to bid on it!
Despite the skepticism surrounding such purchases, the price of the tweet is still an incredible achievement. Estavi, a Malaysian entrepreneur, bought the NFT of Jack Dorsey’s first tweet for $2.9 million, according to Forbes. The sale of NFTs is one of the most prestigious examples of blockchain-based art. Estavi, also the CEO of Bridge oracle, is a crypto-entrepreneur with extensive experience in blockchain-based ventures.
The sale of Jack Dorsey’s NFT was a financial win for Estavi, comparing it to a painting of Monalisa. Estavi is unclear if the NFT of Jack Dorsey’s tweet will be donated to charity. If the NFT of Jack Dorsey’s first tweet goes for more than $2.9 million, the buyer can expect a substantial financial payout.
Cryptocurrency Entrepreneur Puts It For Auction
An NFT token of Twitter founder Jack Dorsey’s first tweet sold for $2.9 million at an auction in March 2021. Last week, a cryptocurrency investor, Sina Estavi, listed the tweet for auction again. He had expected to get at least $50 million from the sale, but he only received 0.09 ETH, or $280, as the top bidder.
It is unclear how long it will last. The first NFT sold for $2.9 million a year ago. It is unclear whether Jack Dorsey is still working for Twitter or is mining bitcoin and NFTs on the side. But his recent auction may suggest less interest in his NFTs than many investors had hoped.
The auction is still open on OpenSea. Bids are accepted or rejected until the auction closes on January 31. As of the time of writing, Mr. Estavi has yet to sell the NFT. As of this writing, the current top bid is less than $14,000, and the auction is now ongoing. The winning bid is expected to go at least two times the price of the NFT itself.
While the NFT market is often focused on the big wins, it also has its fair share of losses. In 2017 alone, CryptoPunks was accessible to mint and now sells for over $150,000. Then, a few months later, the Bored Ape Yacht Club brought the top bid of $280, which is more than $300,000. But there are also losses in this world.
Bidders Are Anonymous
A nonfungible token, or NFT, is a digital asset that proves ownership. NFTs make sense for assets like art, betting, and tweets. But what about a nonfungible tweet? Can Dorsey delete the tweet he posted? The answer is yes, and the auction brings a top bid of $280.
The tweet was originally posted by Estavi, who donated 50 BTC to the Giving Directly Africa response fund. While the tweet still exists on the Internet, it is not technically owned by him. Nevertheless, he has been a long-time advocate of bitcoin. According to Forbes, the Twitter co-founder is a billionaire with a net worth of $13 billion. He also founded the charity GiveDirectly, which has a similar mission.
A day after the auction closed, seven bidders had made offers ranging from 0.09 Ethereum to 0.0019 Ethereum. One of the bidders, Estavi, declined the winning bid. In addition, the NFT auction site does not require an investor to accept the winning bid under one ether. If Estavi declines the winning bid, there is still time to place a bid.
Estavi wants to sell the NFT and hopes it will fetch $50 million. The NFT has an astronomical value compared to other cryptocurrency investments, so he hopes to use half of the money for charity or blockchain ventures. But the bottom line is that no one is willing to pay $50 million, which is nearly 16 times what he paid for it last year.
Read More: What Do You Get When You Buy an NFT of a Tweet?
NFTs Are Certificates Of Authenticity
A nonfungible token of Jack Dorsey’s first tweet has sold for $280 on the resale market after being listed for $48 million. The Twitter founder claimed to donate proceeds to relief efforts in Africa after the tweet was sold for $2.9 million. The NFT token has a lot of value, but its market value is questionable.
The NFT tweet was purchased for $2.9 million by a Malaysian entrepreneur who hoped to sell it for a lot more. He had initially hoped to get at least $48 million for it and had planned to donate part of the money to charity. The top bidder is a Malaysian businessman. The tweet was purchased for a mere $280.
Despite the low price, the auction has already closed. Seven bids have been made, ranging from 0.009 to 0.0019 Ethereum. The top bid is currently $280, which is lower than the average NFT bid of about $8500. Those who were unsuccessful in the first auction are now eligible for an extension. However, the current offer is less than $14,000.
Among all the other things sold at the auction, the NFT of Jack Dorsey’s first tweet sold for $2.9 million. It said ‘just setting up my Twitter and ‘just.’ But it sold for nearly $2.8 million! This is not a good start for the NFT market, and we’d recommend buying from reputable sellers only.
Cryptocurrency Entrepreneur Declined The Bid
The top bid is a little over double the original purchase price. Jack Dorsey’s NFT tweet auction has brought in nearly $280k in its first day, a price that would have been difficult to beat had it been a private auction. Estavi had initially planned on selling the NFT for $50 million, a figure he expected to achieve. He stated that half of the money would go to charity, and the remaining half would be put into blockchain ventures. Yet no one seems to want to pay $50 million for it.
The first tweet by Twitter founder Jack Dorsey sold for $2.9 million last year, equal to about Rs. 22 crores. This week, the NFT tweet sold for $280, or about Rs. 21,000, and the highest bidder paid $280. NFTs are digital collectibles that run on a blockchain, so their value varies based on the inspiration.
The crypto entrepreneur Sina Estavi paid $2.9 million for the NFT of his first tweet. The tweet read, ‘just setting up my twitter’ was the first tweet on the site. In March of that year, he published his first tweet, and it became the first message sent on the social network. Its top bid of $280 came from Iranian-born crypto entrepreneur Sina Estavi. Estavi intended to split the money with a charity organization.
The NFT of a tweet by Jack Dorsey has become an asset class, and a new entrepreneur may have the opportunity to make a fortune. Founders of companies such as Twitter and Bridge Oracle have become the latest to profit from cryptocurrencies. It is estimated that the first NFT to sell at a public auction could fetch as much as $50M.
