Jack Dorsey’s first-ever tweet, which was packaged as an NFT, was sold to crypto entrepreneur Sina Estavi for $2.9 million. Recently, Estavi listed the NFT for sale again and slapped an asking price of $48 million on it. However, the response was rather underwhelming.
First-Ever Tweet Up For Auction
On Thursday, Sina Estavi, who had purchased the NFT back in March 2021, announced that he would be selling the NFT and pledged 50% of all proceeds generated from the sale to charity. Obviously, Estavi was expecting a considerable amount of interest in the auction of the NFT, and a considerably high price, going by the $48 million price tag that he put on the so-called genesis tweet.
“I decided to sell this NFT ( the world’s first-ever tweet ) and donate 50% of the proceeds ( $25 million or more ) to the charity.”
Estavi is currently in the middle of relaunching his Bridge Oracle Tokens on the Binance Smart Chain, with investors waiting to exchange their old tokens for the new ones.
An Underwhelming Response
The Auction concluded on Wednesday and saw only seven parties registering an interest, with bids ranging from 0.09 ETH to $0.00019 ETH. Clearly, these figures are much lower than what Estavi was expecting and a far cry from the original $48 million asking price, but he put on a brave face about it. Speaking about the bids, he stated,
“The deadline I set was over, but if I get a good offer, I might accept it; I might never sell it.”
The auction process could still be extended, and some last-minute offers could come through and dramatically push up the price of the NFT. However, it is very unlikely that it could even reach the original $2.9 million it was sold for, let alone the current $48 million price tag.
The Dilemma Of NFTs
Let’s try and understand the lack of interest in the Jack Dorsey NFT. Most individuals do not understand the reason behind the success of NFTs, and the developments with Dorsey’s original tweet could end up creating even more confusion. An NFT acts as a receipt that proves ownership, like how deeds are to a house. It makes sense to purchase an NFT created by an artist and then sold to another person who puts it up for sale.
However, it does not make much sense for a tweet. Dorsey could delete the tweet, or Twitter could delete the tweet or account, and the NFT would be tied to an asset that does not exist anymore.
NFT Market Still Booming
The NFT market still seems to be booming, though, much to the chagrin of naysayers, with OpenSea registering over $2.4 billion worth of NFTs trading just over the past month. To put the growth of the NFT market into perspective, when Estavi bought the Jack Dorsey tweet NFT, OpenSea’s trading volume was just $96 million.
Blockchain proponents have repeatedly stated that the current iteration of NFTs is just the first phase of the technology. While no one knows the next evolution of NFTs and their technology, the metaverse seems to be the next logical step.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
