$2.9 Million NFT of First Tweet Ever Secures Bid of Just $277

Crypto investor Sina Estavi purchased an NFT of Twitter cofounder Jack Dorsey’s first tweet ever for $2.9 million in March of 2021. And after a yr of fixed hype for NFTs, most individuals would naturally assume Estavi would possibly be capable to flip a pleasant revenue on his funding by now. But most individuals can be flawed.

Estavi put the NFT up for public sale final week and bidding ended on Wednesday. The highest bid? Roughly $277 value of ethereum, at present costs, based on crypto information outlet CoinDesk.

Estavi had hoped to get as a lot as $48 million for the NFT and pledged to donate half of the worth to charity. But that’s clearly not occurring anymore. The crypto businessman has a few days to determine whether or not he needs to just accept simply $277 for his multi-million greenback funding. But we’d guess he’s simply going to maintain it.

The NFT in query, like all non-fungible tokens, is solely a digital contract saved on a blockchain claiming “ownership” by a hyperlink that factors to a digital object—on this case, Dorsey’s historic first tweet. If that doesn’t sound thrilling to you, you’re not alone. The common particular person nonetheless has a tough time understanding what they’re shopping for after they buy an NFT. And when folks uncover it’s usually only a receipt to one thing they’ll already see on-line, it sounds dumb.

Estavi, who was born in Iran however operates out of Malaysia, was arrested last year in Iran over prices he was “disrupting the economic system” along with his crypto ventures. While in jail his two initiatives, the CryptoLand trade and the Bridge Oracle BRG crypto token, each collapsed. Estavi has pledged to make issues proper for individuals who purchased into the token, based on CoinDesk, however his answer seems to be a brand new crypto token.

In reality, there are many crimson flags with Estavi’s supply for a token swap, together with the truth that he’s demanding folks ship him their telephone numbers and TRX crypto tokens earlier than he’ll perform a swap. CoinDesk has spoken with loads of individuals who invested in BRG token who doubt they’ll ever see their cash once more.

Is Estavi’s failure to resell his NFT an indication that the bubble is about to burst? No one can say for certain but. And with folks like Mark Zuckerberg pledging to include NFTs in merchandise like Instagram within the close to future, there’s nonetheless seemingly loads of time for NFTs to get pumped and dumped. The trick, like with all fraudulent undertakings, is to not be the final one holding the bag. And with Estavi getting a proposal of simply $277 for one thing he paid tens of millions for, it’s secure to say he’s the bag holder this time.