Epic Fail: NFT of Jack Dorsey’s First Tweet Loses 99.8% of Value

A non-fungible token (NFT) of the first tweet made by former Twitter CEO Jack Dorsey originally bought for $2.9 million has reportedly failed to hold its value, with a recent top bid for the NFT reaching just $6,800. That represents a drop in value of approximately 99.8 percent based on the original purchase price.

The Guardian reports that an NFT of former Twitter CEO Jack Dorsey’s first tweet was sold in March 2021 for $2.9 million, bought by crypto entrepreneur Sina Estavi. The purchase made headlines at the time, with many shocked at the purchasing price, but Estavi seemed confident that the NFT would appreciate in value.

Recently, Estavi put the tweet up for resale on the NFT marketplace OpenSea, asking for $48 million. As of Thursday, the highest bid for the NFT was 2.2 ether — approximately $6,800. Estavi spoke to Reuters about the situation stating: “My offer to sell was high and not everyone could afford it… It’s important to me who wants to buy it, I will not sell this NFT to anyone because I do not think everyone deserves this NFT.”

Estavi is still confident in the value of the NFT, however, stating: “This NFT is not just a tweet, this is the Mona Lisa of the digital world.”

Estavi was arrested last May during a trip to Iran and was freed in February. Iranian state media said at the time that he was accused of “disrupting the country’s economic system.” Estavi, who now lives in Malaysia, stated that the arrest was due to the growth of his crypto exchange, Bridge Oracle.

When Estavi announced the sale of the Dorsey tweet NFT on April 6, he pledged to give 50 percent of the sale to charity with the rest going to support Bridge Oracle.

Read more at the Guardian here.

Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan or contact via secure email at the address lucasnolan@protonmail.com