In The News: Twitter NFT Bought for $2.9 Million, Resold for Only $3,600
Updated: Oct 21
A cryptocurrency entrepreneur, Sina Estavi, bought an NFT of Jack Dorsey's first tweet, founder of Twitter. Estavi paid a staggering $2.9 million for this digital token, stating he felt it was an excellent investment for the future.
Unfortunately, this isn't a fairy tale, and there is no happy ending. As of April 6, 2022, Sina Estavi put his NFT for $50 million, stating he would donate half of that to an undisclosed charity. Dorsey's NFT of his first tweet, the first finalized bid, racked a pathetic $277; later, there was a slightly higher offer for $3,600.
"The deadline I set was over, but if I get a good offer, I might accept it; I might never sell it," Estavi told CoinDesk. With a loss of over $2.8 million and some change, Estavi is still waiting on a potentially good offer; who knows what the future holds.
Sina Estavi spent nine months in an Iranian prison on charges of "disrupting the economic system" due to his cryptocurrency venture crashing and burning. So far, he's been looking for new ways to find the cash to appease burned investors but has only met with mostly skepticism.
In 2022, NFT sales on OpenSea were down by 50%, for a total loss of $5 billion in January and $2.5 billion in March. It'll be interesting to see what is in store for the world of NFTs and its highly devoted followers; we'll all have to wait and see.
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