You may remember a little over a year ago the NFT of the first tweet posted by Jack Dorsey was sold in the service which, at the time, had just been created. It all started to take shape around the time Twitter turned 15, and many media outlets and Twitter users dug into memory, searching and capturing its founder’s first post. This happened in March of last year, when Dorsey was already showing some interest in the crypto space, and that same month the NFT sale of his first tweet took place.
Your buyer was cryptocurrency investor and entrepreneur Sina Estaviand to acquire the coveted NFT, which in the eyes of many was an excellent investment, he paid no less than $2.9 million (in cryptocurrency). However, what seemed like a great investment turned out to be a total fiasco in the end, which meant millionaire losses for Estavi, who probably didn’t expect such a bitter end to his investment.
And it is that at the end of last week he decided to sell the highly valuable NFT of Jack Dorsey’s tweet, and his estimates made him thinks the price of the digital asset would exceed $50 million. Of course, as a sign of goodwill, he said he would be allocating 50% of the proceeds from this lucrative sale to charity. A round company, right? If he had reached $50 million and donated $25 million to social causes, he would still have made a net profit of $22.1 million in just over a year. A round plan.
— Estavi (@sinaEstavi) April 6, 2022
However, the reality didn’t live up to Estavi’s expectations. Moreover, the reality was not even within a reasonable distance of these estimates. And it is that, as we can read in Coindesk, the NFT auction only added a total of seven bids, which started at 0.0019 ethereums (just under six dollars) and climbed to 0.09 ETH (current price $277). The amounts are so small it sounds like a joke, but that’s the real result of the auction once it’s over.
And what happened next? Well, Estavi told Coindesk the following: “The deadline I set for myself had passed, but if I get a good offer, I might take it, maybe I’ll never sell it.”. An attitude that undoubtedly serves to give credibility to both Estavi himself, who was already arrested in Iran last year, and the NFT market, in which he can be seen as a seller decides to cancel a sale when the result of the auction does not interest him.
What the NFT market is not going through its best moment It is something that is not lost on anyone. From punctures like Pixelmon to signs of lack of security in some cases like Axie Infinity, not to mention the growing presence of fraud, and now we have to add Jack Dorsey’s NFT auction puncture, and breach by its owner of the moral commitment he acquired by putting it up for sale.