Jack Dorsey’s very first tweet, which sold as an NFT or non-fungible token for over $2.9 million last year, is now worth only thousands of dollars.
In March 2021, Jack Dorsey, then-CEO of Twitter, auctioned off his first tweet as an NFT on the Valuables platform, powered by Cent, a blockchain-based social media network.
The 15-year-old anodyne tweet — “Just setup my twttr” — was bought by crypto entrepreneur Sina Estavi for 1,630.58 ether, which was valued at $2.9 million at the time.
Last Wednesday, Estavi announced on Twitter that he sold the NFT on OpenSea, an NFT trading platform, and planned to donate 50% of the proceeds to charity. However, at the time of this story’s publication, the top bid for the tweet was worth $9,968, a loss of $2,905,867.
Estavi, the chief executive of blockchain firm Bridge Oracle, said Thursday that he “may never sell” the tweet unless it receives a “high bid” of an unspecified amount, according to the BBC.
However, Estavi seems to accept the drop in value. He retweeted a tweet suggesting that “Elon might buy it” — a reference to Elon Musk’s takeover bid for Twitter, which was announced Thursday morning.
Using blockchain technology, NFTs are cryptographic tokens of digital media sold by artists, musicians, celebrities, sports companies and others that can be traded or sold on a decentralized network of computers around the world.
The lack of high bids for such a high-profile NFT suggests that the NFT market, which has exploded in value over the past two years, has some limitations. According to a report by NFT data firm Nonfungible.com, trades in non-fungible tokens totaled $17.6 billion last year, a 21,000% increase from 2020.
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