A little over a year on from its initial sale, Jack Dorsey’s first ever tweet has made a reappearance on the NFT market. This time around however, the item has garnered very little enthusiasm from the NFT community.
Current owner, Sina Estavi, listed the item on Opensea for an eyewatering 14,969 ETH, $46 Million at current prices. While additionally pledging half of the funds to good causes, a figure that Sina presumed would be in excess of $25 million. Following the sale period however, the item had received a paltry 7 bids which maxed out at an embarrassing 0.09 ETH, $280. All indicating that interest in second hand tweets has waned over the last 12 months, as collectors expect a little more from their assets.
I decided to sell this NFT ( the world’s first ever tweet ) and donate 50% of the proceeds ( $25 million or more ) to the charity @GiveDirectly
— Estavi (@sinaEstavi) April 6, 2022
It’s been a strange old year for Sina, initially riding high via a series of crypto based projects. Then, purchasing the hottest property in the NFT sphere for a cool $2.9 million. All before his empire came tumbling down when he spent 9 months in prison on charges of “disrupting the economic system”. Now, as he looks to pick up the pieces, it seems that his treasured asset may not provide the funds he so desperately needs.
A lot is said of investors with paper hands, those who sell their assets before they reach their true potential. However, at the other end of the spectrum, things can get a whole lot worse. Where collectors can spend millions on an asset, which suddenly and unexpectedly loses the majority of its value.