There’s a distinct feel of volatility and uncertainty when it comes to the value of anything in the cryptocurrency or NFT spaces. This most certainly rings true in a recent story regarding the NFT of Jack Dorsey’s first ever tweet on Twitter. It was sold for millions of dollars only a year ago and listed for sale again recently, and while the listing valued the NFT at $48 million USD, bids for the “Jack Dorsey’s First Tweet” NFT have only managed to reach a max bid of $280.
News of activity around the “Jack Dorsey’s First Tweet” NFT was reported recently via CoinDesk. It was back in March 2021 that the first ever tweet from Jack Dorsey was converted into an NFT and sold for $2.9 million USD to Iranian-born crypto investor Sina Estavi. Estavi turned around and listed the NFT for sale again on April 6, 2022. The tweet was put up for an auction in which Estavi was going to donate half of the proceeds to charity. He also expected it would fetch at least $25 million in bids. However, since its listing, the tweet only fetched bids of up to 0.09 ETH (around $277 USD at current prices).
Estavi would go on to share with CoinDesk that though the deadline on the auction expired, he may be very well holding out for a better offer.
“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. Following the auction, there are two days to accept the offer or let it expire.
It seems very unlikely that Estavi will accept such a low-ball number for the “Jack Dorsey’s First Tweet” NFT, especially after paying around $2.9 million for it in the first place. Nonetheless, Estavi may be one of those on the receiving end of a certain trend in NFTs, left holding the back and trying to find another buyer who values the product enough to pay what Estavi is asking for it. It remains to be seen if the NFT will find better value, but if this recent auction is any indication, there’s less interest in it than its investor likely would have hoped.
TJ Denzer posted a new article, 'Jack Dorsey's First Tweet' NFT sold for $2.9M last year but only has a $280 bid today
Sounds like about $280 more than it’s worth.
Do I not understand how these auctions work? Isn't the top bid over $10K now? I realize the original article cited talks about the low bid, but when I checked earlier today the high bid was 5-6k. Doesn't really seem like a times auction but more of a highest offer takes it with no time limit