Monday, October 2, 2023

The NFT buyer of the first tweet now cannot sell it

The risk of investing in "collectible" copies of NFT is shown by the case of a Malaysian who gave $ 2.9 million for an NFT related to the first tweet in history - and now he doesn't know what to do with it.


2 min read

Just over a year ago, Twitter co-founder Jack Dorsey had offered the first post from this social network for sale, related to the irreplaceable digital token, NFT. The tweet that launched Twitter is considered historical, it also mentioned the original name of the network “twttr”, and as such, it should be valuable to collectors of digital tokens.

So Dorsey assumed and offered his tweet for sale, which turned out to be a wise move – he received $ 2.9 million from the sale, which he forwarded to charity.

And while selling such a landmark NFT was a smart move, it seems that buying it is not.

The buyer of the Dorsey token was Malaysian entrepreneur Sina Estavi, who presented his purchase as an investment. Announcing that NFT’s first tweet in the future will be far more valuable, he said that “no one has heard of NFTs yet, and they are like the Mona Lisa of digital art”, and he claimed that he has an offer to sell this token in the amount of as much as $ 10 million – more than triple your return on investment.


But a year later, reality denied it. Estavi decided to sell NFT for the first tweet in history through the OpenSea platform and announced that 50% of the final sales price would be donated to charity. He ambitiously estimated that NFT would be so expensive to sell, that the 50% would amount to more than $ 25 million.

You guessed it – his plan has not materialized so far, and it is not even close to that.


Estavi won the highest bid at the auction, which is still active, at just 2.2 ETH, or just over $ 6,800. That is only 0.24% of the amount he paid for this NFT last year. He told the BBC he would not sell it in the end “unless he gets a very high bid”. He did not reveal the target amount, but it is to be believed that it is slightly higher than what is being offered to him now.

He confirmed that he does not lack ambitions by stating that “he will not sell NFT to anyone”, ie that only “a person like Elon Musk deserves to have it”. “I think the value of this NFT is significantly higher than anyone thinks, and whoever wants to buy it has to be worth it,” Estavi concludes.






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