Nobody wants to pay more than $7,000 for NFT of Jack Dorsey's tweet which first sold for $2.9M

Back in March 2021, Twitter's co-founder Jack Dorsey decided to sell a non-fungible token (NFT) of the first tweet ever on the platform. The tweet in question dated back to 2006 and had Dorsey saying "just setting up my twttr". The NFT was purchased by Iranian-born crypto entrepreneur Sina Estavi for $2.9 million, with the proceeds going to charity.

Last week, Estavi expressed his desire to sell the NFT, expecting it to fetch him $50 million. He stated that half of this would go to charity and the other half would be used to grow his blockchain ventures. However, it appears that no one really wants to buy the NFT for this amount, which is roughly 16 times more than what he paid for it last year.

At the time of this writing, the OpenSea listing for the NFT just has a handful of offers, ranging from 0.0019 ETH ($6) to 2 ETH ($6,250). Given that accepting even the highest bid would result in a loss of over 99% for Estavi, it's doubtful that the entrepreneur will rid himself of the NFT just yet. In a WhatsApp message to CoinDesk, Estavi stated that he would only sell the NFT if he gets a good offer.

Estavi has found himself in hot water the past year or so. His crypto ventures Bridge Oracle and CryptoLand fell apart after his arrest in Iran last year on charges of "disrupting the economic system". He was detained for nine months and is now trying to relaunch his crypto tokens while reportedly struggling to gain the confidence of investors.

Perhaps it is best just to screenshot NFT images rather than paying millions of dollars for them, eh?

Source: OpenSea via CoinDesk