The Jack Dorsey tweet NFT has a current best offer of $400, down from $2.9m

In March 2021, when the crypto and NFT markets were white-hot, Jack Dorsey – co-founder of Twitter – decided to sell his very first tweet as an NFT. Eventually, the asset was sold to Sina Estavi for 1630 ether which was worth a huge $2.91 million. Due to the volatility of ether, this was actually $400,000 more than when the bid was placed when 1630 eth was worth $2.5 million.

Since then, the crypto space has cooled down a lot and NFTs have gone through their first downturn. Unfortunately, the NFT tweet that Dorsey sold to Estavi has also fallen in value. The latest bids for the piece of history have come in at 0.25 eth, worth around $400.

According to one TradingView indicator, ether could be worth around $12,000 if the market were to heat up to levels seen last April. However, with bids at just 0.25 ether, Estavi would be looking at making only $3,000 which is still a huge loss compared to the price he bought it at.

Unlike cryptocurrencies such as Bitcoin and Ethereum, which have had their ups and downs over a prolonged period, NFTs are much newer. It’s unclear whether NFTs will become popular in the years to come, and whether people like Estavi will ever see their NFTs reach the same price levels in the future.

Earlier this year, Estavi told the BBC that he may never sell the NFT and upon buying it last year, he compared it to the Mona Lisa. It’ll definitely be interesting to keep an eye on what happens with this in the future, as well as the wider NFT space in general, which is still fairly new.