‘Non-Fungible Token’ of Dorsey’s First Tweet Loses 99.8% of Value

‘Non-Fungible Token’ of Dorsey’s First Tweet Loses 99.8% of Value

April 18, 2022

The Guardian reports that a non-fungible token (NFT) of the first tweet made by former Twitter CEO Jack Dorsey, originally bought for $2.9 million, has failed to hold its value, with a recent top bid for the NFT reaching just $6,800 — a drop in value of approximately 99.8 percent.

Crypto entrepreneur Sina Estavi bought Dorsey’s first tweet in March 2021 for $2.9 million, confident that the NFT would appreciate in value. Recently, Estavi put the tweet up for resale on the NFT marketplace OpenSea, asking for $48 million. As of late last week, the highest bid was approximately $6,800.

Estavi nevertheless insists that his purchase is still valuable, saying, “This NFT is not just a tweet, this is the Mona Lisa of the digital world.”

Estavi was arrested last May during a trip to Iran, accused of “disrupting the country’s economic system.” He said it was due to the growth of his crypto exchange, Bridge Oracle.

When Estavi announced the sale of the Dorsey tweet NFT on April 6, he pledged to give 50 percent of the sale to charity with the rest going to support Bridge Oracle. $3400 won’t buy a lot of support.

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