Investor Wanted To Sell NFT Of the First Tweet Ever For 48 million. People Offered Him $ 277. In a Year, It Lost 99% Of Its Value

A collector's piece that was supposed to multiply the money invested tenfold. Last year, cryptocurrency businessman Sina Estavi bought the original of the first-ever tweet of Twitter founder Jack Dorsey, in the form of an NFT for $ 2.9 million, because he believed he was investing in a gold mine along with a piece of history. The opposite turned out to be true, informs Coindesk.

Estavi, in the meantime, spent some time in an Iranian prison, from which he was released, but is still facing several allegations of fraud. Maybe that's why he wanted to get rid of his NFT, tactical move, about which he informed the world by a Twitter post in early April.

I decided to sell this NFT ( the world's first ever tweet ) and donate 50% of the proceeds ( $25 million or more ) to the charity @GiveDirectly
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🖇 https://t.co/cnv5rtAEBQ pic.twitter.com/yiaZjJt1p0

— Estavi (@sinaEstavi) April 6, 2022

He launched an auction at the online marketplace in which he wanted to collect at least $ 48 million for Dorsey's tweet. He generously announced that if the NFT managed to sell, he would donate 50 percent of the profits to charity. Estavi estimated that he would be able to send about $ 25 million to the charity, but the auction was not as successful as he had expected.

Only seven people interested in the NFT participated during the initial duration. However, no one was willing to pay the requested $ 48 million, not even the $ 2.9 million that Estavi had originally invested.

Of the seven bids, the highest value was 0.09 ETH, which was about $ 277 at the time the bid was submitted, while the lowest bid was only $ 0.0019 or about $ 6. These bids from the first week of the auction did not satisfy Estavi, so he deleted his original expected price, but subsequently still received the highest bid of only 2.2 ETH, which is about $ 6,200.

"My offer of sale was too high and not everyone could afford it. It is important to me who will buy it, because I will not sell this NFT to just anyone. I don't think just anyone deserves this NFT," Estavi commented in regards to the auction. "This NFT is not just a tweet, it's the Mona Lisa of the digital world," he said, noting, that he didn't know if he would sell his collector's item at the moment.