Thursday, December 8, 2022
HomeBusinessJack Dorsey's NFT Barely Manages to Sell for Over $200

Jack Dorsey’s NFT Barely Manages to Sell for Over $200

After getting a succession of low offers, the buyer of a non-fungible token (NFT) of Twitter co-founder Jack Dorsey’s first tweet says he “may never sell it.”

Sina Estavi, who lives in Malaysia, was offered little over $6,200 (£4,720), or roughly 0.2 percent of the $2.9 million he spent for it.

The digital asset has been likened to Leonardo da Vinci’s Mona Lisa by Mr Estavi.

The tweet, which reads “just setting up my twttr,” was initially sent out in March 2006 and was auctioned off for charity last year by Mr. Dorsey.

In March 2021, Mr Estavi purchased the tweet as an NFT.

NFTs have been dubbed the “digital equivalent” of collectibles. They do not, however, have a physical form of their own, and experts have cautioned about market hazards.

Mr Estavi revealed last week that the tweet was for sale on the NFT marketplace OpenSea.

He promised to send half of the revenues to the GiveDirectly charity in the United States, which he estimated to be worth $25 million or more.

Mr Estavi, the CEO of blockchain firm Bridge Oracle, has previously claimed that he had been promised $10 million for the tweet.

On Thursday, though, the highest bid was $6,222.36.

Mr Estavi told the BBC earlier in the day that he “may never sell” the tweet until he receives a “big price,” without specifying what that bid was.

“When I paid for this NFT last year, very few people had heard of it. This NFT, in my opinion, is the digital equivalent of the Mona Lisa. There’s only one of them, and it’ll never be the same again “Mr. Estavi said.

“People will realize the worth of this NFT in years to come,” he continued. “Keep it in mind,” says the narrator.

Mr. Dorsey’s brief tweet was auctioned off to Mr. Estavi on the Valuables website, which is owned by the US-based business Cent.

Mr Estavi, as the buyer, received a certificate that was digitally signed and authenticated by Mr Dorsey, as well as the original tweet’s metadata.

The data contains details like the time the tweet was sent and the language it included.

Despite the fact that Mr Estavi is looking for a buyer, he has stated that he “would not accept anyone’s offer.”

“I believe this NFT is worth considerably more than you can imagine, and anyone wants to acquire it must be deserving.”

“I think someone like Elon Musk may merit this NFT,” Mr Estavi remarked when asked who it could be.

NFTs that are “one-of-a-kind assets” are sometimes sold for tens of thousands of dollars, if not millions of dollars.

Bob Carlson
Bob Carlson
Bob Carlson is a business journalist, with over a decade of experience in the trenches of reporting up-to-date business news for publications all over the world. With a wealth of knowledge at his back, Bob strives to bring the most important insights into the business world for TheOptic daily.
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