The crypto entrepreneur who paid $2.9 million for an NFT representing Twitter founder Jack Dorsey’s first-ever tweet is now putting it up for auction. That digital token that Sina Estavi bought last year was expected to net him $48 million, but that didn’t happen.
When Estavi put his NFT up for sale on April 9, he was thinking that he could sell it for nearly $50 million. As he said, he had an intention to donate “at least $25 million” of that sum to charity.
The auction was held but unfortunately, things didn’t work as Estavi wanted.
The highest offer was only $277. After that, an offer came in for $3600. Clearly, that is still a long way off his ambition or even the price he paid for it. “The deadline I set was over, but if I get a good offer, I might accept it, I might never sell it”, Estavi said.
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Maybe that happened because of the wrong timing of the sale. It was just after releasing Estavi from prison in Iran. He had been arrested on charges of “disrupting the economic system” and spent nine months in jail.
Back that time, all his cryptocurrency ventures crashed.
It wasn’t that surprising, because the sales of Opensea, which is the single largest marketplace in the space, were also down around 50% in 2022. It was down from $5 billion in January to $2.5 billion in March.
That pushed “blue chip” NFT owners to look for “alternative uses” for their NFTs.