The world of non-fungible tokens (NFTs) is no stranger to jaw-dropping valuations and wild price swings. Among the most famous NFTs is Twitter co-founder Jack Dorsey's first-ever tweet, immortalized as a digital artifact. Owned by Iranian-born crypto entrepreneur Sina Estavi, this NFT has experienced a remarkable journey from a record-breaking $2.9 million purchase to a recent bid of under $4. Let's take a closer look at the tumultuous ride of this highly prized digital asset. The Stellar Acquisition: In 2021, Sina Estavi made headlines when he acquired Jack Dorsey's first tweet as an NFT for an astounding $2.9 million. The tweet, reading "just setting up my twttr," became a symbol of the booming NFT market, with its value linked to its uniqueness and association with the co-founder of Twitter. The Aspirational Resale: Despite purchasing the NFT for a significant sum, Estavi had grand plans to resell the digital artifact. Only a year after the purchase, he listed the NFT for an eye-watering $48 million, aiming to profit from the burgeoning NFT market. The Disappointing Auction: In Spring 2022, Estavi's efforts to sell the NFT in an auction proved disappointing. The highest bid was a mere 2.2 ETH, equivalent to $6,800, a stark contrast to the $48 million he had hoped to fetch. This significant drop in value raised eyebrows in the crypto community. A Dismal Offer: A year later, in April 2023, Estavi's NFT faced another auction, resulting in a shockingly low offer. The best bid reached just 0.09 ETH, a paltry $277 compared to the original multi-million-dollar acquisition.
A Glint of Hope: Recently, a new bid emerged on the OpenSea marketplace for Estavi's prized NFT. At 1 ETH, or around $1,895, it stands as a notable improvement over the previous offer of under $4. However, this bid still reflects a drastic depreciation of approximately 99.93% from its original purchase price. A Selective Seller: Despite the ups and downs, Estavi has shown hesitation to part ways with the NFT. He expressed that the identity and intention of the buyer hold significance for him, claiming that not everyone deserves ownership of this historic digital asset. Jack Dorsey's first tweet NFT owned by Sina Estavi has been on a rollercoaster ride through the volatile NFT market. From a jaw-dropping $2.9 million acquisition to multiple attempts to sell, each time with declining value, the NFT's story serves as a cautionary tale of the unpredictable nature of the NFT market. As the crypto entrepreneur continues to hold on to this digital treasure, its future remains uncertain, leaving the crypto community curious about what lies ahead for this unique piece of digital history.
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