An investor thought he was getting a deal by buying an NFT at $2.9 million. While he hoped to make a fortune by reselling it, he was offered… 280 dollars. Proof that this nascent market is still very versatile.
Sina Estavi is an Iranian “cryptobro” and entrepreneur who thought he would hit the jackpot with the resale of NFT. Last year, he bought the certificate for the first tweet in history, the one Jack Dorsey posted on March 21, 2006. He invested $2.9 million in it, hoping its value will skyrocket.
Unfortunately for him, not everything is going to go as planned. He puts his NFT up for auction but buyers are not rushing to the gates. The highest bid is ultimately only of $280. Ouch.
48 million dollars expected, 280 collected
It is CoinDesk which tells the misadventure of the entrepreneur. Since its acquisition in 2021, Estavi is very proud of his tweet, to the point of displaying it in his Twitter and LinkedIn bios. But he finally decided to part with it. After all, an NFT is made to be sold!
Estavi hoped to make $48 million on resale. Sure of himself, the entrepreneur even announced that he would donate half of his earnings to an association. An auction is then organized online, but it has not really unleashed the passions.
The sale ended with six offers in total, the most interesting of which amounts to… $280. It’s a flop, and a beautiful one. As Kotaku points out, he received another offer after the auction, this time amounting to $3,600. Needless to say that here again, the business is far from profitable.
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Sina Estavi, however, seems to be taking it philosophically, as he has said he might eventually accept the offer, or just keep the tweet never to sell it again. He still has a day to decide but one thing is certain: not everything has gone as he hoped.
The NFT market remains very young and it is often singled out for its immaturity, its tendency to pollute or quite simply its uselessness. Be that as it may, this new affair is not likely to restore its image.
Source : CoinDesk
