You may remember that a little over a year ago, the NFT of the first tweet published by Jack Dorsey was sold in the service that, at that time, had just been created. Everything began to take shape in the days when Twitter turned 15 years old, and many media outlets and Twitter users dug into memory, searching for and capturing the first message from its founder. This happened in March of last year, when Dorsey was already showing a lot of interest in the crypto universe and, that same month, the sale of the NFT of his first tweet took place.
Your buyer was cryptocurrency investor and entrepreneur Sina Estaviand to acquire the coveted NFT, which in the eyes of many was an excellent investment, he paid no less than $2.9 million (in cryptocurrency). However, what seemed to be an excellent investment has finally turned out to be a real fiasco, which has meant millionaire losses for Estavi, who undoubtedly did not expect such a bitter end for his investment.
And it is that at the end of last week he decided to sell the very valuable NFT of Jack Dorsey’s tweet, and his estimates made him think that the price of the digital asset would exceed 50 million dollars. Of course, as a sign of goodwill, he said that he would allocate 50% of the proceeds from this lucrative sale to charities. A round business, right? Had he reached $50 million and donated $25 million to social causes, he would still have made a net profit of $22.1 million in just over a year. A round plan.
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
🖇 https://t.co/cnv5rtAEBQ pic.twitter.com/yiaZjJt1p0— Estavi (@sinaEstavi) April 6, 2022
However, reality did not live up to Estavi’s expectations. Moreover, the reality did not even come within a reasonable distance of these estimates. And it is that, as we can read in Coindesk, the NFT auction only added a total of seven bids, which started at 0.0019 ethereums (just under six dollars) and climbed to 0.09 ETH ($277 current price). The amounts are so low that it sounds like a joke, but it is the real result of the auction, once it is over.
And what happened then? Well, Estavi told Coindesk the following: “The deadline I set was over, but if I get a good offer, I might take it, maybe I’ll never sell it.”. An attitude that, without a doubt, serves to add credibility both to Estavi himself, who was already arrested in Iran last year, and to the NFT market, in which we can see him as a seller decides to reverse a sale when the result of the auction does not interest him.
What the NFT market is not going through its best moment It is something that is not lost on anyone. From bugs like Pixelmon to signs of a lack of security in some cases, like Axie Infinity, not to mention the growing presence of fraud, and now we must add Jack Dorsey’s NFT auction bug, and the breach by its owner of the moral commitment it acquired by putting it up for sale.
