Jack Dorsey’s First Ever Tweet NFT That Sold For $2.9 Million Ends With Top Bid Of Just $96 ⋆ ZyCrypto

In March 2022, Iranian-born crypto entrepreneur Sina Estiva bought a Non-Fungible Token (NFT) of Twitter founder Jack Dorsey’s first ever tweet for a whopping $2.9 million (1630.6 ETH). Today, the tweet can be sold for just under $97.

The so-called genesis tweet that reads “just setting up my twttr” was first sold to Estavi by Dorsey at auction after beating Tron founder Justin Sun’s $2,000,000 bid for the piece. After the purchase, Estavi announced on Twitter that he planned to sell it and promised to give half of the proceeds (about $25 million) to charity.

But as fate would have it, the price of the piece dropped. At the close of the first auction in early April, NFT managed to fetch only seven bids with the highest bid of $0.09ETH being about $277 at the time. Furthermore, with its roots in the cryptocurrency market taking a toll on NFTs, Estavi’s chip continued to be bumped up by nominal bids. As of September 16, it had only managed to attract a top bid of 0.075 ETH ($96.49)

While NFT has received several offers, Estavi remains unwilling to sell it. In the past, he has stated that he would accept a good offer or “maybe never sell it.” NFT collectors also seem to have lost interest in the rare piece, as seen in the long pauses between offers. While some believe Estavi is to blame for “bad timing” and for setting such an unrealistically high price for the piece, he is not the only one who has suffered from the sharp drop in NFT prices.

Snoop Dogg, one of several celebrities to publicly “ape” during the 2021 hype, bought an NFT nicknamed “Right Click and Save As Guy” for around $7 million (1600ETH) in December. Today, the same NFT will sell for around $2.08 million after Ethereum’s fall.

On the other hand, pop singer Justin Singer paid $1,301,550 (500 ETH) for a Bored Ape Yacht Club (BAYC) #3001 in January 2022. The piece would set the singer back over half of its original value if sold today.

With Ethereum plunging roughly 70% since November 2021, NFTs volumes have also plunged. According to data from crypto data provider Alchemy, activity in the NFT market had fallen by almost 90% by the end of the third quarter. NFT developer activity has remained high alongside growth in the broader crypto ecosystem. That said, given that most NFTs pulled their high price tags due to hype, it will be difficult to predict whether they will regain their lost glory or sell at such high prices ever again.