The CEO of Malaysia-based blockchain company Bridge Oracle, Sina Estavi paid $2.9 million last March for the NFT, a digital certificate that says he owns Mr. Dorseyβs tweet, which reads βjust setting up my twttr.” Shortly after the purchase, Mr. Estavi tweeted: βThis is not just a tweet! I think years later people will realize the true value of this tweet, like the Mona Lisa painting.” Over a year later, Mr. Estavi put the NFT up for auction. He listed it on the Opensea, an NFT marketplace last week, expecting it to fetch at least $50 million.
He pledged to donate 50% of the proceeds to GiveDirectly, a charity that allows people to send money directly to other people with no conditions on how the funds are to be spent. On Friday evening, a day after Elon Musk made an offer to acquire Twitter for $43 billion the highest bid was only about $13,940, according to Opensea.
Mr. Estavi said he was now rethinking the sale of the tweet π
why not 99% of it?
β jackβ‘οΈ (@jack) April 7, 2022
The low bids is coming at a time when the NFT market slowing down. According to CryptoSlam Inc., a site that aggregates NFT data Global monthly sales of NFTs totalled almost $5 billion last year August. In March, NFT sales were down to $2.4 billion. Jack Dorsey had initially sold his first tweet as an NFT on Ether. When Estavi announced the resale on Twitter, Jack replied to it and said βWhy not 99% of it?β. It is noted that Jack donated all of the money he received from the sale of the tweet.
Image source @rswebsols π―