Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Jack Dorsey’s $2.9M NFT tweet flops at auction

Published 04/14/2022, 07:23 PM
Jack Dorsey’s $2.9M NFT tweet flops at auction
ORCL
-
SINA
-

Buying an NFT linked to a top entrepreneur or celebrity does not guarantee a massive return on investment. Sina (NASDAQ:SINA) Estavi, the founder of two Malaysia-based cryptocurrency companies, is having to swallow this bitter pill.

During the hit of the NFT frenzy early last year, Estavi paid a whopping $2.9 million for an NFT of Jack Dorsey’s first tweet. A year later and the $2.9 million NFT received a top bid of just $280 in an auction.

The collectible was scheduled to sell via auction with opening bids set at $28 million. The CEO of the blockchain company Bridge Oracle (NYSE:ORCL) said that he was earmarking a portion of the sales for charity.

“I decided to sell this NFT and donate 50% of the proceeds ($25 million or more) to the charity GiveDirectly,” wrote Estavi.

However, the auction closed yesterday, and it was nothing short of a flop. Estavi received just seven offers ranging from 0.09 ETH (around $277) to 0.0019 ETH (about $6).

With two days left to either accept or reject the bids, Estavi saidthat he might never sell the tweet NFT.

The deadline I set was over, but if I get a good offer, I might accept it, I might never sell it.
Although the NFT market started the year with full force, it appears the market is slowing down. By early March, daily sales had dropped by 83% relative to the end of January. According to data from market tracker Nonfungible, the average price of an NFT has also fallen from a high of $6,200 to under $2,000 within the same period. Pablo Rodriguez-Fraile, an NFT enthusiast, told Reuters:

Obviously the enthusiasm and interest that we had at some periods last year is not here anymore […] I think we achieved something that wasn’t sustainable.

Continue reading on BTC Peers

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.