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Jack Dorsey’s $2.9M NFT Tweet Auctioned – Top Bid Reaches $280

2 mins
Updated by Geraint Price
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In Brief

  • The auction of Jack Dorsey's NFT tweet failed to recapture last year's highs.
  • The resale could only manage bids of less than $300.
  • The NFT was first sold for a staggering $2.9 million in 2021.
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A non-fungible token (NFT) of Jack Dorsey’s first-ever tweet that sold for $2.9 million last year has proved to be less successful on the resale market – attracting just $280.

Sina Estavi, the founder of two Malaysia-based cryptocurrency companies, bought the NFT from Dorsey last March. 

The Twitter founder claimed he would put the proceeds of his sale towards COVID-19 relief efforts in Africa.

The piece was scheduled to be sold via an auction with opening bids fixed at $48 million and a portion of sales earmarked 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 on Wednesday, with just seven total offers ranging from 0.09 ETH ($277 at current prices) to 0.0019 ETH (almost $6).

Estavi indifferent to auction

With two days left to accept or reject the bids, Estavi maintained an air of indifference. “The deadline I set was over, but if I get a good offer, I might accept it, I might never sell it,” he said.

Last year, Jack Dorsey, the founder of Twitter, minted his first tweet on the platform as an NFT that was eventually sold for $2.9 million. Estavi won the highly publicized auction after stiff competition from Tron’s Justin Sun.

The NFT market has slumped this year. By early March, daily sales were down 83% since the end of Jan, and the average price of an NFT fell from a high of $6,200 to just under $2,000 over the same period, according to market tracker Nonfungible.

“Obviously the enthusiasm and interest that we had at some periods last year is not here anymore,” Pablo Rodriguez-Fraile, an NFT enthusiast, told Reuters. “I think we achieved something that wasn’t sustainable.”

The average price of an Art Blocks NFT, a pack of computer-generated collectibles, was $15,000 last year Sept. However, the prices dropped to around $4,200 in March. 

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Wahid Pessarlay
Wahid loves to write, especially about Crypto and Blockchain. He started his blogging journey in 2017 and turned to crypto in 2019. Wahid is interested in tech, chess and DeFi. He aims to promote decentralization to everyone on the planet.