Featured Image Credit: REUTERS/Joshua Roberts. Fox
Topics: Cryptocurrency, Social Media, Twitter
Jayden Collins
Topics: Cryptocurrency, Social Media, Twitter
Sina Estavi has had a less than impressive auction of his expensive NFT.
The crypto entrepreneur bought Twitter founder Jack Dorsey’s first tweet as a non-fungible token a year ago and thought it was the perfect time to flog it while the market is hot.
Let’s just say, it’s not going too well.
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The NFT of the tweet from May 21, 2006 read ‘just setting up my twittr’ and Estavi picked it up for AUD $3.88 million (USD $2.9 million).
He listed it last week for a whopping AUD $64 million (USD $48 million) and was hoping to get at least AUD $67 million (USD $50 million) for it and committed to donating 50 per cent to charity.
Well, it looks like the GiveDirectly charity could be in for a whopping AUD $185 (USD $140) as the highest bid came in at just under AUD $375 (USD $280).
The auction closed on Wednesday (April 13), with seven offers in total ranging from 0.09 ETH (Ethereum) to 0.0019 ETH, which is well below Estavi’s evaluation of more than 15,987 ETH.
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Estavi also has two days to accept the bid, or it will expire.
He told CoinDesk: “The deadline I set was over, but if I get a good offer, I might accept it, I might never sell it.”
The NFT market has been impossible to predict since rising to prominence in 2021, with AUD $23 billion (USD $17 billion) traded on the market last year.
However, if Estavi’s recent listing is anything to go off, the hype might have very well burnt down.
If Estavi was to, hypothetically speaking, accept the offer, he would be looking at a loss of more than 99.99 per cent of the NFT’s original purchase price.
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The actual concept of non-fungible tokens has left many dumbfounded, with the idea that someone would be willing to pay millions for a tweet or a digital image too much for some to handle.
One user tweeted: “People are… claiming to “own”… tweets made by other people because a particular NFT exchange says they do… and then they sell them for $50m… am I speaking accurately?”
The user would later compare the ownership to a real-life situation.
He said: “This is like claiming I own and can sell the Hagia Sophia. I don’t. It’s nobody’s but the Turks. They could dismantle it just like Jack could delete his tweet.”
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But as they say: a thing is worth as much as someone is willing to pay for it, but in the case of Estavi’s NFT - that’s not too much.